Cannae (NYSE:CNNE) Releases Earnings Results, Misses Estimates By $0.03 EPS

Cannae (NYSE:CNNE) released its earnings results on Monday. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03), Zacks reports. Cannae had a negative net margin of 68.61% and a negative return on equity of 8.26%.

Cannae Price Performance

Shares of NYSE CNNE traded up $0.39 during mid-day trading on Monday, reaching $18.78. 411,545 shares of the company were exchanged, compared to its average volume of 443,893. Cannae has a 52 week low of $15.92 and a 52 week high of $22.36. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.18 billion, a PE ratio of -3.90 and a beta of 1.03. The company’s 50 day moving average price is $17.59 and its 200 day moving average price is $19.15.

Cannae Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.56%. The ex-dividend date is Monday, June 16th. Cannae’s payout ratio is -10.17%.

Cannae announced that its board has initiated a share repurchase program on Tuesday, March 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently commented on CNNE. Royal Bank of Canada cut their price objective on shares of Cannae from $27.00 to $23.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Oppenheimer cut their price objective on shares of Cannae from $27.00 to $22.00 and set an “outperform” rating for the company in a report on Friday, March 7th.

Cannae Company Profile

Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc was founded in 2014 and is based in Las Vegas, Nevada.