United Services Automobile Association Makes New Investment in Franco-Nevada Corporation $FNV

Key Points

• United Services Automobile Association acquired 6,327 shares of Franco-Nevada Corporation, valued at approximately $984,000, during the first quarter.
• Franco-Nevada reported $1.24 earnings per share, exceeding the consensus estimate of $1.10, with revenue of $369.40 million, up 42.0% compared to the same quarter last year.
• A quarterly dividend of $0.38 per share will be paid on September 25th, reflecting a 0.8% annual yield with a payout ratio of 37.35%.

United Services Automobile Association bought a new position in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,327 shares of the basic materials company's stock, valued at approximately $984,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA increased its holdings in Franco-Nevada by 1.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 12,207,413 shares of the basic materials company's stock worth $1,923,400,000 after acquiring an additional 207,232 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Franco-Nevada by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 7,845,339 shares of the basic materials company's stock worth $1,233,891,000 after purchasing an additional 45,924 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Franco-Nevada by 1.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,980,772 shares of the basic materials company's stock valued at $313,071,000 after buying an additional 33,044 shares in the last quarter. TD Asset Management Inc boosted its holdings in Franco-Nevada by 6.8% in the 1st quarter. TD Asset Management Inc now owns 1,926,670 shares of the basic materials company's stock worth $302,979,000 after buying an additional 122,071 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Franco-Nevada by 16.0% in the 1st quarter. Mackenzie Financial Corp now owns 1,756,344 shares of the basic materials company's stock worth $276,224,000 after buying an additional 242,196 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. BMO Capital Markets restated an "outperform" rating on shares of Franco-Nevada in a research report on Wednesday, May 28th. Zacks Research downgraded Franco-Nevada from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Scotiabank lifted their target price on shares of Franco-Nevada from $182.00 to $184.00 and gave the stock a "sector perform" rating in a research note on Tuesday, August 12th. National Bankshares reaffirmed a "sector perform" rating on shares of Franco-Nevada in a report on Tuesday, June 24th. Finally, Wall Street Zen downgraded shares of Franco-Nevada from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. Seven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $178.88.

Franco-Nevada Stock Down 0.6%

Shares of FNV traded down $1.14 during midday trading on Friday, reaching $200.71. The company had a trading volume of 803,819 shares, compared to its average volume of 647,920. Franco-Nevada Corporation has a 1-year low of $112.70 and a 1-year high of $203.84. The firm has a 50 day simple moving average of $173.94 and a 200-day simple moving average of $165.75. The stock has a market cap of $38.68 billion, a PE ratio of 49.31, a price-to-earnings-growth ratio of 2.69 and a beta of 0.41.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings results on Monday, August 11th. The basic materials company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.14. Franco-Nevada had a net margin of 58.82% and a return on equity of 12.56%. The firm had revenue of $369.40 million for the quarter, compared to analysts' expectations of $382.70 million. During the same quarter in the previous year, the company posted $0.75 EPS. The company's revenue was up 42.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Franco-Nevada Corporation will post 3.09 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, September 11th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.8%. Franco-Nevada's dividend payout ratio (DPR) is currently 37.35%.

Franco-Nevada Company Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.