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

Several other institutional investors also recently added to or reduced their stakes in FNV. Connor Clark & Lunn Investment Management Ltd. increased its stake in Franco-Nevada by 198.1% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,705,489 shares of the basic materials company's stock worth $268,280,000 after buying an additional 1,133,373 shares during the period. Two Sigma Advisers LP increased its stake in Franco-Nevada by 40.8% in the 4th quarter. Two Sigma Advisers LP now owns 1,349,300 shares of the basic materials company's stock worth $158,664,000 after buying an additional 391,000 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Franco-Nevada by 101.1% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 672,148 shares of the basic materials company's stock worth $105,731,000 after buying an additional 337,926 shares during the period. Canada Pension Plan Investment Board increased its stake in Franco-Nevada by 53.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 883,293 shares of the basic materials company's stock worth $138,945,000 after buying an additional 309,161 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in Franco-Nevada by 280.7% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 365,812 shares of the basic materials company's stock worth $57,526,000 after buying an additional 269,730 shares during the period. Hedge funds and other institutional investors own 77.06% of the company's stock.

Franco-Nevada Price Performance

NYSE FNV traded down $1.14 during trading on Friday, reaching $200.71. 803,819 shares of the company's stock traded hands, compared to its average volume of 650,318. The firm has a market cap of $38.68 billion, a price-to-earnings ratio of 49.31, a price-to-earnings-growth ratio of 2.68 and a beta of 0.41. The company's 50 day simple moving average is $173.94 and its two-hundred day simple moving average is $165.92. Franco-Nevada Corporation has a 12-month low of $112.70 and a 12-month high of $203.84.

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

Franco-Nevada Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 11th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.8%. Franco-Nevada's payout ratio is presently 37.35%.

Wall Street Analyst Weigh In

Several research firms recently commented on FNV. Zacks Research downgraded shares of Franco-Nevada from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Franco-Nevada in a research note on Wednesday, May 28th. CIBC reissued an "outperform" rating on shares of Franco-Nevada in a research report on Tuesday, July 15th. Royal Bank Of Canada raised their target price on shares of Franco-Nevada from $160.00 to $190.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Finally, Scotiabank raised their target price on shares of Franco-Nevada from $182.00 to $184.00 and gave the company a "sector perform" rating in a research report on Tuesday, August 12th. Seven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Franco-Nevada presently has an average rating of "Moderate Buy" and a consensus price target of $178.88.

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.