Bank of America Corp DE Sells 82,210 Shares of Franco-Nevada Corporation $FNV

Key Points

• Bank of America reduced its Franco-Nevada stake by 10.5%, selling 82,210 shares during the first quarter and retaining 703,053 shares valued at approximately $173.7 million. Institutional investors collectively own 77.06% of the company.
• Analyst sentiment remains positive but mixed: Franco-Nevada has an overall “Moderate Buy” rating and a consensus price target of $273.40, despite some analysts lowering targets and maintaining “Hold” or “Sector Perform” ratings.
• Franco-Nevada reported strong quarterly results, with earnings of $2.38 per share and revenue of $650.7 million, up 76.6% year over year. The company also declared a quarterly dividend of $0.44 per share, equivalent to a 0.8% annual yield.

Bank of America Corp DE lessened its stake in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 10.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 703,053 shares of the basic materials company's stock after selling 82,210 shares during the quarter. Bank of America Corp DE owned 0.36% of Franco-Nevada worth $173,689,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Transamerica Financial Advisors LLC acquired a new position in Franco-Nevada during the 4th quarter worth approximately $25,000. Private Trust Co. NA acquired a new stake in shares of Franco-Nevada in the fourth quarter valued at approximately $29,000. Ascentis Independent Advisors acquired a new stake in shares of Franco-Nevada in the first quarter valued at approximately $39,000. Navalign LLC bought a new stake in shares of Franco-Nevada in the fourth quarter worth $34,000. Finally, Quattro Advisors LLC bought a new stake in shares of Franco-Nevada in the fourth quarter worth $36,000. Institutional investors own 77.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of Franco-Nevada from a "buy" rating to a "hold" rating in a research note on Monday, June 1st. Jefferies Financial Group decreased their price objective on Franco-Nevada from $258.00 to $245.00 and set a "hold" rating for the company in a report on Monday, July 6th. HC Wainwright reaffirmed a "buy" rating and issued a $305.00 target price on shares of Franco-Nevada in a research report on Wednesday, May 13th. Scotiabank dropped their target price on Franco-Nevada from $290.00 to $274.00 and set a "sector perform" rating on the stock in a report on Tuesday, July 14th. Finally, TD Securities raised Franco-Nevada from a "hold" rating to a "buy" rating and set a $291.00 price target for the company in a research report on Wednesday, May 20th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $273.40.

Franco-Nevada Stock Up 3.7%

NYSE:FNV opened at $227.01 on Thursday. The stock's 50 day moving average price is $214.70 and its two-hundred day moving average price is $235.94. The firm has a market capitalization of $43.78 billion, a price-to-earnings ratio of 31.97, a P/E/G ratio of 1.85 and a beta of 0.35. Franco-Nevada Corporation has a 12-month low of $165.59 and a 12-month high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $2.09 by $0.29. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The business had revenue of $650.70 million for the quarter, compared to analyst estimates of $634.43 million. During the same period in the previous year, the firm earned $1.07 EPS. The firm's revenue was up 76.6% compared to the same quarter last year. Equities research analysts expect that Franco-Nevada Corporation will post 8.23 EPS for the current year.

Franco-Nevada Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were paid a $0.44 dividend. The ex-dividend date was Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a yield of 0.8%. Franco-Nevada's dividend payout ratio is 24.79%.

About Franco-Nevada

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company's business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.

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