Bank of America Corp DE Takes Position in Franco-Nevada Corporation $FNV

Key Points

• Bank of America purchased 607,272 Franco-Nevada shares worth approximately $126.6 million, giving it a 0.31% stake. Institutional investors collectively own 77.06% of the company.
• Franco-Nevada reported quarterly EPS of $1.81, below the $1.95 consensus estimate, while revenue reached $580.9 million and increased 57.3% year over year.
• The company declared a quarterly dividend of $0.44 per share, equivalent to an annualized $1.76 payout and a 0.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $274.90.

Bank of America Corp DE purchased a new stake in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 607,272 shares of the basic materials company's stock, valued at approximately $126,580,000. Bank of America Corp DE owned about 0.31% of Franco-Nevada at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Ascentis Independent Advisors bought a new position in Franco-Nevada during the first quarter valued at about $39,000. Global Retirement Partners LLC purchased a new position in shares of Franco-Nevada in the second quarter worth about $35,000. Dunhill Financial LLC bought a new position in shares of Franco-Nevada in the second quarter worth $36,000. GAMMA Investing LLC grew its position in shares of Franco-Nevada by 62.2% in the second quarter. GAMMA Investing LLC now owns 193 shares of the basic materials company's stock valued at $40,000 after purchasing an additional 74 shares in the last quarter. Finally, Western Wealth Management LLC bought a new position in Franco-Nevada in the 1st quarter worth about $49,000. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Stock Performance

Shares of Franco-Nevada stock opened at $266.45 on Friday. The stock's fifty day moving average is $239.89 and its 200 day moving average is $236.66. Franco-Nevada Corporation has a one year low of $181.50 and a one year high of $285.67. The stock has a market cap of $51.39 billion, a P/E ratio of 34.83, a P/E/G ratio of 2.46 and a beta of 0.39.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing analysts' consensus estimates of $1.95 by ($0.14). The business had revenue of $580.90 million during the quarter, compared to analysts' expectations of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The firm's revenue for the quarter was up 57.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.24 earnings per share. Analysts predict that Franco-Nevada Corporation will post 7.54 EPS for the current year.

Franco-Nevada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, September 10th. Franco-Nevada's payout ratio is presently 23.01%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Bank of America lowered their price objective on Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Wall Street Zen downgraded Franco-Nevada from a "buy" rating to a "hold" rating in a report on Monday, June 1st. Royal Bank Of Canada increased their price objective on Franco-Nevada from $285.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday. Jefferies Financial Group dropped their price target on Franco-Nevada from $258.00 to $245.00 and set a "hold" rating for the company in a research note on Monday, July 6th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Franco-Nevada in a research note on Friday, September 4th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Franco-Nevada currently has a consensus rating of "Moderate Buy" and an average target price of $274.90.

Franco-Nevada Profile

Franco-Nevada Corporation NYSE: FNV is a Canada-based royalty and streaming company focused primarily on precious metals. Rather than operating mines, the company provides upfront capital to mining and energy companies in exchange for the right to receive a portion of future production or revenue from designated assets.

Its portfolio is anchored by gold royalties and streams, with additional exposure to silver, platinum group metals and other mined commodities. Franco-Nevada also holds interests in certain energy assets, including oil and natural gas royalties.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.