Bank of Nova Scotia Buys 23,587 Shares of Franco-Nevada Corporation $FNV

Key Points

• Bank of Nova Scotia increased its stake in Franco-Nevada by 5.1% in the first quarter, buying 23,587 additional shares and bringing its total holding to 485,345 shares valued at about $120.1 million.
• Franco-Nevada reported strong quarterly results, with earnings of $2.38 per share topping estimates and revenue rising 76.6% year over year to $650.7 million.
• Analyst sentiment remains broadly positive, with a consensus rating of Moderate Buy and an average price target of $273.40, even though some firms recently lowered targets or downgraded the stock.

Bank of Nova Scotia increased its holdings in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 5.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 485,345 shares of the basic materials company's stock after purchasing an additional 23,587 shares during the period. Bank of Nova Scotia owned 0.25% of Franco-Nevada worth $120,146,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Sei Investments Co. acquired a new position in shares of Franco-Nevada in the 1st quarter valued at approximately $1,573,000. State of Wyoming bought a new stake in Franco-Nevada during the 1st quarter worth $227,000. Cetera Investment Advisers raised its holdings in Franco-Nevada by 5.1% in the 1st quarter. Cetera Investment Advisers now owns 13,900 shares of the basic materials company's stock valued at $3,434,000 after buying an additional 671 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Franco-Nevada by 2.2% during the first quarter. First Trust Advisors LP now owns 13,766 shares of the basic materials company's stock valued at $3,403,000 after acquiring an additional 301 shares during the last quarter. Finally, ABN Amro Investment Solutions lifted its holdings in Franco-Nevada by 21.5% during the 1st quarter. ABN Amro Investment Solutions now owns 8,690 shares of the basic materials company's stock worth $2,145,000 after buying an additional 1,538 shares during the period. 77.06% of the stock is owned by institutional investors.

Franco-Nevada Trading Up 0.0%

FNV stock opened at $214.16 on Friday. The stock has a market capitalization of $41.30 billion, a price-to-earnings ratio of 30.16, a PEG ratio of 1.81 and a beta of 0.36. The firm's 50-day moving average price is $216.29 and its two-hundred day moving average price is $236.64. Franco-Nevada Corporation has a 12-month low of $157.18 and a 12-month high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $634.43 million. During the same quarter last year, the firm posted $1.07 earnings per share. The company's revenue for the quarter was up 76.6% on a year-over-year basis. Equities analysts predict that Franco-Nevada Corporation will post 8.23 EPS for the current year.

Franco-Nevada Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FNV shares. National Bank Financial raised shares of Franco-Nevada from a "sector perform" rating to an "outperform" rating in a research note on Wednesday, May 13th. UBS Group decreased their price target on shares of Franco-Nevada from $310.00 to $280.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Jefferies Financial Group dropped their target price on Franco-Nevada from $258.00 to $245.00 and set a "hold" rating on the stock in a report on Monday, July 6th. Canaccord Genuity Group raised shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research report on Wednesday, April 29th. Finally, Zacks Research cut Franco-Nevada from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $273.40.

Franco-Nevada Company Profile

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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