Bank of Nova Scotia Purchases New Stake in Royal Gold, Inc. (NASDAQ:RGLD)

Key Points

• The Bank of Nova Scotia has acquired a new stake in Royal Gold, Inc., purchasing 46,481 shares valued at approximately $7.6 million, representing 0.07% ownership.
• Royal Gold reported quarterly earnings of $1.51 EPS, surpassing estimates, with revenue of $193.44 million, a 29.9% increase from the previous year.
• The company recently declared a dividend of $0.45 per share, which translates to an annualized yield of 1.2%, with a payout ratio of 29.80%.

Bank of Nova Scotia purchased a new stake in Royal Gold, Inc. (NASDAQ:RGLD - Free Report) TSE: RGL during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 46,481 shares of the basic materials company's stock, valued at approximately $7,600,000. Bank of Nova Scotia owned 0.07% of Royal Gold as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Oxbow Advisors LLC raised its holdings in Royal Gold by 1.8% in the first quarter. Oxbow Advisors LLC now owns 116,887 shares of the basic materials company's stock valued at $19,112,000 after buying an additional 2,039 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in Royal Gold by 8.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 27,196 shares of the basic materials company's stock valued at $4,447,000 after buying an additional 2,015 shares during the period. QRG Capital Management Inc. raised its holdings in Royal Gold by 38.1% in the first quarter. QRG Capital Management Inc. now owns 3,718 shares of the basic materials company's stock valued at $608,000 after buying an additional 1,025 shares during the period. City Center Advisors LLC acquired a new stake in Royal Gold in the first quarter valued at approximately $324,000. Finally, DAVENPORT & Co LLC acquired a new stake in Royal Gold in the first quarter valued at approximately $204,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

Royal Gold Trading Up 2.5%

RGLD stock opened at $156.43 on Tuesday. The firm has a market cap of $10.30 billion, a P/E ratio of 25.90, a P/E/G ratio of 1.08 and a beta of 0.40. Royal Gold, Inc. has a 12-month low of $125.68 and a 12-month high of $191.78. The stock's 50 day simple moving average is $169.91 and its 200 day simple moving average is $163.97.

Royal Gold (NASDAQ:RGLD - Get Free Report) TSE: RGL last posted its quarterly earnings results on Wednesday, May 7th. The basic materials company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.14. The business had revenue of $193.44 million for the quarter, compared to analyst estimates of $176.17 million. Royal Gold had a return on equity of 12.48% and a net margin of 52.15%. The business's revenue was up 29.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 EPS. On average, research analysts forecast that Royal Gold, Inc. will post 6.2 EPS for the current fiscal year.

Royal Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 17th. Investors of record on Thursday, July 3rd were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, July 3rd. Royal Gold's dividend payout ratio is currently 29.80%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RGLD. Scotiabank raised shares of Royal Gold from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the company from $166.00 to $189.00 in a research report on Monday, April 14th. CIBC increased their price objective on shares of Royal Gold from $202.00 to $215.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Wall Street Zen downgraded shares of Royal Gold from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Canaccord Genuity Group increased their price objective on shares of Royal Gold from $202.00 to $203.00 in a research report on Wednesday, June 11th. Finally, BMO Capital Markets set a $197.00 price objective on shares of Royal Gold and gave the company a "market perform" rating in a research report on Thursday, May 22nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Royal Gold has an average rating of "Moderate Buy" and a consensus price target of $192.13.

About Royal Gold

Royal Gold, Inc, together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. The company engages in acquiring stream and royalty interests or to finance projects that are in production, development, or in the exploration stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, and other metals.

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