Bank of Nova Scotia Reduces Stake in Franco-Nevada Corporation (NYSE:FNV)

Key Points

• Bank of Nova Scotia reduced its stake in Franco-Nevada Corporation by 1.2%, leaving it with approximately 614,075 shares, valued at $96,594,000.
• The company reported a quarterly earnings per share (EPS) of $1.07, beating estimates by $0.07, with revenue up 43.5% year-over-year.
• Franco-Nevada's recent dividend payment represents a 0.9% yield and a payout ratio of 47.50%, with a quarterly dividend of $0.38.

Bank of Nova Scotia lowered its position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 1.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 614,075 shares of the basic materials company's stock after selling 7,205 shares during the period. Bank of Nova Scotia owned approximately 0.32% of Franco-Nevada worth $96,594,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. CX Institutional purchased a new stake in Franco-Nevada in the 1st quarter worth approximately $30,000. Cullen Frost Bankers Inc. purchased a new stake in Franco-Nevada in the 1st quarter worth approximately $32,000. Nexus Investment Management ULC purchased a new stake in Franco-Nevada in the 1st quarter worth approximately $35,000. Golden State Wealth Management LLC boosted its position in Franco-Nevada by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 230 shares of the basic materials company's stock worth $36,000 after purchasing an additional 115 shares in the last quarter. Finally, Hexagon Capital Partners LLC boosted its position in Franco-Nevada by 494.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 226 shares of the basic materials company's stock worth $36,000 after purchasing an additional 188 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company's stock.

Franco-Nevada Price Performance

Shares of NYSE:FNV opened at $161.61 on Friday. Franco-Nevada Corporation has a 1 year low of $112.70 and a 1 year high of $179.99. The firm has a market capitalization of $31.13 billion, a price-to-earnings ratio of 50.50, a price-to-earnings-growth ratio of 2.12 and a beta of 0.41. The business's 50 day moving average price is $164.51 and its 200-day moving average price is $155.69.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its quarterly earnings data on Thursday, May 8th. The basic materials company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.00 by $0.07. Franco-Nevada had a return on equity of 11.40% and a net margin of 50.39%. The firm had revenue of $368.40 million during the quarter, compared to the consensus estimate of $328.79 million. During the same period in the prior year, the company earned $0.76 EPS. The firm's revenue was up 43.5% compared to the same quarter last year. On average, sell-side analysts expect that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 12th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, June 12th. Franco-Nevada's dividend payout ratio is currently 47.50%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Royal Bank Of Canada upped their price objective on Franco-Nevada from $160.00 to $190.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Raymond James Financial set a $186.00 price objective on Franco-Nevada and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. National Bankshares restated a "sector perform" rating on shares of Franco-Nevada in a research report on Tuesday, June 24th. UBS Group increased their target price on Franco-Nevada from $205.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Finally, Scotiabank increased their target price on Franco-Nevada from $165.00 to $169.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $172.13.

About Franco-Nevada

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.

Want to see what other hedge funds are holding FNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.