Bank of Nova Scotia Takes Position in Franco-Nevada Corporation $FNV

Key Points

• Bank of Nova Scotia acquired 491,382 Franco-Nevada shares worth approximately $102.5 million, representing about 0.25% of the company. Institutional investors collectively own 77.06% of FNV.
• Analyst sentiment remains moderately bullish, with 11 Buy ratings and four Holds, producing a consensus “Moderate Buy” rating and an average price target of $273.40.
• Franco-Nevada missed quarterly earnings and revenue estimates despite 57.3% year-over-year revenue growth, while declaring a quarterly dividend of $0.44, or $1.76 annually, yielding about 0.7%.

Bank of Nova Scotia acquired a new position in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 491,382 shares of the basic materials company's stock, valued at approximately $102,524,000. Bank of Nova Scotia owned about 0.25% of Franco-Nevada at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Composition Wealth LLC lifted its stake in shares of Franco-Nevada by 0.8% during the 4th quarter. Composition Wealth LLC now owns 6,108 shares of the basic materials company's stock worth $1,266,000 after purchasing an additional 49 shares during the period. Clark Capital Management Group Inc. grew its position in Franco-Nevada by 1.0% in the fourth quarter. Clark Capital Management Group Inc. now owns 5,054 shares of the basic materials company's stock valued at $1,048,000 after acquiring an additional 50 shares in the last quarter. Syon Capital LLC grew its stake in shares of Franco-Nevada by 2.1% during the fourth quarter. Syon Capital LLC now owns 2,443 shares of the basic materials company's stock valued at $506,000 after acquiring an additional 51 shares in the last quarter. PFG Investments LLC boosted its holdings in Franco-Nevada by 0.7% in the first quarter. PFG Investments LLC now owns 7,211 shares of the basic materials company's stock valued at $1,782,000 after purchasing an additional 52 shares during the last quarter. Finally, Guardian Partners Inc. raised its holdings in Franco-Nevada by 3.2% in the fourth quarter. Guardian Partners Inc. now owns 1,692 shares of the basic materials company's stock valued at $351,000 after acquiring an additional 52 shares in the last quarter. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FNV has been the topic of a number of research reports. Wall Street Zen cut shares of Franco-Nevada from a "buy" rating to a "hold" rating in a report on Monday, June 1st. Bank of America reduced their price objective on shares of Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating for the company in a report on Thursday, July 9th. TD Securities upgraded Franco-Nevada from a "hold" rating to a "buy" rating and set a $291.00 target price on the stock in a report on Wednesday, May 20th. Canaccord Genuity Group raised shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Wednesday, April 29th. Finally, Jefferies Financial Group decreased their target price on shares of Franco-Nevada from $258.00 to $245.00 and set a "hold" rating for the company in a research report on Monday, July 6th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Franco-Nevada has a consensus rating of "Moderate Buy" and a consensus price target of $273.40.

Franco-Nevada Stock Performance

Shares of FNV stock opened at $265.78 on Friday. The company's 50 day moving average price is $219.57 and its two-hundred day moving average price is $235.05. The company has a market capitalization of $51.26 billion, a P/E ratio of 34.74, a price-to-earnings-growth ratio of 2.43 and a beta of 0.35. Franco-Nevada Corporation has a 52 week low of $180.32 and a 52 week high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.95 by ($0.14). The firm had revenue of $580.90 million for the quarter, compared to the consensus estimate of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The firm's quarterly revenue was up 57.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.24 earnings per share. Analysts forecast that Franco-Nevada Corporation will post 7.62 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, September 10th. Franco-Nevada's dividend payout ratio (DPR) is presently 23.01%.

Franco-Nevada 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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