PNC Financial Services Group Inc. Sells 2,552 Shares of Franco-Nevada Corporation $FNV

PNC Financial Services Group Inc. lessened its stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 34.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,894 shares of the basic materials company’s stock after selling 2,552 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Franco-Nevada were worth $802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Franco-Nevada by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 7,845,339 shares of the basic materials company’s stock valued at $1,233,891,000 after purchasing an additional 45,924 shares in the last quarter. TD Asset Management Inc lifted its stake in shares of Franco-Nevada by 4.4% in the second quarter. TD Asset Management Inc now owns 2,011,787 shares of the basic materials company’s stock worth $329,626,000 after buying an additional 85,117 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Franco-Nevada by 1.7% during the first quarter. The Manufacturers Life Insurance Company now owns 1,980,772 shares of the basic materials company’s stock valued at $313,071,000 after buying an additional 33,044 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Franco-Nevada by 16.0% during the first quarter. Mackenzie Financial Corp now owns 1,756,344 shares of the basic materials company’s stock valued at $276,224,000 after buying an additional 242,196 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Franco-Nevada by 198.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,705,489 shares of the basic materials company’s stock valued at $268,280,000 after acquiring an additional 1,133,373 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Price Performance

NYSE FNV opened at $191.15 on Friday. The business’s fifty day moving average price is $201.95 and its 200-day moving average price is $181.41. The stock has a market capitalization of $36.85 billion, a price-to-earnings ratio of 46.97, a PEG ratio of 1.70 and a beta of 0.40. Franco-Nevada Corporation has a 1-year low of $114.81 and a 1-year high of $225.63.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.37 by $0.06. The company had revenue of $487.70 million during the quarter, compared to analyst estimates of $448.51 million. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.Franco-Nevada’s revenue was up 76.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.80 earnings per share. Equities research analysts anticipate that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Thursday, December 4th. Franco-Nevada’s payout ratio is currently 31.87%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FNV shares. TD Securities lowered their price objective on Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a research report on Wednesday, November 5th. Bank of America boosted their price target on Franco-Nevada from $211.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. Zacks Research raised Franco-Nevada from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. HC Wainwright increased their price objective on Franco-Nevada from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Franco-Nevada in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $223.43.

Franco-Nevada Company Profile

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.