Franco-Nevada Corporation Plans Quarterly Dividend of $0.23 (NYSE:FNV)
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) declared a quarterly dividend on Wednesday, August 9th, Wall Street Journal reports. Investors of record on Thursday, September 14th will be paid a dividend of 0.23 per share by the basic materials company on Thursday, September 28th. This represents a $0.92 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date is Wednesday, September 13th.
Franco-Nevada Corporation has raised its dividend by an average of 6.5% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Franco-Nevada Corporation has a payout ratio of 91.1% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Franco-Nevada Corporation to earn $1.07 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 86.0%.
Shares of Franco-Nevada Corporation (NYSE:FNV) traded up 3.58% during trading on Wednesday, reaching $75.30. The company had a trading volume of 1,012,185 shares. Franco-Nevada Corporation has a 1-year low of $53.31 and a 1-year high of $81.16. The firm has a market capitalization of $13.61 billion, a PE ratio of 98.95 and a beta of -0.03. The firm has a 50-day moving average of $72.25 and a 200 day moving average of $68.66.
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, August 8th. The basic materials company reported $0.25 earnings per share for the quarter, hitting the consensus estimate of $0.25. Franco-Nevada Corporation had a net margin of 21.17% and a return on equity of 4.35%. The business had revenue of $163.60 million during the quarter, compared to the consensus estimate of $164.62 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Analysts expect that Franco-Nevada Corporation will post $0.98 earnings per share for the current year.
Several equities research analysts have recently weighed in on the stock. BidaskClub upgraded shares of Franco-Nevada Corporation from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Zacks Investment Research downgraded shares of Franco-Nevada Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Barclays PLC reissued an “equal weight” rating and set a $74.00 price target (up from $68.00) on shares of Franco-Nevada Corporation in a report on Tuesday, June 6th. Raymond James Financial, Inc. reissued an “outperform” rating and set a $85.00 price target on shares of Franco-Nevada Corporation in a report on Thursday, June 15th. Finally, Credit Suisse Group set a $78.00 price target on shares of Franco-Nevada Corporation and gave the stock a “buy” rating in a report on Tuesday, July 18th. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $75.35.
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Franco-Nevada Corporation Company Profile
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company has interests in silver, platinum group metals, oil and gas and other resource assets. The Company is engaged in resource sector royalty/stream acquisitions and management activities. It has a portfolio of properties in the United States, Canada, Mexico, Peru, Chile and Africa.
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