Essex Financial Services Inc. Raises Stock Position in Franco-Nevada Co. (NYSE:FNV)

Essex Financial Services Inc. lifted its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 2.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,892 shares of the basic materials company’s stock after acquiring an additional 84 shares during the quarter. Essex Financial Services Inc.’s holdings in Franco-Nevada were worth $458,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in shares of Franco-Nevada by 13.9% during the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock worth $433,538,000 after purchasing an additional 424,810 shares in the last quarter. EdgePoint Investment Group Inc. raised its holdings in shares of Franco-Nevada by 19.4% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,309,493 shares of the basic materials company’s stock valued at $411,003,000 after buying an additional 537,047 shares during the period. M&G PLC lifted its position in Franco-Nevada by 3.2% during the 3rd quarter. M&G PLC now owns 1,679,858 shares of the basic materials company’s stock worth $208,645,000 after acquiring an additional 51,996 shares in the last quarter. National Bank of Canada FI lifted its position in Franco-Nevada by 2.2% during the 3rd quarter. National Bank of Canada FI now owns 1,380,730 shares of the basic materials company’s stock worth $171,513,000 after acquiring an additional 29,512 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Franco-Nevada by 76.5% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,284,575 shares of the basic materials company’s stock worth $159,530,000 after acquiring an additional 556,894 shares during the period. 77.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FNV shares. Jefferies Financial Group dropped their price objective on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. Royal Bank of Canada boosted their price objective on shares of Franco-Nevada from $145.00 to $155.00 and gave the stock a “sector perform” rating in a report on Tuesday. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Finally, Scotiabank reduced their price target on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.71.

Franco-Nevada Stock Down 0.2 %

Shares of NYSE FNV opened at $142.43 on Thursday. The stock’s 50 day moving average price is $126.40 and its two-hundred day moving average price is $125.10. Franco-Nevada Co. has a 52-week low of $103.64 and a 52-week high of $143.77. The stock has a market capitalization of $27.42 billion, a P/E ratio of -45.07, a PEG ratio of 9.88 and a beta of 0.74.

Franco-Nevada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a dividend of $0.38 per share. This is a positive change from Franco-Nevada’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend is Thursday, March 13th. Franco-Nevada’s dividend payout ratio is currently -45.57%.

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.