By Robb M. Stewart
Franco-Nevada's shares strengthened after the gold-focused royalty company boosted its quarterly dividend 5.6%.
In morning trading, the shares were 4.2% higher at 196.98 Canadian dollars in Toronto, widening the advance over the last 12 months to 36%. On the New York Stock Exchange, the stock was ahead 4.6% at $137.29.
The Toronto-based company said Thursday that its board raised the dividend to 38 cents a share, payable March 27 to shareholders of record on March 13. The lift marks the 18th consecutive annual increase for Franco-Nevada shareholders, the company said.
The new payout, equal to $1.52 a year, represents an annual yield of about 1.2% based on Wednesday's closing price in New York of $131.07.
Franco-Nevada is scheduled to release its 2024 financial results March 10 before markets open. The company in November forecast revenue of between $1.05 billion and $1.15 billion for the year, which would represent a decline from $1.22 billion in 2023.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 30, 2025 10:57 ET (15:57 GMT)
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