Yamana Gold Triples Dividend Payment

Over the past several months, inflated revenues from high commodity prices have spurred a general trend of rising dividend payments in gold mining stock market. Nine of the world’s top ten gold mining companies have raised their dividend payments significantly in the past 12 months. Most recently, Yamana Gold (NYSE: AUY ) raised its dividend for the third quarter in a row as company profits nearly doubled, boosted by record gold prices. Yamana said that rising dividends reflect “robust and growing cash flows and cash balances.” The company, which has operations spread across Latin America, reported a third-quarter profit of $120.7 million (or 17 cents a share). This compares profits 12-months ago of $60.8 million (or 8 cents a share). Operating earnings rose to $157.9 million, from $71 million a year earlier. Excluding items, earnings were $118.9 million (or 16 cents a share). Overall, Yamana’s quarterly revenue rose 36% to $454.0 million. As a result, the company raised its quarterly dividend 50% to $0.03. Back in March, Yamana began increasing their dividend payment as the rising price of gold drove up revenue. Since that time, the company has increased its dividend by 200%. Yamana is currently paying a $0.12 (or 1.02% at current prices) annual dividend yield. The dividend boost now makes Yamana Gold one of the highest-yielding gold dividend stocks. As of right now, it is only one of four gold stocks that are paying an annual dividend of over 1%. In my recent report for Wealth Daily, titled The Definitive Guide to Gold Dividend Stocks , I give investors a current perspective of gold dividend stocks and reveal the other three gold stocks that are paying over 1% annual dividends. You can read this report

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Yamana Gold Triples Dividend Payment

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