Banro Corporation (USA) (NYSEMKT:BAA) Stock is Down by 7%

1110

Dallas, Texas 10/09/2013 (Financialstrend) – October has been a quite month so far in terms of trading at the browsers for Banro Corporation (USA) (NYSEMKT:BAA) which is a gold production company having its operations in Canada. As of close of business on October 8, the shares of the stock were down 3.28% from its previous day close. It was trading at $0.59 per share which marks a new 52 week low and is down 87% from its 52 week high valuations.

On September 18, Banro Corporation had notified its “Series A Preference Shares” owners that the company will pay out a quarterly dividend of $0.62 per preferred share. The dividend was paid out on September 30 to all share holders who were on company records as of September 26.

This payout was in line with recent announcements coming from other gold producers who have started cutting down the percentage of dividend payout in order to tide over the tough economic situation they are facing with a depressed demand and low price of gold in the international markets.

The overall downgrading of the gold futures has managed to drag the stock of this gold producer too. In the past 12 months, the shares of this stock is down 87%. It has depreciated by 23% in the past one month and has shed close to 7.8% of its market value in the previous trading week.

The Canadian gold producing company has a market cap of $140 million with sales of $100 million over the past 12 months trailing period. It has generated net income of $6.3 million in the same period resulting in profit margins and operating margins growing by the mid single digit numbers on a year on year basis. Its primary focus currently is centred on its Twangiza oxide mine which it is hoping to develop further.