Federal Agricultural Mortgage Corp. (NYSE:AGM)’s share price reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $86.85 and last traded at $88.00, with a volume of 12890 shares trading hands. The stock had previously closed at $82.12.
The credit services provider reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.14. Federal Agricultural Mortgage had a net margin of 23.05% and a return on equity of 14.81%. The business had revenue of $43.96 million for the quarter.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Monday, March 19th will be issued a $0.58 dividend. This is a boost from Federal Agricultural Mortgage’s previous quarterly dividend of $0.36. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date is Friday, March 16th. Federal Agricultural Mortgage’s dividend payout ratio (DPR) is currently 19.38%.
A number of hedge funds have recently added to or reduced their stakes in AGM. Northern Trust Corp boosted its stake in Federal Agricultural Mortgage by 0.8% in the 2nd quarter. Northern Trust Corp now owns 104,157 shares of the credit services provider’s stock worth $6,740,000 after purchasing an additional 777 shares in the last quarter. Voya Investment Management LLC boosted its stake in Federal Agricultural Mortgage by 8.2% in the 2nd quarter. Voya Investment Management LLC now owns 5,449 shares of the credit services provider’s stock worth $353,000 after purchasing an additional 413 shares in the last quarter. State Street Corp boosted its stake in Federal Agricultural Mortgage by 5.3% in the 2nd quarter. State Street Corp now owns 190,318 shares of the credit services provider’s stock worth $12,309,000 after purchasing an additional 9,640 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Federal Agricultural Mortgage by 5.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,170 shares of the credit services provider’s stock worth $464,000 after purchasing an additional 376 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in Federal Agricultural Mortgage by 8.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 13,944 shares of the credit services provider’s stock worth $902,000 after purchasing an additional 1,102 shares in the last quarter. Institutional investors own 64.42% of the company’s stock.
The company has a market capitalization of $899.32, a P/E ratio of 11.49 and a beta of 1.23. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 2.80.
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Federal Agricultural Mortgage Company Profile
Federal Agricultural Mortgage Corporation (Farmer Mac) provides a secondary market for a range of loans made to borrowers in rural America. The Company’s segments include Farm & Ranch, USDA Guarantees, Rural Utilities, Institutional Credit and Corporate. Its secondary market activities are purchasing eligible loans directly from lenders; providing advances against eligible loans by purchasing obligations secured by those loans; securitizing assets and guaranteeing the payment of principal and interest on the resulting securities that represent interests in, or obligations secured by, pools of eligible loans; and issuing long-term standby purchase commitments (LTSPCs) for eligible loans.
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