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News about Federal Agricultural Mortgage Corporation (Farmer Mac, NYSE: AGM) centers on its role as a secondary market provider that increases the accessibility of financing for American agriculture and rural infrastructure. The company regularly issues press releases and files current reports on Form 8-K describing developments that affect its business, capital structure, and leadership.
Investors following AGM news will see updates on Farmer Mac’s mission-driven activities, including announcements related to providing liquidity and lending capacity to lenders serving rural America and supporting agricultural and infrastructure businesses. The company has highlighted securitizations of agricultural mortgage loans into agricultural mortgage-backed securities (AMBS) as part of its effort to support a vibrant and liquid AMBS market aligned with its mission to improve credit accessibility in rural America.
Farmer Mac’s news flow also includes information on dividends and capital instruments. The board of directors has reported quarterly dividends on its three classes of common stock and multiple series of non-cumulative preferred stock, including the issuance and dividend declarations for its 6.500% Non-Cumulative Preferred Stock, Series H. These announcements are typically accompanied by corresponding Form 8-K filings that describe the terms of the dividends and offerings.
Corporate governance and leadership changes are another key theme in Farmer Mac’s news. Recent press releases and 8-K filings have discussed the planned retirement of the Chief Executive Officer, the appointment of a President and Chief Operating Officer who has been designated as the next CEO, and the selection of senior executives such as a Chief Legal Officer and a Chief Financial Officer and Treasurer. Updates on board composition, including changes involving presidential appointees, are also disclosed.
In addition, Farmer Mac issues news releases about its quarterly financial results and the timing of earnings conference calls, referencing metrics such as outstanding business volume, net interest income, net effective spread, and core earnings. For investors and analysts, monitoring AGM news provides insight into Farmer Mac’s financial performance, capital actions, securitization activities, and leadership developments related to its mission of supporting American agriculture and rural infrastructure.
Farmland Partners Inc. (NYSE: FPI) has announced the appointment of Dr. Bruce Sherrick to its Board of Directors, effective July 23, 2024. Dr. Sherrick, a renowned agricultural economist and farmland expert, brings extensive experience in agricultural economics, farmland investment, and public company board service. He currently holds the Marjorie and Jerry Fruin Professorship at the University of Illinois and runs the TIAA-CREF Center for Farmland Research. Dr. Sherrick's expertise includes credit risk assessment, farmland investment performance tracking, and agricultural finance. His appointment is expected to provide valuable economic insights and a unique perspective to FPI's board, potentially strengthening the company's operational performance and future planning.
Farmer Mac (NYSE: AGM and AGM.A), the secondary market provider enhancing financing accessibility for American agriculture and rural infrastructure, has announced the release of its Q2 2024 financial results on August 5, 2024, after market close. A conference call to discuss the results is scheduled for 4:30 p.m. eastern time on the same day.
Investors can access the call via phone or webcast. The call will also be available for replay on Farmer Mac's website. As a secondary market for agricultural and rural infrastructure credit, Farmer Mac supports a broad spectrum of customers in rural America, including agricultural lenders, agribusinesses, and rural electric cooperatives.
Farmer Mac (NYSE: AGM, AGM.A) has been awarded the 2024 Top Workplaces recognition by The Washington Post. This honor is based on an independent survey of employee engagement and sentiment, with Farmer Mac being recognized for its exceptional workplace culture. This is the 12th time Farmer Mac has received an award from the Top Workplaces program, including two national awards and multiple cultural excellence accolades. CEO Bradford T. Nordholm and Chief HR Officer Kerry Willie emphasized the importance of employee dedication and a supportive workplace culture in achieving this recognition.
Farmer Mac (NYSE: AGM) announced plans to redeem all 3,000,000 shares of its 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C. The redemption price is set at $25.00 per share, plus any declared and unpaid dividends until the redemption date of July 18, 2024. Post-redemption, dividends will cease to accrue on these shares. The shares are held in book-entry form through The Depository Trust Company (DTC), and the redemption process will follow DTC's procedures. Equiniti Trust Company will act as the transfer agent for the redemption.
On May 16, 2024, Farmer Mac (NYSE: AGM and AGM.A) announced the election of Jeffrey L. Plagge and Kevin G. Riel to its board of directors. Plagge, with extensive banking experience, and Riel, a hop farmer and financial institution board member, replace Dennis Brack and Everett Dobrinski. Board Chair Lowell L. Junkins emphasized their contributions to Farmer Mac's mission of enhancing rural America's financial accessibility. Plagge and Riel expressed enthusiasm for their roles, aiming to leverage their expertise to support Farmer Mac's objectives. Additional details are in Farmer Mac's 2024 proxy statement on their website.
Farmer Mac's board of directors has announced a second quarter dividend of $1.40 per share for its common stockholders, payable on June 28, 2024. The dividend pertains to Class A Voting Common Stock (NYSE: AGM.A), Class B Voting Common Stock, and Class C Non-Voting Common Stock (NYSE: AGM). Additionally, dividends for five classes of preferred stock have been declared, with payments scheduled for July 17, 2024.
Farmer Mac also plans to redeem all 3,000,000 shares of its Series C Preferred Stock (NYSE: AGM.PR.C) valued at $75 million. Holders will receive a written notice between 30 and 60 days before the redemption date, which will not affect the dividend payments declared for July 17, 2024.
Farmer Mac continues its mission to provide accessible financing to American agriculture and rural infrastructure, supporting various customers including agricultural lenders and rural electric cooperatives.
Farmer Mac reported strong first-quarter 2024 results with outstanding business volume of $28.8 billion. The company provided $1.4 billion in liquidity, saw a 9% increase in net interest income, and achieved 17% growth in net income. Farmer Mac maintained a solid capital position and core earnings grew by 12%. The company's performance reflects its commitment to rural America and stockholder value.
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