Welcome to our dedicated page for AGMNY news (Ticker: AGMNY), a resource for investors and traders seeking the latest updates and insights on AGMNY stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect AGMNY's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of AGMNY's position in the market.
The Federal Agricultural Mortgage Corporation (Farmer Mac) reported strong financial results for the fiscal year ending December 31, 2021, with a net income of $107.6 million, up 20% from $89.2 million in 2020. Core earnings also rose by 13% to $113.6 million. Significant highlights include a strategic acquisition that enhanced loan servicing capabilities and a structured securitization transaction amounting to $300 million. Additionally, Farmer Mac's Board declared an 8% increase in the quarterly dividend to $0.95 per share, marking the eleventh consecutive annual hike.
Farmer Mac has successfully completed a $302.7 million securitization of agricultural mortgage loans, known as the FARM Series 2021-1. This financing initiative aims to enhance credit accessibility for rural communities, highlighting the company's commitment to supporting farmers and ranchers. The securitization includes 384 loans, underwritten to standard and features a $280 million senior tranche guaranteed by Farmer Mac. CEO Brad Nordholm stated this success showcases Farmer Mac's strong balance sheet and the resilience of the agricultural sector.
Farmer Mac announced the enhancement of its operations by expanding its internal loan servicing function through a strategic acquisition of servicing rights related to its Farm & Ranch and USDA Guaranteed loan portfolios. This move marks a shift from a decentralized servicing model to one where Farmer Mac will directly service loans previously managed by Conterra Ag Capital. This transition aims to achieve greater efficiencies, better customer service, and improved oversight of loan performance, facilitating increased access to credit for rural America.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) reported strong second-quarter results for 2021, including a net income of $25.4 million, or $2.35 per diluted share. Net effective spread rose 22% to $56.6 million, driven by portfolio growth and higher spread loan products. Net interest income increased to $55.1 million, while core earnings were up 14% to $30 million ($2.77 per diluted share). Business volume reached $22.2 billion, a growth of $334.6 million from the prior quarter, supported by substantial gains in the Farm & Ranch sector.
On May 17, 2021, Farmer Mac (NYSE: AGM, AGM.A) announced the election of Roy H. Tiarks to its board of directors, replacing Daniel L. Shaw. Tiarks brings 47 years of farming experience and extensive board service in agricultural finance. His expertise includes previous leadership roles on boards related to Farm Credit Banks. Tiarks emphasized the importance of credit access for farmers, aligning with Farmer Mac's mission to support rural America. The announcement reflects ongoing efforts to enhance financial solutions for agricultural communities.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) reported a robust financial performance for Q1 2021, achieving a net income of $28.0 million ($2.58 per diluted share), significantly up from $9.4 million in Q1 2020. Core earnings grew by 29% to $25.9 million. The company provided $1.5 billion in liquidity, and net interest income rose to $53.3 million. However, outstanding business volume decreased by $61.6 million to $21.9 billion, influenced by reductions in the Institutional Credit line. Overall, Farmer Mac maintains a strong liquidity position with $1.0 billion in cash.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) has appointed Eric T. McKissack to its board of directors, replacing W. David Hemingway following his death in November 2020. McKissack, a veteran in financial investment and former CEO of Channing Capital Management, brings extensive expertise in portfolio management. Board Chair LaJuana S. Wilcher expressed confidence in McKissack's ability to enhance the board's capabilities. McKissack has a personal connection to agriculture and aims to support Farmer Mac’s mission to improve rural America’s financial access.
