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Federal Agricultural Mortgage (AGM)

Farmer Mac is a vital part of the agricultural credit markets and was created to increase access to and reduce the cost of credit for the benefit of American agricultural and rural communities. As the nation's secondary market for agricultural credit, Farmer Mac provides financial solutions to a broad spectrum of the agricultural community, including agricultural lenders, agribusinesses, and other institutions that can benefit from access to flexible, low-cost financing and risk management tools. Farmer Mac's customers benefit from its low cost of funds, low overhead costs, and high operational efficiency.

AGM stock data

Calendar

8 Aug 22
16 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Jun 22 Chester J Culver Class C Non-Voting Common Stock Grant Acquire A No No 97.65 20 1.95K 2,946
30 Jun 22 Mitchell A Johnson Class C Non-Voting Common Stock Grant Acquire A No No 97.65 152 14.84K 13,244
30 Jun 22 Lowell Junkins Class C Non-Voting Common Stock Grant Acquire A No No 97.65 12 1.17K 9,099.232
30 Jun 22 James R Engebretsen Class C Non-Voting Common Stock Grant Acquire A No No 97.65 186 18.16K 13,269
30 Jun 22 Amy H Gales Class C Non-Voting Common Stock Grant Acquire A No No 97.65 87 8.5K 2,748
1.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 164 172 -4.7%
Opened positions 17 39 -56.4%
Closed positions 25 15 +66.7%
Increased positions 62 42 +47.6%
Reduced positions 57 63 -9.5%
13F shares Current Prev Q Change
Total value 764.4M 876.38M -12.8%
Total shares 7.04M 7.09M -0.7%
Total puts 35.7K 17.5K +104.0%
Total calls 41.3K 100.4K -58.9%
Total put/call ratio 0.9 0.2 +395.9%
Largest owners Shares Value Change
BLK Blackrock 1.5M $162.74M +3.7%
Vanguard 488.75K $53.02M +6.8%
Dimensional Fund Advisors 434.44K $47.13M +0.1%
Boston Partners 338.68K $36.68M -0.5%
Copeland Capital Management 301.89K $32.75M +1.9%
Wellington Management 268.96K $29.18M -1.6%
PFG Principal Financial Group Inc - Registered Shares 268.52K $29.13M +1.8%
FMR 248.19K $26.93M +7.1%
LSV Asset Management 227.13K $24.64M -14.8%
Rice Hall James & Associates 219.35K $23.8M +0.9%
Largest transactions Shares Bought/sold Change
Weybosset Research & Management 0 -126.04K EXIT
Eagle Asset Management 62.3K +62.3K NEW
BLK Blackrock 1.5M +53.22K +3.7%
Victory Capital Management 27.88K -48.89K -63.7%
LSV Asset Management 227.13K -39.56K -14.8%
Vanguard 488.75K +30.96K +6.8%
GS Goldman Sachs 23.03K -20.21K -46.7%
FMR 248.19K +16.49K +7.1%
American Century Companies 54.79K +15.93K +41.0%
Belpointe Asset Management 28.33K +14.76K +108.8%

Financial report summary

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Competition
AGM
Risks
  • The continuing effects of the COVID-19 pandemic are uncertain and may heighten the risk factors described in this report or could otherwise have a material adverse effect on Farmer Mac's business, operations, operating results, financial condition, liquidity, or capital levels.
  • Factors outside of Farmer Mac's or borrowers' control may impair borrowers' profitability and ability to repay their loans in Farmer Mac's portfolio, which could have a material adverse effect on Farmer Mac's financial condition, results of operations, liquidity, or capital levels.
  • Concentrations in Farmer Mac's loan or investments portfolios, or to one or more borrowers or counterparties, may increase Farmer Mac's exposure to credit risk, which could materially and adversely affect its business, operating results, and financial condition.
  • Farmer Mac Guaranteed Securities and LTSPCs expose Farmer Mac to significant contingent liabilities, and Farmer Mac's ability to fulfill its obligations under its guarantees and LTSPCs may be limited.
  • Farmer Mac is exposed to counterparty risk on both its cleared and non-cleared swaps transactions that could materially and adversely affect its business, operating results, and financial condition.
  • Farmer Mac's business, operating results, financial condition, and capital levels may be materially and adversely affected by external factors that may affect the demand for Farmer Mac's secondary market, the price or marketability of Farmer Mac's products, or Farmer Mac's ability to offer its products and services.
  • An inability to access the equity and debt capital markets could have a material adverse effect on Farmer Mac's business, operating results, financial condition, liquidity, and capital levels.
  • The loss of business from key business counterparties or customers, including AgVantage counterparties, could weaken Farmer Mac's business and decrease its revenues and profits.
  • Farmer Mac's efforts to balance fulfilling its mission with providing a return to its stockholders may result in business transactions that involve lower returns or higher risk, which could adversely affect its business, operating results, or financial condition.
  • The inadequacy or failure of Farmer Mac's operational systems, cybersecurity program, internal controls or processes, or infrastructure, or those of third parties, could have a material adverse effect on Farmer Mac's business, operating results, or financial condition.
  • Farmer Mac’s business depends, in part, on effective and reliable loan servicing, and Farmer Mac’s internal loan servicing function and reliance on third-party servicers could expose Farmer Mac to operational risks that could adversely affect its business, operating results, or financial condition.
  • Any deficiency, failure, interruption, or breach in Farmer Mac's or our service providers' technology and information systems, infrastructure, or cybersecurity program, including the occurrence of successful cyber-attacks, could result in a loss of business, damage to Farmer Mac's reputation, the disclosure or misuse of confidential or proprietary information, or increased costs or liability to Farmer Mac, which could adversely affect Farmer Mac's business, operating results, or financial condition.
  • Failure by Farmer Mac's third-party loan servicers, information systems providers, and other service providers to protect confidential information from unauthorized access and dissemination could result in liability for Farmer Mac or damage Farmer Mac's reputation, which could have a negative effect on Farmer Mac's business, operating results, or financial condition.
  • If Farmer Mac's management of risk associated with its loan assets and investment securities based on model assumptions and output is not effective, its business, operating results, financial condition, or capital levels could be materially adversely affected.
  • Farmer Mac's efforts to expand product offerings and services to its customers exposes Farmer Mac to operational risk that could materially and adversely affect its business, operating results, or financial condition.
  • Farmer Mac is exposed to interest rate risk that could materially and adversely affect its operating results or financial condition.
  • Discontinuation of the LIBOR benchmark interest rate could adversely affect Farmer Mac's business, operating results, or financial condition.
  • Incorrect estimates and assumptions by management in preparing financial statements could adversely affect Farmer Mac's business, operating results, reported assets and liabilities, financial condition, reputation, or capital levels.
  • Changes in accounting standards or in applying accounting policies could adversely affect Farmer Mac's business, operating results, financial condition, or capital levels.
  • Changes in the value or composition of Farmer Mac's investment securities could adversely affect Farmer Mac's business, operating results, financial condition, liquidity or capital levels.
  • Farmer Mac and many of its business counterparties are subject to comprehensive government regulation, and changes to applicable laws and regulations could adversely affect Farmer Mac's business, operating results, reputation, or financial condition.
  • Farmer Mac's capital requirements may change, and failure to meet those requirements could result in supervisory measures or the inability of Farmer Mac to declare dividends, or otherwise materially and adversely affect Farmer Mac's business, operating results, or financial condition.
  • Farmer Mac is a GSE that may be materially and adversely affected by legislative or political developments.
  • Farmer Mac's ability to attract and retain motivated and qualified employees is critical to the success of its business, and significant or sustained disruption in the continuity of Farmer Mac's employees or executive leaders may materially adversely affect Farmer Mac's business performance, operations, financial condition, or reputation.
Management Discussion
  • (1)Net effective spread is a non-GAAP measure. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread" for an explanation of net effective spread. See Table 11 for a reconciliation of net interest income to net effective spread.
  • (2)Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities.
  • (3)Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.

Content analysis

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H.S. sophomore Avg
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