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Federal Agricultural Mortgage Corp. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 16, 2011 05:26PM
Federal Agricultural Mortgage Corp. (AGM) filed Annual Report for the period ended 2010-12-31. Fed Agricult. Mortg. has a market cap of $184.7 million; its shares were traded at around $17.96 with a P/E ratio of 8.5 and P/S ratio of 0.7. The dividend yield of Fed Agricult. Mortg. stocks is 1.1%.
Highlight of Business Operations:
The aggregate market values of the Class A voting common stock and Class C non-voting common stock held by non-affiliates of the registrant were $12,317,821 and $121,443,133, respectively, as of June 30, 2010, based upon the closing prices for the respective classes on June 30, 2010 reported by the New York Stock Exchange. For purposes of this information, the outstanding shares of Class C non-voting common stock owned by directors and executive officers of the registrant were deemed to be held by affiliates. The aggregate market value of the Class B voting common stock is not ascertainable due to the absence of publicly available quotations or prices for the Class B voting common stock as a result of the limited market for, and infrequency of trades in, Class B voting common stock and the fact that any such trades are privately negotiated transactions.
Farmer Mac funds its “program” purchases of eligible loans and guaranteed securities primarily by issuing debt obligations of various maturities in the public capital markets. The proceeds of debt issuance are also used to fund “non-program” investments that must comply with policies adopted by the Corporation s board of directors and with regulations promulgated by FCA, including dollar amount, issuer concentration, and credit quality limitations. Those regulations can be found at 12 C.F.R. §§ 652.1-652.45 (the “Liquidity and Investment Regulations”). Farmer Mac s regular debt issuance supports its access to the capital markets, and Farmer Mac s non-program investment assets provide an alternative source of funds should market conditions be unfavorable. As of December 31, 2010, Farmer Mac had $3.8 billion of discount notes and $4.1 billion of medium-term notes outstanding. For more information about Farmer Mac s program assets and non-program investment assets, as well as its financial performance and sources of capital and liquidity, see “Management s Discussion and Analysis of Financial Condition and Results of Operations.”
Stocks Discussed: AGM,