Following these sales, Mullery retains ownership of 17,513 shares, which includes 3,417 unvested restricted stock units under Farmer Mac's incentive plan. The transactions were executed during an open trading window for the company's employees and directors. With a market capitalization of $2.29 billion, AGM has maintained dividend payments for 21 consecutive years. InvestingPro subscribers can access detailed insider trading patterns and 8 additional key insights about AGM's financial health and growth prospects. With a market capitalization of $2.29 billion, AGM has maintained dividend payments for 21 consecutive years. InvestingPro subscribers can access detailed insider trading patterns and 8 additional key insights about AGM's financial health and growth prospects.
Following these sales, Mullery retains ownership of 17,513 shares, which includes 3,417 unvested restricted stock units under Farmer Mac's incentive plan. The transactions were executed during an open trading window for the company's employees and directors.
In other recent news, Farmer Mac reported a solid performance in its third-quarter earnings for 2024. The company highlighted year-to-date revenues of $270 million, an increase from the previous year, and a core earnings figure of $128 million. The company also launched the STARS system to enhance operational efficiency and scalability, and reported a new business volume of $2 billion for the quarter, contributing to a year-to-date total of $4.9 billion.
Despite a decrease in outstanding business volume to $28.5 billion, the company maintained financial stability and holds $850 million in cash and short-term instruments. The company's management expressed optimism about growth opportunities in the Renewable Energy segment and Farm & Ranch volumes and is planning a new securitization program to enhance capital efficiency.
However, a slight year-over-year decline in core earnings was observed due to a $3.3 million provision for losses, and the total allowance for losses increased to $21.9 million. The company also noted a decrease in the Tier 1 capital ratio to 14.2% following the redemption of Series C Preferred Stock. Despite these challenges, Farmer Mac remains confident in its growth trajectory and ability to navigate potential market disruptions.
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