New York State Common Retirement Fund Lowers Stock Holdings in Federal Agricultural Mortgage Corporation (NYSE:AGM)

Key Points

• The New York State Common Retirement Fund has reduced its holdings in Federal Agricultural Mortgage Corporation (NYSE:AGM) by 46.9%, now owning 3,277 shares worth approximately $614,000.
• Federal Agricultural Mortgage recently announced a quarterly dividend of $1.50 per share, resulting in an annualized dividend yield of 3.42%.
• The company reported $4.19 earnings per share for the last quarter, surpassing expectations, and anticipates 17.6 EPS for the current year.

New York State Common Retirement Fund decreased its position in shares of Federal Agricultural Mortgage Corporation (NYSE:AGM - Free Report) by 46.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,277 shares of the credit services provider's stock after selling 2,900 shares during the period. New York State Common Retirement Fund's holdings in Federal Agricultural Mortgage were worth $614,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in AGM. Virtu Financial LLC purchased a new stake in Federal Agricultural Mortgage during the fourth quarter valued at about $274,000. American Century Companies Inc. raised its position in Federal Agricultural Mortgage by 10.9% during the fourth quarter. American Century Companies Inc. now owns 220,261 shares of the credit services provider's stock valued at $43,380,000 after purchasing an additional 21,670 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Federal Agricultural Mortgage during the fourth quarter valued at about $394,000. LPL Financial LLC raised its position in Federal Agricultural Mortgage by 11.0% during the fourth quarter. LPL Financial LLC now owns 8,793 shares of the credit services provider's stock valued at $1,732,000 after purchasing an additional 874 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Federal Agricultural Mortgage by 20.8% during the fourth quarter. JPMorgan Chase & Co. now owns 54,998 shares of the credit services provider's stock valued at $10,832,000 after purchasing an additional 9,485 shares in the last quarter. Hedge funds and other institutional investors own 68.03% of the company's stock.

Federal Agricultural Mortgage Stock Up 0.5%

Shares of NYSE:AGM opened at $175.23 on Friday. The stock's 50-day moving average price is $187.96 and its 200-day moving average price is $188.87. Federal Agricultural Mortgage Corporation has a 12-month low of $159.64 and a 12-month high of $217.14. The stock has a market capitalization of $1.92 billion, a P/E ratio of 10.83, a price-to-earnings-growth ratio of 0.92 and a beta of 0.99. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.74.

Federal Agricultural Mortgage (NYSE:AGM - Get Free Report) last announced its quarterly earnings data on Friday, May 9th. The credit services provider reported $4.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.00 by $0.19. Federal Agricultural Mortgage had a return on equity of 18.77% and a net margin of 12.65%. The firm had revenue of $96.79 million for the quarter, compared to analysts' expectations of $94.33 million. On average, equities analysts anticipate that Federal Agricultural Mortgage Corporation will post 17.6 earnings per share for the current year.

Federal Agricultural Mortgage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a dividend of $1.50 per share. The ex-dividend date was Monday, June 16th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.42%. Federal Agricultural Mortgage's dividend payout ratio (DPR) is currently 37.08%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $215.00 price objective (down from $230.00) on shares of Federal Agricultural Mortgage in a research note on Monday, May 12th.

Insider Activity

In related news, Director Sara Louise Faivre-Davis sold 350 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $192.26, for a total value of $67,291.00. Following the sale, the director directly owned 1,751 shares of the company's stock, valued at $336,647.26. This trade represents a 16.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eric T. Mckissack sold 728 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $192.37, for a total value of $140,045.36. Following the completion of the sale, the director directly owned 2,357 shares in the company, valued at $453,416.09. The trade was a 23.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.

Federal Agricultural Mortgage Profile

Federal Agricultural Mortgage Corporation provides a secondary market for various loans made to borrowers in the United States. It operates through four segments: Corporate AgFinance, Farm & Ranch, Rural Utilities, and Renewable Energy. The company's Agricultural Finance line of business engages in purchasing and retaining eligible loans and securities; guaranteeing the payment of principal and interest on securities that represent interests in or obligations secured by pools of eligible loans; servicing eligible loans; and issuing LTSPCs for eligible loans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.