Farmer Mac Reports Second Quarter 2024 Financial Results

Farmer Mac Reports Second Quarter 2024 Financial Results

Federal Agricultural Mortgage Corporation (Farmer Mac) announced its financial results for the second quarter ending June 30, 2024.

Key Financial Metrics:

Farmer Mac reported total revenue of $91.76 million and earnings per share of $4.08, both meeting the consensus estimates. The year-over-year and quarter-over-quarter comparisons are not provided.

Revenue Performance by Segment:

Details on segment revenue are not provided in the report.

Key Operational Data:

No additional operational data provided.

Management Commentary:

Management commentary is not available in the provided report.

Dividends and Share Repurchase Program:

• Dividends: Farmer Mac paid a quarterly dividend of $1.40 per share on all classes of its common stock during Q2 2024. This compares to $1.10 per share for each quarter in 2023.
• Share Repurchase Program: The share repurchase program authorized up to $9.8 million in stock repurchases, extended to February 2025. No shares were repurchased in Q2 2024.

Forward Guidance:

No specific forward guidance provided.

Stock Price Movement:

Following the earnings release, Farmer Mac's stock price saw a -3.66% change.

Farmer Mac's financial performance for the second quarter of 2024 was in line with Wall Street expectations. The company maintained its quarterly dividend increase and continued its share repurchase program, highlighting its solid capital position and commitment to returning value to shareholders.