WASHINGTON - The Federal Agricultural (NYSE:AGM) Mortgage Corporation, commonly known as Farmer Mac (NYSE: AGM and AGM.A), announced today the election of Jeffrey L. Plagge and Kevin G. Riel to its board of directors. The two new members will fill the seats of Dennis Brack and Everett Dobrinski, who did not seek re-election.
Plagge, with a banking career spanning several decades, has been involved with various financial institutions, including a recent appointment to the Federal Home Loan Bank of Des Moines. His expertise in banking is expected to contribute significantly to Farmer Mac's operations, which focus on enhancing financing availability for American agriculture and rural infrastructure.
Riel brings to the board a practical perspective from his nearly 40 years as a hop farmer, coupled with his experience on the boards of other agricultural and financial organizations. His background aligns with Farmer Mac's mission to support rural America through accessible credit.
Board Chair Lowell L. Junkins welcomed the new directors and expressed confidence in their ability to contribute to the company's objectives. He also extended appreciation to the outgoing board members for their service.
Farmer Mac serves as a secondary market for agricultural and rural infrastructure credit, providing financial solutions to a diverse customer base. The organization aims to facilitate growth and prosperity in rural and agricultural communities across the United States.
Plagge and Riel's election is part of a structured board that includes members elected by holders of different classes of the company's stock and some appointed by the President of the United States. This governance structure ensures a balanced representation of interests within the organization.
The announcement is based on a press release statement from Farmer Mac.
InvestingPro Insights
As Farmer Mac welcomes new board members and continues its mission to support rural and agricultural communities, it's worth noting the company's strong financial performance and investor confidence. The latest data from InvestingPro shows a robust P/E ratio of 8.46, indicating that the company is trading at a relatively low price compared to its earnings, which could attract value investors seeking potential bargains in the market.
Further bolstering this perspective, Farmer Mac's dividend history is impressive, with the company having raised its dividend for 12 consecutive years and maintained dividend payments for 21 consecutive years. This consistency suggests a reliable income stream for shareholders and reflects the company's financial stability and commitment to returning value to its investors.
InvestingPro Tips also reveal that Farmer Mac has experienced significant growth, with a revenue increase of 18.78% over the last twelve months as of Q1 2024. This growth trajectory, coupled with a PEG ratio of 0.49, indicates that the company's earnings growth rate is outpacing its P/E ratio, which could signal undervaluation and potential for future appreciation. Investors interested in deeper insights can find additional InvestingPro Tips for Farmer Mac, which can further inform investment decisions. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to these valuable tips.
For those considering an investment in Farmer Mac, the company's next earnings date is set for August 1, 2024. With analysts predicting the company will be profitable this year and a history of profitability over the last twelve months, Farmer Mac appears to be on a solid financial footing. To explore more about Farmer Mac's future prospects and financial analysis, visit https://www.investing.com/pro/AGM for a comprehensive set of InvestingPro Tips, where 7 additional tips await potential investors seeking to make informed decisions.
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