The Federal Agricultural (NYSE:AGM) Mortgage Corporation, commonly known as Farmer Mac, has announced the completion of its redemption of all outstanding shares of its 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C. The redemption was finalized on Thursday, with the operation having been previously disclosed in a June 17 filing.
This financial maneuver followed the Board of Directors' declaration on Monday of a dividend amounting to $0.006116 per share for the Series C Preferred Stock, covering the period from July 17 to July 18, 2024. This payout coincides with the redemption process.
Farmer Mac, a federally chartered instrumentality of the United States, operates in the secondary market for agricultural real estate and rural housing mortgage loans. It is known for providing a stable source of funding to American agriculture, enhancing access to capital in the agricultural sector.
The company's shares are traded on the New York Stock Exchange, with Class A voting common stock listed under the ticker AGM.A and Class C non-voting common stock under AGM. Furthermore, Farmer Mac's preferred stock series, including Series D, E, F, and G, are also listed on the NYSE.
The redemption of the Series C Preferred Stock is a financial decision that relates to the company's capital management strategies. Such corporate actions are typically undertaken to manage the cost of capital, optimize the balance sheet, or reflect changes in the company's financing strategy.
Farmer Mac's SEC filing provides essential insights into the company's financial movements and strategic decisions. The information contained in these filings is crucial for investors who track the performance and management decisions of publicly traded entities, like Farmer Mac.
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