Federal Agricultural Mortgage Corp. (NYSE:AGM) Reports 4Q Results

Federal Agricultural Mortgage Corp. (NYSE:AGM) reported fourth fiscal quarter & 2010 results on Wednesday. The Company reported net income of $12.5 million or $1.16 per diluted share compared to $5.5 million or $0.53 per diluted share for the same period last year. Excluding items, the Company reported fourth quarter core earnings of $6.7 million or $0.63 per diluted share compared to $5.4 million $0.52 per diluted share in the same quarter last year. The Sum of net interest income and non interest income of $36.087 million has been posted for the quarter, up 62.54% year over year from $22.202 million in the same quarter last year. For the year 2010, net earnings of $22.1 million or $2.08 per diluted share have been posted compared to the net earnings of 82.3 million or $8.04 per diluted share in the same quarter last year. Core earnings of $25.4 million or $2.39 per diluted share have been posted for the year, up 58% year over year compared to $16.1 million or $1.58 per diluted share in 2009.  This increase in core earnings year over year was due to increased business volume and an increased effective net interest spread. Shares of the company went up by 6.90% or $1.21 to $18.75 with volume of 0.279 million shares. The 52 week range of the stock is $8.24-$23.89. The market capital of the stock stands at $192.79 million with P/E of 13.08 and beta of 1.41. The Federal Agricultural Mortgage Corporation (Farmer Mac) is a federally chartered corporation that combines private capital and public sponsorship to serve a public purpose. Farmer Mac was created to establish a secondary market for agricultural real estate and rural housing mortgage loans. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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