Farmer Mac Increases Quarterly Dividend Rate on Common Stock
The Federal Agricultural Mortgage Corporation (Farmer Mac) today announced that it has increased the quarterly dividend paid on the Corporation's common stock by 20 percent from the previous quarter. Farmer Mac's board of directors has declared a first quarter dividend of $0.12 per share on each of the Corporation's three classes of common stock – Class A Voting Common Stock (NYSE: AGM.A), Class B Voting Common Stock (not listed on any exchange), and Class C Non-Voting Common Stock (NYSE: AGM). The quarterly dividend for first quarter 2013 will be payable on March 29, 2013 to holders of record of common stock as of March 15, 2013.
Farmer Mac's board of directors has also declared a quarterly dividend on the Corporation's Series A Non-Cumulative Preferred Stock (NYSE: AGM.PR.A). The quarterly dividend of $0.3672 per share of Series A Non-Cumulative Preferred Stock is for the period from but not including January 17, 2013 to and including April 17, 2013, and shall be payable on April 17, 2013 to holders of record of preferred stock as of April 2, 2013. Each share of Series A Non-Cumulative Preferred Stock has a par value and liquidation preference of $25.00 per share.
Farmer Mac's President and CEO Tim Buzby stated, "Farmer Mac's decision to increase the quarterly dividend across all classes of common stock reflects our continuing commitment to shareholder value while fulfilling our mission of delivering capital and liquidity to rural America. Farmer Mac's financial condition and earnings outlook remain strong, and the dividend increase underscores our confidence in Farmer Mac's future financial performance and capital position, which was enhanced as a result of the new Series A Non-Cumulative Preferred Stock offering completed earlier this year."
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.