Farmer Mac (AGM)
Provides secondary-market financing for U.S. agriculture and rural power, broadband, and renewable-energy infrastructure.
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Provides a secondary market for U.S. agricultural and rural-infrastructure credit by purchasing loans, holding or securitizing assets, and earning interest and guarantee or commitment fees. Agricultural finance remains the largest business, complemented by rural power, broadband, and renewable-energy financing under a federal charter.
Supplies secondary-market liquidity to lenders serving U.S. agriculture and rural infrastructure. Agricultural Finance spans Farm & Ranch and Corporate AgFinance, while Infrastructure Finance covers Power & Utilities, Broadband Infrastructure, and Renewable Energy. Funding and Investments support debt issuance and the liquidity portfolio.
Buys eligible loans and securities, guarantees eligible-loan securities, services agricultural loans, and provides long-term standby purchase commitments. Revenue comes mainly from net interest income and guarantee or commitment fees.
Most business volume remains in agricultural finance. Activities are confined by a federal charter, funded primarily in public debt markets, and supervised by the Farm Credit Administration through its Office of Secondary Market Oversight.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Nov 5, 2025 | Keefe, Bruyette & Woods | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $20.46B · Total debt $34.69B · Total assets $39.29B · Shareholders' equity $1.85B
- Revenue
- $450.3M
- Operating income
- $74.9M
- Net income
- $67.0M
HistoryDividendAnnual yield
| Institutions | ≥ 77.35% | 8.40M shares | |
|---|---|---|---|
| 267 holders · as of Jun 30, 2026 | |||
| Insiders | 1.89% | 205.4K shares | |
| 30 holders · as of Aug 27, 2026 | |||
| Other | ≤ 20.76% | 2.25M shares | |
| remainder | |||
10.85M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Institutional filings for AGM-A (10% of the company) are not on file here, so the institutional figure is a floor.
This company has 3 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 7.22% | 783,717 C | as of Jun 30, 2026 |
LSV Asset ManagementInstitution | 4.77% | 517,792 | filed Feb 11, 2020 |
Thrivent Financial for LutheransInstitution | 4.17% | 452,344 C | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 4.14% | 449,729 C | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.65% | 396,577 C | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- Wells Fargo
Largest US commercial bank ag lender; retains farm loans on balance sheet.
- Bank of America
#1 commercial bank by farm mortgage volume; retains ag loans on balance sheet.
- AGNC
Largest US pure-play agency mortgage REIT; rivals for agency-paper capital.
- Annaly Capital Management
Largest US residential mortgage REIT; agency-paper and yield-capital rival.
- Walker & Dunlop
Non-bank Agency conduit for multifamily/CRE; structural analog, not loan rival.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Farmer Mac | $216.41 | −1.11% | $2.38B | 12.0 | 10.0 | 1.7 | +21.9% |
| Wells Fargo | $82.61 | −0.65% | $251.45B | 12.0 | 11.0 | 1.9 | +8.6% |
| Bank of America | $55.83 | −0.66% | $398.83B | 12.9 | 11.4 | 2.0 | +19.3% |
| AGNC | $9.94 | −1.49% | $11.58B | 5.1 | 6.5 | 3.8 | — |
| Annaly Capital Management | $21.15 | −1.38% | $16.16B | 5.4 | 6.8 | 2.2 | −50.1% |
| Walker & Dunlop | $36.91 | −3.68% | $1.32B | 34.2 | 6.6 | 1.0 | +3.5% |
| Median | 12.0 | 6.8 | 2.0 | +6.1% |