Federal Agricultural Mortgage C (AGM) Stock Price & How to Invest

Federal Agricultural Mortgage Corp (Farmer Mac) is a stockholder-owned, federally chartered corporation created under the Agricultural Credit Act to increase the flow of credit to American agriculture and rural infrastructure. It operates a secondary market across four lines of business (Farm and Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit), buying, guaranteeing, and securitizing loans that regional banks and Farm Credit System institutions originate. Its GSE status lets it fund itself at yields only a few basis points over Treasuries, a structural advantage over private lenders that underpins its net interest spread.

The investment picture centers on steady volume growth, a wide-moat funding cost, and shareholder returns via a long-standing and growing dividend. Farmer Mac reported record Q1 2026 results with roughly $34.8 billion in outstanding business volume (up about 17% year over year), then set new records again in the second quarter: volume reached about $37.2 billion at June 30, 2026 (up $2.4 billion in three months), revenue rose about 25% to roughly $125 million, and core earnings were about $59 million, or $5.40 per diluted share, well ahead of the ~$4.87 consensus. Management has laid out a target of $50 billion to $55 billion in volume by 2030. Against that, the company is a narrow single-sector lender exposed to farm income cycles, commodity prices, land values, credit losses, and interest-rate spread compression, and it carries the political and regulatory sensitivities that come with any GSE.

The share price has followed the earnings. AGM closed at $204.29 on October 16, 2026, up about 16% year to date and about 32% over twelve months, though below a 52-week high near $248 and about 7.5% lower over the past month. Market value is about $2.2 billion, and the annualized common dividend is about $6.30 per share (a yield near 3.1%). In August the company named Nader Pasdar Executive Vice President and Chief Business Officer. Third-quarter results are expected around November 3, 2026, with analysts looking for about $5.20 of EPS.

Farmer Mac is a narrow single-sector lender, so its credit quality is directly tied to farm income, commodity prices, and farmland values, all of which can deteriorate sharply in downturns. Non-accrual assets totaled roughly $238 million (about 1.4% of loans) at year-end 2025, a level that could rise in a stressed agricultural cycle; credit was steady in the second quarter of 2026 (90-day delinquencies about 37 basis points, substandard assets about 1.71% of the portfolio, a $7 million provision), but low crop prices in 2026 keep farm income under pressure. Net effective spread can compress if funding advantages narrow or asset-liability matching falters, and the stock touched a 52-week low in late 2025 amid agricultural-sector headwinds. As a GSE, it carries political and regulatory risk, including scrutiny of its mission, risk management, and public purpose. Leadership changes (a CEO transition and a new Chief Business Officer named in August 2026) and execution risk on the 2030 volume targets add further uncertainty. The balance sheet is highly leveraged by design, with about $37 billion of debt funding the portfolio, so the business depends on continued access to GSE funding markets.

3 analysts publish price targets on AGM, averaging $257.00 against a $204.09 price as of October 2026, or +25.9%. The published targets run from $254.00 to $262.00, a narrow spread, and the ratings split 2 buy, 0 hold, 0 sell. Over the last six months there have been 2 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full AGM forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Federal Agricultural Mortgage C. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. GSE funding advantage. Farmer Mac's federally chartered status lets it issue debt at only a few basis points over Treasuries (roughly 4 bps on 5-year and 14 bps on 10-year notes in recent auctions). The most optimistic published target, $262.00, assumes this works close to its best case.

The case against. Farmer Mac is a narrow single-sector lender, so its credit quality is directly tied to farm income, commodity prices, and farmland values, all of which can deteriorate sharply in downturns. The most pessimistic target, $254.00, is roughly what AGM is worth if this bites instead.

Read the full bull and bear case on AGM, including what would have to change to break either one. Walnut is not an investment adviser.

No. Federal Agricultural Mortgage C (AGM) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Federal Agricultural Mortgage C's investor relations page or your broker.

• Revenue (TTM): ~$409M; Q2 2026 ~$125M, up ~25% YoY
• Q2 2026 core EPS: ~$5.40 vs ~$4.87 expected
• Net income (TTM): ~$200M
• Outstanding business volume: ~$37.2B (June 30, 2026)
• Market cap: ~$2.2B (shares $204.29 on Oct 16, 2026)
• P/E: ~11.2x trailing, ~8.9x forward
• Dividend yield: ~3.1% (~$6.30 annualized)
• Price / book: ~1.8x

Farmer Mac trades at about 11 times trailing earnings and under 9 times the 2027 estimate of about $23 per share, low for a GSE with double-digit volume growth and a wide funding moat. Analysts expect 2026 EPS of about $20.70 on revenue near $481 million. The dividend yields about 3.1% with a payout near a third of earnings, and the small market cap (about $2.2 billion) and single-sector concentration keep it a niche financial.

Other names that sit close to AGM: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get AGM exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so AGM sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where AGM fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Farmer Mac is a small-cap GSE with a durable funding edge and steady volume growth, but its fortunes are tethered to agricultural credit health, interest-rate spreads, and its narrow single-sector mandate. As of mid-October 2026 the shares sit near $204, up about 16% this year after a record second quarter, with third-quarter results expected in early November.

Whether AGM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is AGM a buy or a sell?, and where the stock could go from here in the AGM stock forecast.

For income investors, whether AGM pays a dividend and how the payout looks is covered in does AGM pay a dividend? And to weigh AGM against a peer, read the full side-by-side comparisons: AGM vs FNMA and AGM vs SOFI.