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| Federal Agricultural Mortgage Corp's 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C Ex-Dividend ReminderBy Preferred Stock Channel Staff, Wednesday, June 28, 1:36 PM ET
On 6/30/23, Federal Agricultural Mortgage Corp's 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (NYSE:AGM.PRC) will trade ex-dividend, for its quarterly dividend of $0.375, payable on 7/17/23. As a percentage of AGM.PRC's recent share price of $24.80, this dividend works out to approximately 1.51%, so look for shares of AGM.PRC to trade 1.51% lower — all else being equal — when AGM.PRC shares open for trading on 6/30/23. On an annualized basis, the current yield is approximately 6.03%, which compares to an average yield of 6.93% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, AGM.PRC was trading at a 0.56% discount to its liquidation preference amount. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend. The chart below shows the one year performance of AGM.PRC shares, versus AGM:
Below is a dividend history chart for AGM.PRC, showing historical dividends prior to the most recent $0.375 on Federal Agricultural Mortgage Corp's 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C: Free Report: Top 8%+ Dividends (paid monthly)
In Wednesday trading, Federal Agricultural Mortgage Corp's 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (NYSE:AGM.PRC) is currently down about 0.2% on the day, while the common shares (NYSE:AGM) are up about 1.2%.
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