Federal Agricultural Mortgage Corp. increases Q4 profit
Shares of Federal Agricultural Mortgage Corp. (NYSE:AGM), which was created to establish a secondary market for agricultural real estate and rural housing mortgage loans, are rising on news after the close on Monday of a 52.2% rise in fourth-quarter profit. The Washington, D.C.-based company reported that core earnings were $10.5 million or, $1.00 per share for fourth quarter 2007, compared with $6.9 million or, $0.65 per share, for fourth quarter 2006. The results are reported on a GAAP basis.
At 11:16 a.m. ET, the stock had advanced $2.53, or 11%, to $25.06. For detailed price information and recent news stories about Federal Agricultural Mortgage, click AGM.
