Federal Agricultural Mortgage (AGM) stock plummeted 7.05% during intraday trading on Friday, following the release of its quarterly earnings report.
The agricultural lender reported adjusted earnings of $3.66 per share for the quarter ended December 31, which fell short of the average analyst estimate of $4.55 per share. This represents a significant earnings miss compared to Wall Street expectations.
While the company's revenue increased 10.2% year-over-year to $107.46 million, matching analyst projections, the disappointing bottom-line performance appears to have driven the stock's downward movement.