WASHINGTON - Federal Agricultural Mortgage Corporation (NYSE:AGM and AGM.A) announced that Zachary N. Carpenter will assume the role of CEO effective July 1, 2026, according to a press release statement.
Carpenter, currently President and Chief Operating Officer, will succeed Bradford T. Nordholm, who will transition to serve as senior advisor to the CEO through September 30, 2026.
The appointment follows a leadership transition plan announced in September 2025, when Carpenter was named President and Chief Operating Officer and designated as Nordholm’s successor. Carpenter joined Farmer Mac in May 2019 after holding positions at CoBank, Goldman Sachs, and Johnson & Johnson.
Nordholm was appointed President and CEO in October 2018. During his tenure, the company doubled its annual earnings and grew outstanding business volume to more than $34 billion. The company currently trades at a P/E ratio of 10.46 with a market cap of $1.97 billion, while maintaining a healthy 16% return on equity. InvestingPro analysis suggests the stock is undervalued, placing it among opportunities on the platform’s most undervalued stocks list. According to InvestingPro Tips, the company has raised its dividend for 14 consecutive years and offers a current yield of 3.54%.
"The Board has been very pleased with the thoughtful, cooperative, and seamless handoff between Brad and Zack over the past several months," said Lowell L. Junkins, Board Chair.
Since joining Farmer Mac, Carpenter has led initiatives in strategy, business development, and portfolio diversification, including expansion into Renewable Energy, Broadband Infrastructure, and Corporate AgFinance sectors.
"I am honored to step into the role of Chief Executive Officer and grateful for the trust placed in me by the Board," Carpenter said.
Farmer Mac operates as a secondary market provider for agricultural and rural infrastructure financing in the United States.
In other recent news, Farmer Mac reported a strong performance in its Q1 2026 earnings, with an earnings per share (EPS) of $4.74, surpassing the forecast of $4.44 by 6.76%. Despite a slight revenue miss, the positive EPS surprise has buoyed investor sentiment. Following this performance, Keefe, Bruyette & Woods raised its price target on Farmer Mac shares to $228 from $215, while maintaining an Outperform rating. The firm increased its earnings estimates for Farmer Mac, citing a strong first-quarter performance driven by a lower provision, higher non-interest income, and slightly better expenses.
In addition, Farmer Mac completed a $4 million Series I preferred stock offering, issuing 4,000,000 shares with a 6.875% dividend rate. The offering was conducted with Morgan Stanley & Co. LLC acting as representative of the underwriters. Furthermore, the company declared a dividend of $0.2769097 per share on its 6.875% Non-Cumulative Preferred Stock, Series I, covering the period from May 19, 2026, through July 17, 2026.
Lastly, during its Annual Meeting of Stockholders, Farmer Mac announced the election of all ten nominees for director and the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026. Shareholders also approved an advisory proposal on executive compensation.
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