Welcome to our dedicated page for NewtekOne news (Ticker: NEWT), a resource for investors and traders seeking the latest updates and insights on NewtekOne stock.
NewtekOne, Inc. (Nasdaq: NEWT) is a financial holding company that offers an extensive range of business and financial solutions to small and medium-sized businesses (SMBs) across the United States. Established in 1998, NewtekOne has built a robust business model centered around leveraging technology to deliver financial services effectively and efficiently.
NewtekOne operates through several reportable segments: Banking, Technology, NSBF, and Payments. The company provides comprehensive services including Business Lending, SBA Lending Solutions, Electronic Payment Processing, and Technology Solutions such as Cloud Computing, Data Backup, Storage, Retrieval, and IT Consulting. Additionally, they offer eCommerce, Accounts Receivable Financing, Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.
The firm's financial condition is strong, evidenced by over $100 million in stockholders' equity and more than $160 million in revenues. NewtekOne has operated as a publicly traded company for over a decade and is currently under Sarbanes-Oxley regulation. The company prides itself on transparency, with fully accessible financial statements available online.
Recent achievements include significant growth in their SBA 7(a) loan program, where Newtek Bank closed a record $262.9 million of loans in Q4 2023, making it the largest SBA 7(a) lender by total approved dollar amount. NewtekOne's total loan closings reached $1.1 billion in 2023.
NewtekOne's proprietary technology, NewTracker, supports their cost-effective business model by providing a user-friendly interface for interacting with their subject matter experts in areas like Banking, Lending, Payments, Technology, Payroll, and Insurance. This system allows clients to access a single online dashboard for all their financial needs, ensuring a seamless and integrated experience.
The company's recent partnerships reflect its commitment to enhancing its service offerings. A notable collaboration with 1-800Accountant aims to provide digital bookkeeping, accounting, and tax advisory services, integrated with Newtek Bank’s online banking and payment processing functionalities.
NewtekOne’s operating model is unique in the financial sector, emphasizing digital solutions and minimizing the need for traditional branches. This innovative approach has allowed them to maintain growth and stability even during challenging economic times.
With a CET1 ratio of 16.5%, a total capital ratio of 19.6%, and a leverage ratio of 15.6%, NewtekOne is well-capitalized and poised for continued growth. The company forecasts an increase in annual EPS to a range of $1.80 to $2.00 per basic and diluted common share in 2024, up from $1.71 in 2023.
For more detailed information or to view their financial statements, visit their investor relations section at investor.newtekbusinessservices.com or contact Jayne Cavuoto at (212) 273-8179 or jcavuoto@newtekone.com.
Newtek Business Services Corp (Nasdaq: NEWT) announced that CEO Barry Sloane will present at the LD Micro by SRAX Invitational XII on June 8, 2022, at 9:30 AM PDT. The event takes place at the Four Seasons, Westlake Village, California, where Sloane will also hold one-on-one meetings. Interested parties can reach out through LD Micro representatives or directly contact Newtek's Investor Relations. A livestream and replay will be accessible on Newtek's Investor Relations page by June 15, 2022, for 90 days.
On June 1, 2022, Newtek Business Services Corp. (NASDAQ: NEWT) announced that shareholders approved a proposal to discontinue its election to be regulated under the Investment Company Act of 1940. The vote, with 89% in favor, allows the company to move forward with acquiring the National Bank of New York City, set to be renamed Newtek Bank & Trust, N.A. The transition to a bank holding company is anticipated to occur in Q3 2022, pending regulatory approvals. CEO Barry Sloane expressed confidence in this strategic decision despite current economic challenges.
Newtek Business Services Corp. (NEWT) reported a 56.5% increase in SBA 7(a) loan fundings, totaling $163.3 million for Q1 2022, compared to $104.4 million in Q1 2021. However, total investment income fell by 41.4% to $20.3 million due to a lack of recurring Paycheck Protection Program (PPP) fees. Net investment income plummeted by 94.1% to $1.0 million. Adjusted net investment income (ANII) decreased by 31.4% to $17.3 million. The NAV was $398.5 million, down 1.4% from the end of 2021. The company declared a higher dividend of $0.752 for Q2 2022, marking a 7.1% increase year-over-year.
Newtek Business Services Corp (Nasdaq: NEWT) will announce its Q1 2022 financial results on May 4, 2022, after market close. A conference call is scheduled for May 5, 2022, at 8:30 am ET, hosted by CEO Barry Sloane and CAO Nicholas Leger. Investors can join the call via phone or listen to a live webcast on Newtek's website. The company offers a range of business solutions for small- and medium-sized businesses, including lending, technology solutions, and financial services, helping them grow and manage expenses effectively.
Newtek Business Services Corp. (NASDAQ: NEWT) announced a second quarter 2022 cash dividend of $0.75 per share, payable on June 30, 2022, to shareholders of record as of June 20, 2022. The Board aims to maintain a dividend policy that distributes approximately 90 - 100% of the company's annual taxable income. Newtek, an internally managed business development company, offers diverse business solutions to the SMB market since 1999, promoting growth while controlling expenses and risks across the U.S.
Newtek Business Services Corp. (NASDAQ: NEWT) announced that its subsidiary, Newtek Small Business Finance (NSBF), remains the largest non-bank lender licensed by the SBA under the Section 7(a) loan program, based on loan approval volume as of March 31, 2022. NSBF also ranks as the second largest SBA 7(a) lender overall, including banks. CEO Barry Sloane expressed confidence in the company’s continued focus on the SBA 7(a) lending program and anticipates growth. Financial results for Q1 2022 are expected to be reported in the first week of May.
Newtek Business Services Corp. (NASDAQ: NEWT) will host a technology symposium on March 24, 2022, in New York City, focusing on cybersecurity and data protection. The event features a panel of experts, including representatives from Newtek Technology Solutions and Dell Technologies. The discussions will cover strategies to minimize cyber risks and ensure data safety. Newtek, an internally managed business development company, offers a range of financial solutions to small- and medium-sized businesses across the U.S.
Newtek Business Services Corp. (NASDAQ: NEWT) announces a 15.4% increase in its second-quarter 2022 cash dividend forecast, raising it from $0.65 to $0.75 per share. The first-quarter dividend of $0.65 is payable on March 31, 2022, to shareholders of record on March 21, 2022. CEO Barry Sloane expressed confidence in the company’s performance amid global volatility, citing strong engagement and support from their client base across various financial solutions, which has resulted in higher financial returns.
Newtek Business Services Corp (NASDAQ: NEWT) announced a conference call on March 2, 2022, at 8:30 am ET. CEO Barry Sloane will discuss the pending acquisition of the National Bank of New York City, providing revised illustrations on the matter. The call will be accessible via telephone and a live webcast will be available on the company’s website. Newtek aims to deliver cost-efficient solutions to the SMB market and has been operational since 1999, focusing on business lending, technology solutions, and various financial services.
Newtek Business Services Corp. (NASDAQ: NEWT) reported its financial results for the year ending December 31, 2021, highlighting total investment income of $108.5 million, up 17.7% year-over-year. Net investment income decreased to $25.7 million, or $1.13 per share, a 25.8% drop from the previous year. However, adjusted net investment income surged 69.3% to $79.1 million, or $3.47 per share. The company achieved record SBA 7(a) loans of $560.6 million for the full year, forecasting $750 million for 2022. Newtek also declared a cash dividend of $0.652 per share for Q1 2022, representing a 30% increase.
FAQ
What is the current stock price of NewtekOne (NEWT)?
What is the market cap of NewtekOne (NEWT)?
What services does NewtekOne, Inc. offer?
How long has NewtekOne been in business?
What is NewtekOne's current financial condition?
Where can I find NewtekOne's financial statements?
Who can I contact for investor relations at NewtekOne?
What is NewTracker?
What are NewtekOne's recent achievements in lending?
What is the Newtek Advantage®?
What is NewtekOne's approach to branch banking?
What are NewtekOne's projected earnings for 2024?
