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 a cash dividend of $0.70 per share for Q2 2021, payable on June 30, 2021, to shareholders recorded by June 15, 2021. This represents a 25% increase from the $0.56 dividend in Q2 2020 and a 52.2% rise over the Q2 2019 dividend of $0.46. The company aims to distribute 90-100% of its annual taxable income through dividends. Future dividends are subject to the Board's discretion.
Newtek Business Services Corp. (NEWT) announced strong Q1 2021 results, with net investment income of $15.2 million ($0.68 per share), a significant recovery from a net loss of $(0.3) million in Q1 2020. Adjusted net investment income surged to $23.5 million ($1.05 per share), a 400% increase year-over-year. The company has revised its annual dividend forecast upwards to $3.00-$3.30 per share, representing a 53.7% increase over 2020. Total investment income reached $34.7 million, up 119.5% from the previous year, supported by $424.9 million in PPP loans funded during the quarter.
Newtek Business Services Corp (Nasdaq: NEWT) will report its first quarter 2021 financial results on May 11, 2021. A conference call led by CEO Barry Sloane and CAO Nicholas Leger will follow on May 12, 2021, at 8:30 am ET to discuss these results. Investors can access the live call at (877) 303-6993 or (760) 666-3611. The event will also be available via webcast on Newtek's Investor Relations website.
Newtek provides a variety of financial solutions for small- and medium-sized businesses across the U.S.
On March 30, 2021, Newtek Business Services Corp (Nasdaq: NEWT) announced that Chairman, President, and CEO Barry Sloane will be featured on the Lebenthal Report Podcast. The discussion is scheduled for 2:00 p.m. PT (5:00 p.m. ET). Newtek, an internally managed business development company, provides a variety of financial solutions to small and medium-sized businesses across the U.S. Products include business lending, electronic payment processing, and technology solutions. For more details, visit the podcast link.
Newtek Business Services Corp (Nasdaq: NEWT) announced that its portfolio company, Newtek Business Lending (NBL), secured a $100 million credit facility with Deutsche Bank AG. This facility, with a two-year term, will fund SBA 504 loans, complementing NBL’s existing $75 million credit facility with Capital One Bank. CEO Barry Sloane highlighted that this financing positions NBL to expand its lending operations, aiming to generate gain-on-sale income without retaining loans on its balance sheet. This could enhance the BDC's dividend contributions.
Newtek Business Services Corp. (Nasdaq: NEWT) has appointed David Simon as Chief Operating Officer of Newtek Merchant Solutions (NMS), a key player in its payment processing division. With over 25 years of experience in financial services and a strong background in electronic payments, Simon previously served as Senior VP at Visa and led a prepaid card program at TriStar Payments. His expertise is expected to boost Newtek’s strategic goals and enhance its payment solutions for small and medium-sized businesses.
Newtek Business Services Corp. (NEWT) reported a significant 620.7% increase in net investment income, achieving $32.0 million or $1.51 per share for 2020. Total investment income rose 55.5% to $92.2 million. Adjusted net investment income declined 12.0% to $43.4 million or $2.05 per share. The net asset value decreased by 1.6% to $15.45 per share. The company plans to increase its dividend forecast for 2021 to between $2.40 and $2.90 per share. Newtek funded $1.2 billion in PPP loans during 2020, contributing to revenue growth amidst pandemic challenges.
Newtek Business Services Corp (Nasdaq: NEWT) has updated its 2021 annual dividend forecast to a range of $2.40 to $2.90 per share, reflecting a 29% increase from 2020. The company is optimistic about its growth prospects, citing improved performance in SBA loan origination and plans to fund $600 million in SBA 7(a) loans this year. Additionally, it anticipates funding $350 to $400 million in PPP loans by March 31, 2021. Newtek has recently strengthened its management team to drive growth in payment processing and technology solutions.
Newtek Business Services Corp (Nasdaq: NEWT) will announce its fourth quarter 2020 financial results on March 22, 2021, after market close. A conference call featuring CEO Barry Sloane and CAO Nicholas Leger will be held on March 23, 2021, at 8:30 am ET to discuss the results. Interested parties can join the call by dialing (877) 303-6993 or (760) 666-3611. A live webcast will also be available on Newtek’s Investor Relations website. Newtek is a business development company offering financial and business solutions to small- and medium-sized businesses.
Newtek Business Services Corp. (NASDAQ: NEWT) announced a significant milestone, achieving a market capitalization of $500 million, based on a closing stock price of $22.98 on February 26, 2021. CEO Barry Sloane expressed pride in this achievement, attributing it to the company's robust business model and adaptability in a dynamic environment. This milestone may enhance the company's appeal to small-cap investors, as they often seek firms with a minimum market cap threshold. Newtek aims to reach $1 billion in total assets in the future.
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