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 $0.50 per share for Q1 2021, payable on March 31, 2021, to shareholders of record by March 22, 2021. This marks a 13.6% increase from Q1 2020 and a 25% increase compared to Q1 2019. CEO Barry Sloane expressed confidence in the company's business model and outlook for 2021. The board intends to continue a dividend policy around 90-100% of annual taxable income, but future dividends remain at the board's discretion.
Newtek Business Services Corp (NASDAQ: NEWT) declared a $0.50 cash dividend for Q1 2021, payable on March 31, 2021. This represents a 13.6% increase from the $0.44 dividend in Q1 2020 and a 25% increase from the $0.40 in Q1 2019. The company aims to distribute 90-100% of its annual taxable income through quarterly dividends. This dividend policy demonstrates Newtek's commitment to returning value to shareholders while supporting its growth in the small- and medium-sized business sector.
Newtek Business Services Corp (Nasdaq: NEWT) announced the addition of two senior executives to its portfolio company, Newtek Merchant Solutions. Andrew Jadatz joins as Senior Vice President of Product Development, bringing over 30 years of experience in merchant services, previously at Bank of America. Shawn Ecksel has been appointed as Senior Vice President of Business Development, boasting 15 years in sales and product development, most recently at USPAY Group LLC. CEO Barry Sloane emphasized the importance of leadership in enhancing NMS's market position amidst a competitive landscape.
Newtek Business Services Corp (Nasdaq: NEWT) has announced that its subsidiary, Newtek Small Business Finance, received early access to the Paycheck Protection Program (PPP) loan portal. Starting January 15, 2021, the Small Business Administration (SBA) reopened the portal for lenders with $1 billion or less in assets to submit first- and second-draw PPP loan applications. Newtek emphasizes its enhanced lending platform and technology improvements, positioning itself to provide priority service for independent businesses seeking PPP loans.
Newtek Business Services Corp. (NASDAQ: NEWT) has announced the pricing of a public offering of $100 million in 5.50% Notes due 2026. The Notes, maturing on February 1, 2026, can be redeemed at Newtek's discretion starting February 1, 2022. The company intends to use proceeds for investments in debt and equity securities, and to reduce outstanding 6.25% Notes due March 2023. An additional $15 million may be purchased by underwriters to cover overallotments. The offering is subject to customary closing conditions, and notes are expected to be listed on Nasdaq under symbol 'NEWTZ.'
Newtek Business Services Corp. (NASDAQ: NEWT) has announced the pricing of its $100 million public offering of 5.50% Notes due 2026, a record for publicly traded baby bonds. The offering was rated BBB+ and received strong institutional demand. The net proceeds will be used to fund investments in debt and equity securities and to repay certain outstanding debts, including 6.25% Notes due 2023. Newtek is optimistic about growth in 2021, focusing on various lending programs and experiencing strong interest in PPP loans.
Newtek Business Services Corp. (Nasdaq: NEWT) announced that its subsidiary, Newtek Small Business Finance, is ready to offer the second draw of the Paycheck Protection Program (PPP), starting January 11, 2021. This initiative, part of the $284 billion program authorized by Congress, allows businesses to apply for loans of up to $2 million, contingent on demonstrating a revenue decline of 25% or more in 2020 compared to 2019. In the previous year, Newtek funded $1.19 billion in PPP loans.
Newtek Business Services Corp (Nasdaq: NEWT) has launched its website for Newtek Payment Systems (NPS), a cloud-based point-of-sale solution designed for small to medium-sized businesses. NPS, which Newtek acquired a 51% interest in, integrates payment processing, inventory, customer management, payroll services, and more. CEO Barry Sloane will host a webinar on December 21, 2020, to demonstrate NPS's functionalities. The service aims to compete with existing solutions like Square and Toast while offering unique branding opportunities for partners. More details can be found on the NPS website.
Newtek Business Services Corp (Nasdaq: NEWT) has made available a replay of a webinar focused on cloud-computing technology. The session, held on December 8, 2020, featured insights from CEO Barry Sloane and other experts on how small- and medium-sized businesses can enhance their IT through secure private clouds. Topics included ecommerce solutions, managed IT services, and private cloud advantages. This initiative highlights Newtek’s commitment to helping SMBs thrive in a competitive landscape.
Newtek Business Services Corp (Nasdaq: NEWT) announces a webinar on December 8, 2020, at 3 PM EST, led by CEO Barry Sloane and experts from Newtek Technology Solutions. The session will focus on navigating cloud-computing technology for small- and medium-sized businesses (SMBs). Key topics include managing IT in a secure private cloud, eCommerce solutions, and managed IT services for security. Participants can register online to learn how to enhance their business operations with innovative technology solutions.
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