Newtek Business Services Corp. (NEWT) To Go Ex-Dividend on September 17th

Newtek Business Services Corp. (NASDAQ:NEWT) announced a quarterly dividend on Wednesday, August 11th, Wall Street Journal reports. Investors of record on Thursday, September 30th will be given a dividend of 0.90 per share by the business services provider on Thursday, September 30th. This represents a $3.60 annualized dividend and a yield of 12.19%. The ex-dividend date of this dividend is Friday, September 17th. This is a positive change from Newtek Business Services’s previous quarterly dividend of $0.70.

Newtek Business Services has increased its dividend payment by 25.0% over the last three years and has raised its dividend annually for the last 1 consecutive years. Newtek Business Services has a dividend payout ratio of 88.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Newtek Business Services to earn $2.32 per share next year, which means the company may not be able to cover its $2.80 annual dividend with an expected future payout ratio of 120.7%.

NEWT stock opened at $29.53 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 3.24 and a quick ratio of 3.24. The company has a market cap of $665.81 million, a price-to-earnings ratio of 10.40 and a beta of 1.12. The company has a fifty day moving average price of $30.69 and a 200 day moving average price of $30.29. Newtek Business Services has a 12 month low of $16.24 and a 12 month high of $38.78.

Newtek Business Services (NASDAQ:NEWT) last announced its quarterly earnings data on Monday, August 9th. The business services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.46. Newtek Business Services had a net margin of 62.29% and a return on equity of 17.46%. As a group, analysts anticipate that Newtek Business Services will post 3.36 earnings per share for the current year.

An institutional investor recently raised its position in Newtek Business Services stock. Wells Fargo & Company MN lifted its stake in shares of Newtek Business Services Corp. (NASDAQ:NEWT) by 19.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,539 shares of the business services provider’s stock after purchasing an additional 888 shares during the quarter. Wells Fargo & Company MN’s holdings in Newtek Business Services were worth $193,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 12.45% of the company’s stock.

Several brokerages have issued reports on NEWT. Zacks Investment Research cut shares of Newtek Business Services from a “buy” rating to a “hold” rating in a research note on Wednesday, July 14th. Compass Point cut shares of Newtek Business Services from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $33.00 to $38.00 in a research note on Monday, June 7th. Finally, Raymond James cut shares of Newtek Business Services from a “market perform” rating to an “underperform” rating in a research note on Tuesday, August 3rd. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat, Newtek Business Services currently has an average rating of “Hold” and a consensus target price of $30.00.

Newtek Business Services Company Profile

Newtek Business Services Corp. is a non-diversified closed-end management investment company, which engages in the provision of business and financial solutions. It offers loans, payments, payroll and benefits, web solutions, insurance, and technology solutions. The company was founded by Barry Sloane in 1998 and is headquartered in Boca Raton, FL.

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Dividend History for Newtek Business Services (NASDAQ:NEWT)

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