News Spotlight: Newtek Business Services Corp., (NASDAQ: NEWT)

Newtek Business Services Corp., (NASDAQ: NEWT) changed 5.57% to recent value of $22.19. The stock transacted 143282 shares during most recent day however it has an average volume of 95.39K shares. It spotted trading -8.46% off 52-week high price. On the other end, the stock has been noted 42.33% away from the low price over the last 52-weeks.

On July 30, 2019, – Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (BDC),  announced that it has increased its 2019 annual cash dividend forecast to $1.951 per share from $1.90 per share, which would represent an 8.3% increase over the Company’s 2018 annual dividend payment of $1.80 per share.

Barry Sloane, Chairman, President and Chief Executive Officer commented, We are pleased to be able to raise our 2019 annual dividend forecast to $1.95 per share from the recent upward revision of $1.90 per share. All material metrics from our underlying businesses have been and are anticipated to be in line with higher than expected earnings for the company and, as a result, we are comfortable with increasing our 2019 annual dividend forecast. We are excited to announce our second quarter 2019 financial results on Tuesday, August 6, 2019 and look forward to our investors joining the earnings conference call the following day.

Note regarding Dividend Payments: The Company’s Board of Directors expects to maintain a dividend policy with the objective of making quarterly distributions in an amount that approximates 90 – 100% of the Company’s annual taxable income. The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon its taxable income for the full year and distributions paid for the full year.

1Amount and timing of dividends, if any, remain subject to the discretion of the Company’s Board of Directors.

NEWT has a an operating margin of 38.90% while its profit margin remained 38.60% for the last 12 months. Its earnings per share (EPS) expected to touch remained -15.20% for this year while earning per share for the next 5-years is expected to reach at 3.00%.

The company has 18.77M of outstanding shares and 17.84M shares were floated in the market.  The price moved ahead of 0.50% from the mean of 20 days, -0.21% from mean of 50 days SMA and performed 8.90% from mean of 200 days price. Company’s performance for the week was 4.42%, -3.52% for month and YTD performance remained 27.24%.

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