Notable News to Watch: Newtek Business Services Corp. (NASDAQ:NEWT)

Newtek Business Services Corp. (NASDAQ:NEWT) stock observed trading -9.32% off 52-week high price. On the other end, the stock has been noted 40.99% away from low price over the last 52-weeks. The stock disclosed a move of 3.58% away from 50 day moving average and 7.94% away from 200 day moving average. Moving closer, we can see that shares have been trading -0.50% off 20-day moving average. It has market cap of $418.5M and dividend yield of 7.28%.

Newtek Business Services Corp. (NASDAQ:NEWT), an internally managed business development company (“BDC”), reported that it has increased its 2019 annual cash dividend forecast to $1.90 per share from a range of $1.85 per share to $1.86 per share, which would represent a 5.6% 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 extremely pleased to increase our 2019 dividend forecast, our second increase this year, and maintain our goal of distributing approximately 90-100% of our taxable income for the year.  Our performance continues to underscore our distinct business model, and we are proud of the continued growth in loan volume and referrals we are experiencing in the second quarter thus far, and continue to be comfortable with the creditworthiness of our loan portfolio. We are maintaining our full year 2019 SBA 7(a) loan fundings forecast of between $580 million and $620 million, which would represent a 27.9% increase, at the midpoint of the range, over SBA 7(a) loan fundings for the year ended December 31, 2018.”

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.

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

The USA based company Newtek Business Services Corp. moved with change of 5.77% to $21.98 with the total traded volume of 133057 shares in recent session versus to an average volume of 105.84K. The stock was observed in the 5 days activity at 1.48%. The one month performance of stock was -2.14%. NEWT’s shares are at 9.19% for the quarter and driving a 8.92% return over the course of the past year and is now at 26.03% since this point in 2018.  Right now the stock beta is 1.38. The average volatility for the week and month was at 2.89% and 2.20% respectively. There are 19.04M shares outstanding and 17.81M shares are floated in market.

Albert Cuevas

Albert Cuevas also covers the business news across all market sectors for website. He also has an enormous knowledge of stock market. He holds an MBA degree from University of Florida. Albert has more than 10 years of experience in writing financial and market news. He previously worked at a number of companies in different role including web developer, software engineer and product manager. He also covers Business news section for our site. Address: 1036 Stroop Hill Road, ELMER, New Jersey Email:

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