NewtekOne, Inc. (NASDAQ:NEWT) Raises Dividend to $0.19 Per Share

NewtekOne, Inc. (NASDAQ:NEWT) announced a quarterly dividend on Monday, March 18th, Wall Street Journal reports. Stockholders of record on Monday, April 1st will be paid a dividend of 0.19 per share by the business services provider on Monday, April 15th. This represents a $0.76 annualized dividend and a dividend yield of 7.03%. The ex-dividend date of this dividend is Thursday, March 28th. This is a boost from NewtekOne’s previous quarterly dividend of $0.18.

NewtekOne has decreased its dividend payment by an average of 29.5% per year over the last three years. NewtekOne has a dividend payout ratio of 35.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect NewtekOne to earn $2.02 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 35.6%.

NewtekOne Price Performance

Shares of NEWT opened at $10.81 on Wednesday. The company has a 50 day moving average price of $11.53 and a 200-day moving average price of $13.21. NewtekOne has a fifty-two week low of $10.07 and a fifty-two week high of $19.36. The stock has a market capitalization of $266.47 million, a PE ratio of 6.67 and a beta of 1.25. The company has a debt-to-equity ratio of 5.22, a quick ratio of 1.98 and a current ratio of 1.98.

NewtekOne (NASDAQ:NEWT) last posted its earnings results on Wednesday, March 6th. The business services provider reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.05). NewtekOne had a net margin of 15.19% and a return on equity of 20.71%. The firm had revenue of $75.60 million for the quarter, compared to analysts’ expectations of $62.99 million. During the same period in the previous year, the company earned $0.06 EPS. Equities analysts predict that NewtekOne will post 1.83 earnings per share for the current fiscal year.

Institutional Trading of NewtekOne

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. acquired a new stake in shares of NewtekOne in the second quarter worth $31,000. Clear Street Markets LLC acquired a new stake in shares of NewtekOne in the fourth quarter worth $27,000. Royal Bank of Canada grew its position in NewtekOne by 1,166.7% during the first quarter. Royal Bank of Canada now owns 2,166 shares of the business services provider’s stock valued at $58,000 after buying an additional 1,995 shares during the period. Money Concepts Capital Corp acquired a new stake in NewtekOne during the fourth quarter valued at $62,000. Finally, Bank of America Corp DE grew its position in NewtekOne by 134.7% during the first quarter. Bank of America Corp DE now owns 3,879 shares of the business services provider’s stock valued at $103,000 after buying an additional 2,226 shares during the period. Institutional investors and hedge funds own 38.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NEWT. B. Riley reissued a “buy” rating and set a $18.00 target price (down previously from $19.00) on shares of NewtekOne in a research report on Thursday, March 7th. Piper Sandler cut their price target on shares of NewtekOne from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, March 18th. Finally, Keefe, Bruyette & Woods cut their price target on shares of NewtekOne from $16.00 to $13.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 20th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, NewtekOne presently has a consensus rating of “Hold” and an average target price of $14.50.

About NewtekOne

NewtekOne, Inc, a financial holding company, provides a range of business and financial solutions to the small- and medium-sized business market. Its business and financial solutions include banking services, business lending, electronic payment processing, ecommerce, accounts receivable financing and inventory financing, insurance solutions, web services, and payroll and benefits solutions, as well as technology solutions, including cloud computing, data backup, storage, retrieval, and IT consulting.