NEWTEK Business Services Corp (NEWT) to Issue Quarterly Dividend of $0.48 on September 28th
NEWTEK Business Services Corp (NASDAQ:NEWT) declared a quarterly dividend on Friday, August 24th, Wall Street Journal reports. Shareholders of record on Monday, September 17th will be given a dividend of 0.48 per share by the business services provider on Friday, September 28th. This represents a $1.92 dividend on an annualized basis and a yield of 8.30%. The ex-dividend date of this dividend is Friday, September 14th. This is a boost from NEWTEK Business Services’s previous quarterly dividend of $0.42.
NEWTEK Business Services has a dividend payout ratio of 101.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect NEWTEK Business Services to earn $2.08 per share next year, which means the company should continue to be able to cover its $1.92 annual dividend with an expected future payout ratio of 92.3%.
NEWT stock opened at $23.13 on Thursday. The company has a market cap of $433.16 million, a PE ratio of 13.07, a PEG ratio of 4.04 and a beta of 1.34. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.31 and a current ratio of 0.31. NEWTEK Business Services has a one year low of $16.01 and a one year high of $24.24.
Several research firms have recently commented on NEWT. BidaskClub raised shares of NEWTEK Business Services from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 15th. Raymond James lowered shares of NEWTEK Business Services from a “market perform” rating to an “underperform” rating in a research report on Tuesday, August 28th. Singular Research reaffirmed a “not rated” rating on shares of NEWTEK Business Services in a research report on Monday, August 27th. Zacks Investment Research raised shares of NEWTEK Business Services from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Tuesday, August 7th. Finally, Compass Point set a $19.00 target price on shares of NEWTEK Business Services and gave the company a “hold” rating in a report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. NEWTEK Business Services has a consensus rating of “Buy” and a consensus target price of $20.67.
About NEWTEK Business Services
Newtek Business Services Corp. is a business development company specializing in providing financial and business services to the small-and medium-sized business market in the United States. The firm also seeks to invest in early stage businesses. The firm seeks to makes both debt and equity investments.
Featured Article: Technical Analysis
Receive News & Ratings for NEWTEK Business Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NEWTEK Business Services and related companies with MarketBeat.com's FREE daily email newsletter.