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. Under debt investments, it focuses on first lien loans, which have terms of 1 to 25 years; second lien loans, which have terms of 5 to 25 years, and unsecured loans, which are provided to meet short-term funding needs and are repaid within 6 to 12 months. It operates through Electronic Payment Processing, Managed Technology Solutions, Small Business Finance, and Capcos segments. The company originates small business administration loans for the purpose of acquiring commercial real estate, machinery, equipment, and inventory, as well as to refinance debt and fund franchises, working capital, and business acquisitions; and offers small business loan servicing and consulting services to the Federal Deposit Insurance Corporation and various other financial institutions, as well as provides management services. Its electronic payment processing services include credit and debit card processing, check approval, ancillary processing equipment and software to merchants, eCommerce, electronic solutions to accept non-cash payments, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs. The company also provides Website hosting, dedicated server, and cloud hosting services; Web design and development; Internet marketing; data storage and backup and other related services; and ecommerce services, such as payment processing, online shopping cart tools, Website design and Web related services; Accounts Receivable Financing, and The Secure Gateway. In addition, it offers Newtek Advantage, a mobile, real-time operating platform enabling a business to access data on a smartphone, tablet, laptop, or PC for eCommerce, credit/debit transactions, Website statistics, payroll, insurance, and business loans. Further, the company sells personal, commercial, and health/benefits lines of insurance products; and payroll management processing and employee tax filing services. It has strategic alliances with American International Group, CTAA, Navy Federal Credit Union, Credit Union National Association, Pershing, and others to provide agent services to small business clients. The firm seeks to invest in New York and Louisiana area. The firm seeks to invest $0.3 million to $3 million in businesses. It provides small business terms loans ranging from $0.05 million to $10 million. The firm also provides account receivable financing ranging from $0.05 million to $1.5 million. It also provides $0.05 million to $10 million financing to owner occupied real estate businesses whose average net income over the last 2 years must not exceed $2.5 million. Newtek Business Services Corp., formerly known as Newtek Business Services Inc., was incorporated on August 26, 2013 and is headquartered in Boca Raton, Florida with additional offices in Lake Success, New York, Garden City, New York; Miami, Florida; Milwaukee, Wisconsin; New Orleans, Louisiana; and New York, New York.
IPO Year:
Exchange: NASDAQ
Website: newtekone.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 9/4/2024 | $16.00 → $13.00 | Buy → Neutral | B. Riley Securities |
| 5/19/2023 | $15.00 | Buy | B. Riley Securities |
| 2/22/2023 | Neutral | Piper Sandler | |
| 8/8/2022 | Underperform → Mkt Perform | Raymond James | |
| 8/4/2021 | Market Perform → Underperform | Raymond James | |
| 8/3/2021 | Mkt Perform → Underperform | Raymond James |
BOCA RATON, Fla., Oct. 31, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today the appointment of Craig "CJ" Brunet as a member of the boards of directors of NewtekOne, Inc. and Newtek Bank N.A. Mr. Brunet's career spans over 50 years with his experience rooted in the information technology and financial services sectors with specific focus in strategic planning, mergers and acquisitions, Software as a Service (SaaS), patent commercialization, cyber security, compliance, and risk management. He is currently the President and Chief Operating Officer at Advanced Cyber Security Corp, a strategic cyber security corporation focused on preventative, patented encryption techno
BOCA RATON, Fla., Oct. 25, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that NewtekOne's CEO and President, Barry Sloane, will present at the LD Micro Main Event XVII on Tuesday, October 29, 2024 at 11:00AM ET (8:00AM PT), Track 1, at the Luxe Sunset Blvd Hotel in Los Angeles, CA. Mr. Sloane will hold one-on-one meetings on October 29-30, 2024. To schedule a meeting, please contact your LD Micro representative, or Jayne Cavuoto, Director of Investor Relations at NewtekOne at [email protected]. A real-time webcast of Mr. Sloane's presentation at the LD Micro conference will be available at the start of his presentation at 11:00AM ET (8:00AM PT) in the ‘Events
BOCA RATON, Fla., Oct. 08, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that it expects to report deposits at Newtek Bank, N.A. of $742 million as of September 30, 2024; an expected sequential increase of 11.7% over $664 million at June 30, 2024, and an increase of 43% over $519 million at December 31, 2023. Insured deposits are expected to represent approximately 75% of total deposits at September 30, 2024. In the all-important category of business core deposits, we expect to finish the third quarter 2024 at $119 million; an increase of $37 million, or 45%. Deposits received from our lending clients are expected to finish the third quarter 2024 at $78 million, an
BOCA RATON, Fla., Oct. 03, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that NewtekOne closed a record $371.8 million of loans across all loan products for the three months ended September 30, 2024, which represents an 17.3% increase over $316.7 million of loans closed for the three months ended June 30, 2024. In addition, the Company achieved SBA 7(a) closings of $245.3 million in the third quarter 2024, a 6.6% increase over the second quarter of 2024, and a 12.5% increase over the same period last year. The Company forecasts $935.0 million in total SBA 7(a) loan closings for 2024, which would represent a 14.7% increase over 2023. Barry Sloane, President, Chairm
BOCA RATON, Fla., Oct. 02, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that it will report its third quarter 2024 financial results after the market closes on Wednesday, November 6, 2024. A conference call to discuss these results will be hosted by Barry Sloane, Chief Executive Officer and M. Scott Price, Chief Financial Officer, the following day, Thursday, November 7, 2024 at 8:30 am ET. Please note, to receive a dial-in number for the conference call or to listen to the webcast, interested participants are encouraged to pre-register online at NewtekOne Third Quarter 2024 Financial Results beginning today and up until 15 minutes prior to the start of the N
BOCA RATON, Fla., Sept. 16, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that its Board of Directors declared a quarterly cash dividend of $0.19 per share on the outstanding common stock of NewtekOne. The dividend is payable on October 21, 2024 to shareholders of record as of October 10, 2024. Note Regarding Dividend PaymentsAmount and timing of dividends, if any, remain subject to the discretion of the Company's Board of Directors. About NewtekOne, Inc. NewtekOne®, Your Business Solutions Company®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries (collectively, "NewtekOne"), provides a wide range of business and
BOCA RATON, Fla., Sept. 16, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that it has closed a registered public offering (the "Offering") of $75.0 million aggregate principal amount of its 8.625% Fixed Rate Senior Notes due 2029 (the "Notes"). The Notes will mature on October 15, 2029, and may be redeemed by the Company, in whole or in part, at any time on or after October 15, 2026, at a redemption price equal to 100% of the outstanding principal amount to be redeemed plus accrued and unpaid interest. The Notes will bear interest at a rate of 8.625% per year payable quarterly on each January 15, April 15, July 15 and October 15, commencing on January 15, 2025. Th
BOCA RATON, Fla., Sept. 05, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that it is reconfirming its 2024 annual earnings per share ("EPS") forecast in a range of $1.85 to $2.05 per basic and diluted common share. Barry Sloane, Chairman, President and Chief Executive Officer said, "Despite a challenging, volatile equity market for financially related businesses, we continue to be proud of our management team for executing on our goals and metrics, satisfying the needs of our business clients and fostering the continued growth of our business model. As a company that provides best-in-class financial and business solutions to make its clients more successful, we
BOCA RATON, Fla., Sept. 03, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) has hired Mr. Andrew Kaplan as Chief Strategy Officer, effective today. Mr. Kaplan comes to NewtekOne with over 35 years of experience in banking and financial services, with the focus on creating and managing diverse business lines such as payments, digital banking, retail banking, premier banking, and marketing. Most recently, Mr. Kaplan was the Chief Digital Officer at Flagstar Bank, N.A., where he helped transform a dormant digital brand to a leading digital bank and developed a new vertical for the bank, resulting in multi-billion-dollar deposit growth and a 17x increase in accounts in 24 months, w
BOCA RATON, Fla., Aug. 28, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the "Company") (NASDAQ:NEWT), announced today that NewtekOne's CEO and President, Barry Sloane, and CFO, M. Scott Price, will attend, and hold one-on-one and group investor meetings at the Raymond James 2024 U.S. Banking and Banking on Tech Conference September 4-5, 2024 at the Marriot Marquis Chicago. To schedule a meeting, please contact your Raymond James representative, or Jayne Cavuoto, Director of Investor Relations at NewtekOne, at [email protected]. About NewtekOne, Inc. NewtekOne®, Your Business Solutions Company®, is a financial holding company, which along with its bank and non-bank consolidated subsidia
NewtekOne (NASDAQ:NEWT) reported quarterly earnings of $0.38 per share which beat the analyst consensus estimate of $0.26 by 46.15 percent. This is a 15.56 percent decrease over earnings of $0.45 per share from the same period last year. The company reported quarterly sales of $58.273 million which beat the analyst consensus estimate of $48.462 million by 20.24 percent. This is a 23.02 percent increase over sales of $47.370 million the same period last year.
In the preceding three months, 4 analysts have released ratings for NewtekOne (NASDAQ:NEWT), presenting a wide array of perspectives from bullish to bearish. In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 1 0 3 0 0 Last 30D 0 0 1 0 0 1M Ago 1 0 2 0 0 2M Ago 0 0 0 0 0 3M Ago 0 0 0 0 0 Analysts have set 12-month price targets for NewtekOne, revealing an average target of $14.5, a high estimate of $18.00, and a low estimate of $11.00. This current average represents a 10.77% decrease
Keefe, Bruyette & Woods analyst Paul Johnson maintains NewtekOne (NASDAQ:NEWT) with a Market Perform and lowers the price target from $16 to $13.
Piper Sandler analyst Crispin Love maintains NewtekOne (NASDAQ:NEWT) with a Neutral and lowers the price target from $13 to $11.
Keefe, Bruyette & Woods analyst Timothy Switzer maintains NewtekOne (NASDAQ:NEWT) with a Market Perform and lowers the price target from $17 to $16.
B. Riley Securities analyst Bryce Rowe reiterates NewtekOne (NASDAQ:NEWT) with a Buy and lowers the price target from $19 to $18.
Barry Sloane, CEO, President and Chairman commented, “We are pleased to report our first full year as a financial holding company owning Newtek Bank, a nationally chartered bank. We achieved basic earnings per share (EPS) of $1.71 and diluted EPS of $1.70, in line with our previously issued annual earnings guidance of $1.60 to $1.80 per basic and diluted common share. For 2024, we are currently forecasting annual EPS in a range of $1.80 to $2.00 per basic and diluted common share, which would represent an approximate 11% increase from 2023 EPS to the midpoint of the 2024 forecasted range. We believe that we can achieve double-digit controlled EPS growth in today’s environment, given the majo
NewtekOne (NASDAQ:NEWT) reported quarterly earnings of $0.53 per share which missed the analyst consensus estimate of $0.58 by 8.62 percent. This is a 783.33 percent increase over earnings of $0.06 per share from the same period last year. The company reported quarterly sales of $57.53 million which missed the analyst consensus estimate of $63.35 million by 9.19 percent. This is a 149.17 percent increase over sales of $23.09 million the same period last year.
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BOCA RATON, Fla., Oct. 31, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today the appointment of Craig "CJ" Brunet as a member of the boards of directors of NewtekOne, Inc. and Newtek Bank N.A. Mr. Brunet's career spans over 50 years with his experience rooted in the information technology and financial services sectors with specific focus in strategic planning, mergers and acquisitions, Software as a Service (SaaS), patent commercialization, cyber security, compliance, and risk management. He is currently the President and Chief Operating Officer at Advanced Cyber Security Corp, a strategic cyber security corporation focused on preventative, patented encryption techno
BOCA RATON, Fla., Sept. 03, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) has hired Mr. Andrew Kaplan as Chief Strategy Officer, effective today. Mr. Kaplan comes to NewtekOne with over 35 years of experience in banking and financial services, with the focus on creating and managing diverse business lines such as payments, digital banking, retail banking, premier banking, and marketing. Most recently, Mr. Kaplan was the Chief Digital Officer at Flagstar Bank, N.A., where he helped transform a dormant digital brand to a leading digital bank and developed a new vertical for the bank, resulting in multi-billion-dollar deposit growth and a 17x increase in accounts in 24 months, w
PASADENA, Calif., Sept. 25, 2023 (GLOBE NEWSWIRE) -- Near Intelligence, Inc. (NASDAQ:NIR), a global data intelligence platform that curates one of the world's largest sources of intelligence on people and places, today announced the appointment of two new members to its Board of Directors, effective September 19, 2023: Richard J. Salute, former Director of Capital Markets and SEC Practice at J.H. Cohn and CohnReznick LLP, and served in various leadership roles over 29 years at Arthur Andersen.Sherman Edmiston III, former managing director of Zolfo Cooper LLC (now Alix Partners), and currently a Managing Member of HI CapM Advisors, Ltd. "We're thrilled to bring these talented and
BOCA RATON, Fla., Oct. 03, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that NewtekOne closed a record $371.8 million of loans across all loan products for the three months ended September 30, 2024, which represents an 17.3% increase over $316.7 million of loans closed for the three months ended June 30, 2024. In addition, the Company achieved SBA 7(a) closings of $245.3 million in the third quarter 2024, a 6.6% increase over the second quarter of 2024, and a 12.5% increase over the same period last year. The Company forecasts $935.0 million in total SBA 7(a) loan closings for 2024, which would represent a 14.7% increase over 2023. Barry Sloane, President, Chairm
BOCA RATON, Fla., Oct. 02, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that it will report its third quarter 2024 financial results after the market closes on Wednesday, November 6, 2024. A conference call to discuss these results will be hosted by Barry Sloane, Chief Executive Officer and M. Scott Price, Chief Financial Officer, the following day, Thursday, November 7, 2024 at 8:30 am ET. Please note, to receive a dial-in number for the conference call or to listen to the webcast, interested participants are encouraged to pre-register online at NewtekOne Third Quarter 2024 Financial Results beginning today and up until 15 minutes prior to the start of the N
BOCA RATON, Fla., Sept. 16, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that its Board of Directors declared a quarterly cash dividend of $0.19 per share on the outstanding common stock of NewtekOne. The dividend is payable on October 21, 2024 to shareholders of record as of October 10, 2024. Note Regarding Dividend PaymentsAmount and timing of dividends, if any, remain subject to the discretion of the Company's Board of Directors. About NewtekOne, Inc. NewtekOne®, Your Business Solutions Company®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries (collectively, "NewtekOne"), provides a wide range of business and
BOCA RATON, Fla., Sept. 05, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT) announced today that it is reconfirming its 2024 annual earnings per share ("EPS") forecast in a range of $1.85 to $2.05 per basic and diluted common share. Barry Sloane, Chairman, President and Chief Executive Officer said, "Despite a challenging, volatile equity market for financially related businesses, we continue to be proud of our management team for executing on our goals and metrics, satisfying the needs of our business clients and fostering the continued growth of our business model. As a company that provides best-in-class financial and business solutions to make its clients more successful, we
BOCA RATON, Fla., July 01, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the "Company") (NASDAQ:NEWT), today announced that it will report its second quarter 2024 financial results after the market closes on Monday, August 5, 2024. A conference call to discuss these results will be hosted by Barry Sloane, Chief Executive Officer and M. Scott Price, Chief Financial Officer, the following day, Tuesday, August 6, 2024 at 8:30 am ET. Please note, to receive a dial-in number for the conference call or to listen to the webcast, interested participants are encouraged to pre-register online at NewtekOne Second Quarter 2024 Financial Results beginning today and up until 15 minutes prior to the sta
BOCA RATON, Fla., June 27, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the "Company") (NASDAQ:NEWT), today announced that its Board of Directors declared a quarterly cash dividend of $0.19 per share on the outstanding common stock of NewtekOne. The dividend is payable on July 19, 2024 to shareholders of record as of July 9, 2024. Note Regarding Dividend Payments Amount and timing of dividends, if any, remain subject to the discretion of the Company's Board of Directors. About NewtekOne, Inc. NewtekOne®, Your Business Solutions Company®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries (collectively, "NewtekOne"), provides a wide range of bu
Achieves Growth in Loans and Deposits in the First Quarter 2024 First Quarter 2024 Earnings per Share Beats Company's Previously Issued Forecast; Company Raises Full Year 2024 Earnings per Share Forecast BOCA RATON, Fla., May 06, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT), announced today its financial and operating results for the three months ended March 31, 2024. NewtekOne First Quarter 2024 Financial Highlights Net income was $9.7 million, or $0.38 per basic and diluted common share for the three months ended March 31, 2024, compared to $18.6 million, or $0.76 and $0.74 per basic and diluted common share, respectiv
BOCA RATON, Fla., April 04, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the "Company") (NASDAQ:NEWT), today announced that it will report its first quarter 2024 financial results after the market closes on Monday, May 6, 2024. A conference call to discuss these results will be hosted by Barry Sloane, Chief Executive Officer; M. Scott Price, Chief Financial Officer; and Frank M. DeMaria, Chief Accounting Officer, the following day, Tuesday, May 7, 2024 at 8:30 am ET. Please note, to attend the conference call or webcast, participants should register online at NewtekOne First Quarter 2024 Financial Results. To receive a dial-in number, participants are requested to register at a minimum of
BOCA RATON, Fla., April 01, 2024 (GLOBE NEWSWIRE) -- Today NewtekOne, Inc. ("NewtekOne") timely filed its annual report on Form 10-K for the period ended December 31, 2023. The purpose of this press release is to update and replace NewtekOne's press release dated March 5, 2024, which announced NewtekOne's unaudited fourth quarter and full year 2023 financial results. NewtekOne, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results Full Year 2023 Basic Earnings per Share of $1.89 and Diluted Earnings per Share of $1.88 NewtekOne, Inc. (NASDAQ:NEWT), announced today its audited financial and operating results for the three and twelve months ended December 31, 2023. This is Ne
BOCA RATON, Fla., March 19, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the "Company") (NASDAQ:NEWT), today announced that its Board of Directors declared a quarterly cash dividend of $0.19 per share on the outstanding common stock of NewtekOne. The dividend is payable on April 15, 2024 to shareholders of record as of April 1, 2024. This represents a 5.5% increase over the $0.18 per share quarterly dividend declared on December 11, 2023. Note Regarding Dividend Payments Amount and timing of dividends, if any, remain subject to the discretion of the Company's Board of Directors. About NewtekOne, Inc. NewtekOne®, Your Business Solutions Company®, is a financial holdin
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B. Riley Securities downgraded Newtek from Buy to Neutral and set a new price target of $13.00 from $16.00 previously
B. Riley Securities initiated coverage of Newtek with a rating of Buy and set a new price target of $15.00
Piper Sandler initiated coverage of Newtek with a rating of Neutral
Raymond James upgraded Newtek from Underperform to Mkt Perform
Raymond James downgraded Newtek Business Services from Market Perform to Underperform
Raymond James downgraded Newtek from Mkt Perform to Underperform
Compass Point downgraded Newtek from Buy to Neutral and set a new price target of $38.00 from $33.00 previously
Compass Point upgraded Newtek from Neutral to Buy and set a new price target of $30.00
Keefe Bruyette resumed coverage of Newtek with a rating of Mkt Perform and set a new price target of $21.00