NewtekOne, Inc. Stock Price, News & Analysis

Newtek Business Services Corp. (NASDAQ: NEWT) filed a preliminary proxy statement on July 20, 2022, requesting shareholder approval to sell shares below the current net asset value per share. This annual request is part of Newtek's ongoing strategy, aiming for a transition to a bank holding company following overwhelming 89% shareholder approval at the June 1 meeting. The company continues its pursuit of acquiring the National Bank of New York City, pending necessary regulatory approvals.

Newtek Business Services Corp (Nasdaq: NEWT) will report its Q2 2022 financial results on August 3, 2022. A conference call is scheduled for August 4, 2022, at 8:30 am ET, featuring CEO Barry Sloane and CAO Nicholas Leger. Participants must register online to attend. Newtek offers various financial solutions to small and medium-sized businesses, including lending, payment processing, and technology services, aiming to enhance SMB growth nationwide.

Newtek Business Services Corp. (NASDAQ: NEWT) announced record SBA 7(a) loan fundings of $200.6 million for Q2 2022, a 112.7% increase year-over-year. For the first half, loan fundings totaled $363.9 million, up 83.2%. The company reaffirmed its net investment income forecast, projecting a loss between ($0.01) and $0.00 per share, and adjusted net investment income of $1.40 to $1.50 per share. CEO Barry Sloane expressed confidence in the team’s performance and highlighted expectations for improved productivity and regulatory approval for acquiring the National Bank of New York City, enhancing their lending capabilities.

Newtek Business Services Corp. (NASDAQ: NEWT) forecasts net investment income (NII) for H1 2022 between ($0.01) and $0.00 per share, while adjusted net investment income (ANII) is expected to be $1.40 to $1.50 per share. CEO Barry Sloane expressed confidence in meeting financial expectations despite pricing pressure in government-backed loan sales. The company received 89% shareholder approval for transitioning to a bank holding company, which could enhance capital raising capabilities and improve dividend tax rates. Second-quarter results will be reported in early August.

Newtek Business Services Corp. (Nasdaq: NEWT) has announced a new share repurchase program under which it may buy back up to 500,000 common shares, equating to around 2.0% of its outstanding shares as of May 2, 2022. The program, approved by the board, will run until December 21, 2022, unless extended. Repurchases will be financed using existing capital, allowing Newtek to evaluate capital deployment based on market conditions and share value. The repurchased shares will become authorized but unissued common shares, potentially enhancing shareholder value.

Newtek Business Services Corp (Nasdaq: NEWT) announced that CEO Barry Sloane will present at the LD Micro by SRAX Invitational XII on June 8, 2022, at 9:30 AM PDT. The event takes place at the Four Seasons, Westlake Village, California, where Sloane will also hold one-on-one meetings. Interested parties can reach out through LD Micro representatives or directly contact Newtek's Investor Relations. A livestream and replay will be accessible on Newtek's Investor Relations page by June 15, 2022, for 90 days.

On June 1, 2022, Newtek Business Services Corp. (NASDAQ: NEWT) announced that shareholders approved a proposal to discontinue its election to be regulated under the Investment Company Act of 1940. The vote, with 89% in favor, allows the company to move forward with acquiring the National Bank of New York City, set to be renamed Newtek Bank & Trust, N.A. The transition to a bank holding company is anticipated to occur in Q3 2022, pending regulatory approvals. CEO Barry Sloane expressed confidence in this strategic decision despite current economic challenges.

Newtek Business Services Corp. (NEWT) reported a 56.5% increase in SBA 7(a) loan fundings, totaling $163.3 million for Q1 2022, compared to $104.4 million in Q1 2021. However, total investment income fell by 41.4% to $20.3 million due to a lack of recurring Paycheck Protection Program (PPP) fees. Net investment income plummeted by 94.1% to $1.0 million. Adjusted net investment income (ANII) decreased by 31.4% to $17.3 million. The NAV was $398.5 million, down 1.4% from the end of 2021. The company declared a higher dividend of $0.752 for Q2 2022, marking a 7.1% increase year-over-year.

Newtek Business Services Corp (Nasdaq: NEWT) will announce its Q1 2022 financial results on May 4, 2022, after market close. A conference call is scheduled for May 5, 2022, at 8:30 am ET, hosted by CEO Barry Sloane and CAO Nicholas Leger. Investors can join the call via phone or listen to a live webcast on Newtek's website. The company offers a range of business solutions for small- and medium-sized businesses, including lending, technology solutions, and financial services, helping them grow and manage expenses effectively.