Newtek Business Services (NEWT) Raises Quarterly Dividend 4.2% to $0.50; 11.1% Yield

Newtek Business Services (NASDAQ: NEWT) declared a quarterly dividend of $0.50 per share, or $2 annualized. This is a 4.2% increase from the prior dividend of $0.48.

The dividend will be payable on December 28, 2018, to stockholders of record on December 18, 2018, with an ex-dividend date of December 17, 2018.

The annual yield on the dividend is 11.1 percent.

Barry Sloane, Chairman, President and Chief Executive Officer commented, “The mark of a great enterprise is standing the test of time though volatile moments in the markets and in the economy, making appropriate adjustments to deliver superior results. That said, we are proud that our annual dividend payout has exceeded our initial dividend forecast over the past four years since repositioning ourselves as a BDC in November of 2014. Our fourth quarter 2018 dividend of $0.50 per share represents a 12% increase over our 2017 fourth quarter dividend. In addition, the payment of the fourth quarter 2018 dividend will enable us to meet our 2018 annual dividend guidance of $1.80 per share, which represents an increase of 9.8% over the 2017 annual cash dividend of $1.64 per share.”

Mr. Sloane continued, “Our business model has given us the ability to receive dividends from certain of our diversified controlled portfolio companies, which we believe has helped our overall performance when headwinds have hit certain aspects of our business. Our seasoned management team looks forward to continuing to expand this diversified model, and endeavors to continue to meet and/or beat shareholder expectations in 2019. We are proud of our senior management team and grateful for the support the Company has garnered from our board and shareholders. We look forward to our upcoming shareholder conference call on November 8, 2018, when we will discuss our third quarter 2018 financial results as well as forecast our annual dividend for 2019.”

For a dividend history and other dividend-related data on Newtek Business Services (NEWT) click here.

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