Newtek Business Services (NEWT) Raises Quarterly Dividend 27.5% to $0.561; 3.6% Yield

Newtek Business Services (NASDAQ: NEWT) declared a quarterly dividend of $0.561 per share. This is a 27.5% increase from the prior dividend of $0.44.

The dividend will be payable on July 31, 2020, to stockholders of record on July 15, 2020, with an ex-dividend date of August 3, 2020.

The annual yield on the dividend is 3.6 percent.

Barry Sloane, Chairman, President and Chief Executive Officer said, “We are proud to declare our second quarter 2020 dividend, as well as offer guidance for ANII for the second quarter 2020. With the payment of the second quarter 2020 dividend, total dividends for our first and second quarters of 2020 would equate to $1.00 per share, which would be a record payment for the first half of the year to our shareholders.”

Mr. Sloane continued, “Over the past few months, the Company demonstrated its ability to shift its gears in this fast-moving dynamic world and economy, by participating and excelling in the Paycheck Protection Program (“PPP”). With our seasoned staff and efficient loan processes, we were able to quickly adapt to funding PPP loans. In fact, to-date Newtek Small Business Finance (“NSBF”) has funded over $1.0 billion of PPP loans, helping a multitude of our small business clients across the U.S. retain their employees and their businesses. As we move through the second half of 2020, we expect to return our focus to our core businesses. In particular, we look forward to NSBF returning to its normalized lending operations and restarting our cornerstone SBA 7(a) loan business. In addition, over the past several months, we have added new strategic alliance partnerships to our already robust network of alliance relationships, hired senior employees for key positions in our portfolio companies, and have been preparing for the introduction of new product offerings to further satisfy our clients’ needs.”

“We are extremely positive about our future, and will strive to continue to deliver returns to our shareholders even in this uncertain and volatile environment. We look forward to our second quarter 2020 earnings report in August 2020 when we will announce our new alliance partnerships, our new additions to our portfolio company senior management, and new product offerings for our clients,” concluded Mr. Sloane.

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

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