Newtek Business Services Corp. (NASDAQ:NEWT – Get Rating) announced a quarterly dividend on Thursday, November 17th, Zacks reports. Investors of record on Tuesday, December 20th will be given a dividend of 0.70 per share by the business services provider on Friday, December 30th. This represents a $2.80 annualized dividend and a yield of 18.05%. The ex-dividend date of this dividend is Monday, December 19th. This is a boost from Newtek Business Services's previous quarterly dividend of $0.65.

Newtek Business Services has increased its dividend payment by an average of 28.3% annually over the last three years. Newtek Business Services has a dividend payout ratio of 87.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. Analysts expect Newtek Business Services to earn $3.07 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 84.7%.

Newtek Business Services Stock Up 0.3 %

NEWT stock opened at $15.51 on Friday. The company has a market cap of $378.75 million, a price-to-earnings ratio of 6.83 and a beta of 1.14. Newtek Business Services has a twelve month low of $14.75 and a twelve month high of $31.49. The business has a 50 day moving average price of $16.69 and a two-hundred day moving average price of $20.07. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 1.22.

Analyst Ratings Changes

Hedge Funds Weigh In On Newtek Business Services

Several institutional investors and hedge funds have recently modified their holdings of NEWT. Millennium Management LLC boosted its stake in Newtek Business Services by 422.4% in the 2nd quarter. Millennium Management LLC now owns 211,859 shares of the business services provider's stock valued at $4,010,000 after purchasing an additional 171,306 shares during the period. Northern Trust Corp acquired a new position in shares of Newtek Business Services in the first quarter valued at about $2,108,000. LPL Financial LLC increased its position in Newtek Business Services by 205.4% during the second quarter. LPL Financial LLC now owns 41,723 shares of the business services provider's stock worth $790,000 after acquiring an additional 28,060 shares during the period. Jane Street Group LLC raised its stake in Newtek Business Services by 137.7% in the 2nd quarter. Jane Street Group LLC now owns 32,602 shares of the business services provider's stock worth $617,000 after purchasing an additional 18,885 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Newtek Business Services in the 2nd quarter valued at about $267,000. 17.47% of the stock is currently owned by institutional investors and hedge funds.

About Newtek Business Services

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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.

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