Newtek Raises Dividend Forecasts for Q2

Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company, today announced that it has raised its forecast for its second quarter 2022 cash dividend by 15.4% to $0.75 per share from its previous forecast of $0.65 per share.

The Boca Raton-based Company previously declared a first-quarter 2022 dividend of $0.65 per share, which is payable on March 31 to shareholders of record on March 21.

Said CEO Barry Sloane, “Based upon the underlying metrics and trends that we have experienced in our core business lines, we are confident about the increase in our forecast of our second quarter 2022 dividend from $0.65 per share to $0.75 per share.

"Given the current global volatility, it is important to note that our business to date, which is almost exclusively rooted in the U.S. economy and its independent business owners, operates with continued optimism and is delivering higher levels of financial returns than we previously expected.

Newtek's, "Your Business Solutions Company", is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business and financial solutions under the Newtek® brand to the small- and medium-sized business market.

NEWT shares gained 18 cents to $26.33 early Tuesday.