Insider Buying: NewtekOne, Inc. (NASDAQ:NEWT) Director Buys 2,100 Shares of Stock

Key Points

• Director Richard J. Salute purchased 2,100 shares of NewtekOne, Inc. (NASDAQ:NEWT) at an average cost of $11.24 per share, increasing his ownership to a total of 43,605 shares valued at approximately $490,120.
• NewtekOne reported $0.52 EPS for the last quarter, exceeding analyst expectations of $0.50, despite revenue coming in below estimates.
• The company declared a quarterly dividend of $0.19, with an annualized yield of 6.7% and a payout ratio of 37.81%.

NewtekOne, Inc. (NASDAQ:NEWT - Get Free Report) Director Richard J. Salute purchased 2,100 shares of the business's stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $11.24 per share, for a total transaction of $23,604.00. Following the acquisition, the director owned 43,605 shares of the company's stock, valued at approximately $490,120.20. The trade was a 5.06% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

NewtekOne Price Performance

NewtekOne stock traded down $0.09 during mid-day trading on Wednesday, hitting $11.28. The company's stock had a trading volume of 17,636 shares, compared to its average volume of 225,155. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 6.16. The stock has a market capitalization of $297.01 million, a P/E ratio of 5.61 and a beta of 1.22. NewtekOne, Inc. has a twelve month low of $9.12 and a twelve month high of $15.49. The stock's fifty day moving average price is $11.22 and its two-hundred day moving average price is $11.54.

NewtekOne (NASDAQ:NEWT - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The business services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. The firm had revenue of $70.20 million for the quarter, compared to analyst estimates of $73.88 million. NewtekOne had a net margin of 14.65% and a return on equity of 19.48%. Research analysts forecast that NewtekOne, Inc. will post 1.93 earnings per share for the current year.

NewtekOne Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Wednesday, July 9th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 6.7%. The ex-dividend date was Wednesday, July 9th. NewtekOne's payout ratio is presently 37.81%.

Hedge Funds Weigh In On NewtekOne

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Segall Bryant & Hamill LLC purchased a new position in shares of NewtekOne during the 1st quarter valued at $1,877,000. AQR Capital Management LLC grew its holdings in shares of NewtekOne by 306.4% during the 1st quarter. AQR Capital Management LLC now owns 168,269 shares of the business services provider's stock valued at $2,012,000 after acquiring an additional 126,865 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of NewtekOne by 308.9% during the 4th quarter. JPMorgan Chase & Co. now owns 139,517 shares of the business services provider's stock valued at $1,782,000 after acquiring an additional 105,397 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of NewtekOne by 66.2% during the 4th quarter. Wellington Management Group LLP now owns 253,627 shares of the business services provider's stock valued at $3,239,000 after acquiring an additional 100,989 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of NewtekOne during the 4th quarter valued at $1,125,000. 38.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on NEWT shares. Piper Sandler lifted their price target on NewtekOne from $11.50 to $12.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Keefe, Bruyette & Woods dropped their target price on NewtekOne from $13.00 to $12.00 and set a "market perform" rating on the stock in a report on Friday, July 11th.

About NewtekOne

NewtekOne, Inc operates as the bank holding company for Newtek Bank, National Association that engages in the provision of various business and financial solutions under the Newtek brand name to the small- and medium-sized business market. The company accepts demand, savings, NOW, money market, and time deposits; and provides loans including SBA loans, commercial and industrial loans, and commercial real estate loans.