Newtek Business Services Corp. (NASDAQ:NEWT) changed 0.22% to recent value of $22.89. The stock transacted 84821 shares during most recent day however it has an average volume of 99.44K shares. It spotted trading -5.57% off 52-week high price. On the other end, the stock has been noted 46.82% away from the low price over the last 52-weeks.
Newtek Business Services Corp. (NASDAQ:NEWT) reported that its board of directors approved extending its current repurchase program (the “Program”) under which the Company may repurchase up to 300,000 shares (the “Shares”) of its common stock, par value $0.02, which represents approximately 1.6% of the outstanding common shares of the Company as of April 30, 2019 (the “Common Shares”). The repurchases shall be effected through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940, as amended and the Securities Exchange Act of 1934, as amended (the “1934 Act”). Unless extended or terminated by its board of directors, the Company anticipates that the termination date for the Program will be on December 18, 2019. The Company expects to finance the repurchases with existing capital and the repurchased Shares will be designated as authorized but unissued Common Shares. In addition, the Company will continuously evaluate alternate and strategic uses of its capital depending on, among other things, the fair value of Newtek’s Common Shares and the other available capital deployment opportunities.
Under the Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the 1934 Act. The extent to which the Company repurchases its Shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by Newtek’s management team. The Program may be suspended or discontinued at any time. NEWT has an operating margin of 38.90% while its profit margin remained 38.60% for the last 12 months. Its earnings per share (EPS) expected to touch remained -15.20% for this year while earning per share for the next 5-years is expected to reach at 3.00%.
The company has 19.05M of outstanding shares and 17.81M shares were floated in the market. The price moved ahead of 3.08% from the mean of 20 days, 4.60% from mean of 50 days SMA and performed 12.66% from mean of 200 days price. Company’s performance for the week was 1.28%, 3.90% for month and YTD performance remained 31.25%.
Larry Spivey – Category – Business
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Address: 3093 Halsey Avenue, Toronto, Ontario
Zip Code – M3B 2W6
Phone Number – 416-716-1986