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Newtek Business Services Q1 Adjusted NII Surge; 2021 Annual Dividend Forecast Revised Upwards

05/11/2021 13:26

05:14 PM EDT, 05/11/2021 (MT Newswires) -- Newtek Business Services (NEWT) reported after markets closed on Tuesday Q1 adjusted net investment income of $1.05 per share, up from $0.21 per share last year. Analysts polled by Capital IQ had called for $1.08 per share.

Total investment income was $34.7 million for the March quarter, more than doubling the $15.8 million reported last year. Wall Street was looking for $29.3 million.

Also on Tuesday, Newtek said it will pay a Q2 cash dividend of $0.70 per share, compared with $0.50 per share paid in Q1. The new dividend is payable on June 30 to shareholders registered on June 15.

Further, Newtek said it has revised its 2021 annual dividend forecast upwards to a range of $3 per share to $3.30 per share, an increase from the previous range of $2.40 per share to $2.90 per share.

Shares of the Boca Raton, Fla.-based company advanced as much as 4% in after-hours trade.

Price: 28.50, Change: +1.11, Percent Change: +4.05