In a recent transaction on June 17, Gregory L. Zink, a director at NewtekOne, Inc. (NASDAQ:NEWT), acquired additional shares in the company. The purchase, which involved 1,000 shares of common stock, was made at a price of $12.92 per share, totaling $12,920.
This transaction has increased Zink's direct ownership in NewtekOne to 29,085 shares. The acquisition of shares by a company insider often garners the attention of investors as it can be indicative of the individual's confidence in the company's future prospects.
NewtekOne, Inc., with a standard industrial classification as a national commercial bank, operates out of Boca Raton, Florida. The company has undergone a name change from Newtek Business (NASDAQ:NEWT) Services Corp. to its current name, reflecting its broadened scope of services.
Investors and market watchers often look to such filings for insights into the actions of company insiders. The buying and selling activities of directors and executives can provide valuable context to the market sentiment surrounding a stock.
The financial details of these transactions are made available to the public through filings with the Securities and Exchange Commission. In this case, the Form 4 filing for Gregory L. Zink has been documented and can be reviewed for further details on the transaction.
In other recent news, NewtekOne Inc. reported a strong performance in the first quarter of 2024, surpassing its earnings guidance with core earnings of $0.38 per share. The company also raised its fiscal year 2024 guidance to a range of $1.85 to $2.05 per share and announced a 5.5% increase in its quarterly dividend. On the operational front, Newtek Bank National Association, a part of NewtekOne, saw a 9% deposit growth and 11% loan growth sequentially, while its net interest margin expanded to 4.80%.
The company's alternative loan program reported a 20%-30% return on equity, and approximately 6,000 depository accounts were added. NewtekOne also revealed plans for the implementation of the NetSuite financial reporting platform in the second half of 2024 and expressed optimism about its no service fee, interest-bearing account model starting in Q2 2024. Despite challenges in the banking sector, NewtekOne remains confident in its strategies and anticipates strong profitability and continued dividend payments.
InvestingPro Insights
Following the recent insider acquisition by Gregory L. Zink at NewtekOne, Inc. (NASDAQ:NEWT), investors might be curious about the company's financial health and market performance. According to InvestingPro data, NewtekOne has a market capitalization of $309.17 million and a P/E ratio that stands at 8.48, indicating a potentially undervalued stock when compared to industry peers. The company's revenue growth has been robust, with a 76.21% increase over the last twelve months as of Q1 2024.
Notably, NewtekOne has demonstrated a strong return over the last three months, with a 16.43% price total return, which aligns with an InvestingPro Tip highlighting the company's strong recent performance. Additionally, the company's dividend yield is currently 6.08%, and it has a history of maintaining dividend payments for 10 consecutive years, which could appeal to income-focused investors.
For those considering a deeper dive into the company's financials and future prospects, InvestingPro offers additional insights. There are 6 more InvestingPro Tips available, which can provide further guidance on NewtekOne's investment potential. Interested readers can explore these tips by visiting the dedicated page at https://www.investing.com/pro/NEWT. Moreover, for those ready to access the full suite of analytics and insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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