NewtekOne's CEO Barry Sloane Acquires $471k in Shares
Barry Sloane's Recent Stock Purchase at NewtekOne
Barry Sloane, the esteemed Chairman and CEO of NewtekOne, Inc. (NASDAQ: NEWT), has made significant waves in the investment community by purchasing shares of his company’s stock. This purchase was disclosed in a recent filing to the SEC, showcasing his confidence in NewtekOne's future. The investment totaled around $471,559, with Sloane acquiring 41,134 shares priced between $11.68 and $11.9195.
With this latest acquisition, Sloane now owns an impressive total of 1,187,457 shares directly. Such insider transactions are of keen interest to investors, as they can indicate the level of confidence that a company's top executives have in their organization’s potential and performance.
Insights from the SEC Filing
Besides buying shares, the SEC filing also revealed Sloane’s decision to gift 40,134 shares to the CAMCO ONE IRREVOCABLE TRUST, where he serves as the grantor. This donation reflects a philanthropic gesture, as the gifted shares are considered a bona fide gift and, as such, Sloane has renounced any beneficial ownership or control over the shares once they were gifted.
These transactions serve to illustrate not only Sloane's personal investment strategy but also a broader narrative regarding insider practices and confidence levels within NewtekOne. Investors closely monitor these types of activities, as they can provide cues about the company’s operational and strategic outlook.
Recent Corporate Developments
In addition to Sloane’s sizable purchase, NewtekOne has recently engaged in pivotal activities within its financial structure. The company successfully completed a public offering of 8.625% Fixed Rate Senior Notes, raising $75 million, which is directed towards investment funding, debt repayment, and general corporate purposes. This venture was supported by major underwriters including Morgan Stanley and UBS Securities, highlighting confidence from investment institutions in NewtekOne's financial stability.
Moreover, NewtekOne has seen top-level leadership changes with the appointment of Andrew Kaplan as Chief Strategy Officer. His extensive banking and financial services background is expected to bolster NewtekOne’s strategic initiatives as the company continues its growth trajectory.
In a strategic restructuring measure, NewtekOne divested its subsidiary Newtek Technology Solutions, Inc. This deal involved a $4 million cash exchange and 4 million shares of Paltalk, Inc.’s newly created preferred stock, illustrating NewtekOne's approach to optimizing its assets and focusing on core operations.
Positive Financial Indicators
Financially, NewtekOne has recently reported its earnings for Q2 2024, posting an earnings per share (EPS) figure of $0.43, which surpassed many analysts' predictions. The company has reaffirmed its full-year EPS guidance, estimating between $1.85 and $2.05. Such results indicate that NewtekOne not only meets but exceeds market expectations.
With a market capitalization of approximately $309.75 million and a low price-to-earnings (P/E) ratio of 7.14, experts suggest that NewtekOne may be undervalued at present. Additionally, the company reported an impressive revenue growth of 54.13% over the past year, coupled with a high gross profit margin of 83.07%, showing robust profitability and operational efficiency.
Investment Appeal and Market Evaluations
NewtekOne’s appeal to income-focused investors is accentuated by a significant dividend yield of 6.4%, backed by a decade-long commitment to consistent dividend payments. This aspect highlights the company's dedication to returning value to shareholders. Additionally, the high shareholder yield and strong liquidity position further suggest that NewtekOne is well-positioned in the current market.
With these supporting insights, potential investors and insiders alike can appreciate NewtekOne’s strategic financial methods and operational activities as the company navigates the competitive landscape of commercial banking.
Frequently Asked Questions
What prompted Barry Sloane's recent stock purchase?
Sloane's purchase indicates a strong belief in the future performance and direction of NewtekOne.
How many shares does Barry Sloane currently own?
After his recent purchase, Sloane owns a total of 1,187,457 shares of NewtekOne.
What was the purpose of the recent public offering by NewtekOne?
The offering raised $75 million for investment funding, debt repayment, and general corporate expenses.
How did NewtekOne perform financially in Q2 2024?
The company reported an EPS of $0.43, exceeding analysts' expectations.
What strategic move did NewtekOne make recently?
NewtekOne divested its subsidiary, Newtek Technology Solutions, to streamline operations and focus on core areas.
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