BOCA RATON, Fla. - NewtekOne, Inc. (NASDAQ: NEWT), a financial holding company, announced the appointment of Craig CJ Brunet to the boards of directors of both NewtekOne, Inc. and Newtek Bank N.A. today. Mr. Brunet brings over five decades of experience in information technology and financial services, with a strong background in strategic planning, mergers and acquisitions, Software as a Service (SaaS), and cyber security.
Currently, Mr. Brunet is the President and COO at Advanced Cyber Security Corp and the founder and managing partner of Cyber Labs International. His previous roles include serving as Executive Vice President, CIO, CTO, and CISO within NewtekOne, where he oversaw technology strategy and security for the company's divisions. His earlier career included senior positions at Entergy Corp (NYSE:ETR) and AT&T.
Barry Sloane, President, Chairman, and CEO of NewtekOne, expressed confidence in Brunet's appointment, citing his extensive experience in areas critical to the company's growth and risk management strategies. Sloane also noted that Brunet is expected to chair the upcoming Technology Steering Committee and the Compensation, Corporate Governance, and Nominating Committees.
NewtekOne has been providing business and financial solutions to independent business owners since 1999. Its services, offered under the Newtek brand, include banking, business lending, electronic payment processing, technology solutions, eCommerce, insurance, web services, and payroll solutions.
The addition of Mr. Brunet to the NewtekOne boards is seen as a strategic move to enhance the company's governance and oversight capabilities, particularly in the realms of technology and cybersecurity.
This announcement is based on a press release statement from NewtekOne, Inc. and does not include any forward-looking statements. The company has not provided any additional comments on the potential impact of Mr. Brunet's appointment on its operations or financial performance.
In other recent news, NewtekOne, Inc. has been making significant strides in the financial sector. The company recently closed its public offering of 8.625% Fixed Rate Senior Notes, raising $75 million in aggregate principal. The notes, due in 2029, are set to pay interest quarterly starting 2025. The underwriting was led by Morgan Stanley (NYSE:MS) & Co. LLC, along with other firms including Keefe, Bruyette & Woods, Inc., Raymond James & Associates, Inc., and UBS Securities LLC.
NewtekOne also announced the appointment of Andrew Kaplan as its Chief Strategy Officer. Kaplan, a seasoned professional in banking and financial services, is expected to bring valuable insights to the company's strategic initiatives. In addition, NewtekOne divested its subsidiary, Newtek Technology Solutions, Inc., to Paltalk, Inc., a transaction involving a $4 million cash payment and 4 million shares of Paltalk's newly created preferred stock.
On the earnings front, NewtekOne demonstrated financial resilience in its Q2 2024 earnings, surpassing analysts' expectations with an earnings per share (EPS) of $0.43. The company also reaffirmed its full-year EPS guidance, indicating a range between $1.85 and $2.05. These are recent developments that highlight NewtekOne's strategic financial maneuvers and commitment to growth.
InvestingPro Insights
NewtekOne's recent appointment of Craig CJ Brunet to its boards aligns well with the company's financial performance and market position. According to InvestingPro data, NewtekOne boasts a market capitalization of $342.21 million and has demonstrated strong revenue growth, with a 54.13% increase in the last twelve months as of Q2 2024. This growth trajectory suggests that Brunet's expertise in strategic planning and technology could further enhance the company's expansion efforts.
The company's financial health appears robust, with an attractive P/E ratio of 7.89 and a dividend yield of 5.69%. An InvestingPro Tip highlights that NewtekOne has maintained dividend payments for 10 consecutive years, indicating a commitment to shareholder returns that may be appealing to income-focused investors.
Another relevant InvestingPro Tip notes that NewtekOne is trading at a low P/E ratio relative to its near-term earnings growth. This could suggest that the stock is undervalued, potentially offering an opportunity for investors who believe in the company's growth prospects under strengthened leadership.
For readers interested in a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide further insights into NewtekOne's investment potential.
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