NEW YORK, Nov. 16, 2016 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. ("Newtek" or the "Company"), (NASDAQ:NEWT), an internally managed business development company ("BDC"), today announced that its board of directors declared a fourth quarter cash dividend (1) of $0.40 per share, payable on December 30, 2016 to shareholders of record as of December 15, 2016. The payment of the fourth quarter dividend is in line with the Company's 2016 annual dividend guidance of $1.53 per share. In addition, the Company reaffirms its forecast of paying an annual cash dividend of $1.57 (2) per share in 2017. Barry Sloane, Chairman, President and Chief Executive Officer commented, "We are proud to announce the Board's declaration of our fourth quarter 2016 cash dividend which, as previously forecasted, will be paid in the calendar year 2016. With the payment of the fourth quarter dividend, we will meet our full year 2016 dividend forecast of $1.53 per share, which represents a 10.2% annual yield as of the close of Newtek's Common Stock on November 15, 2016. As of December 30, 2016, Newtek will have paid a total of five dividends in calendar year 2016 totaling $1.93 per share, which includes the fourth quarter 2015 dividend of $0.40 per share that was paid in January 2016. Finally, we are pleased to reiterate our 2017 annual dividend forecast of $1.57 per share, which represents a 2.6% increase over our 2016 annual dividend. We believe the combination of our 2016 cash dividend yield, anticipated dividend growth in 2017 and historic growth in NAV provides significant value to our shareholders." Mr. Sloane continued, "Due to the seasonality of our business, our quarterly distributions can fluctuate. Of our 2016 dividend of $1.53 per share, we will pay $0.83 in the second half of this year, which is approximately 18.6% higher compared to the $0.70 paid during the first six months of 2016, demonstrating our historical trend of achieving a greater proportion of earnings in the second half of the year. Given that our BDC conversion occurred in late 2014, we believe 2017 will yield more normalized year-over-year and quarter-over-quarter comparisons over 2016, and that the Company is well positioned for continued strong performance in 2017. Our goal is to meet or exceed investor expectations in 2017, as we believe we have done thus far in 2016."