Newtek Business Services Inc. (NEWT) Downgraded by Zacks Investment Research to “Sell”
Newtek Business Services Inc. (NASDAQ:NEWT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Newtek Capital, Inc. resulted from the combination of the businesses previously owned by BJB Holdings, Inc. and REXX Environmental Corporation and is operating as a holding company for a network of partner companies in a collaborative and coordinated effort to develop successful businesses in a number of existing as well as emerging, technological business lines. “
Other equities research analysts have also recently issued reports about the stock. DA Davidson reissued a “buy” rating and issued a $16.00 price target on shares of Newtek Business Services in a research report on Thursday, September 29th. Raymond James Financial Inc. reduced their price target on shares of Newtek Business Services from $16.00 to $15.00 and set an “outperform” rating for the company in a research report on Monday, August 15th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Newtek Business Services currently has an average rating of “Buy” and a consensus target price of $15.25.
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Shares of Newtek Business Services (NASDAQ:NEWT) opened at 13.95 on Tuesday. Newtek Business Services has a 1-year low of $9.37 and a 1-year high of $17.80. The stock has a market capitalization of $202.15 million, a price-to-earnings ratio of 5.66 and a beta of 0.96. The stock’s 50 day moving average is $13.94 and its 200 day moving average is $13.10.
Newtek Business Services (NASDAQ:NEWT) last released its quarterly earnings data on Monday, August 8th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.03. On average, equities analysts forecast that Newtek Business Services will post $1.61 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Tuesday, September 20th were paid a $0.43 dividend. The ex-dividend date of this dividend was Friday, September 16th. This is a positive change from Newtek Business Services’s previous quarterly dividend of $0.35. This represents a $1.72 dividend on an annualized basis and a yield of 12.33%. Newtek Business Services’s payout ratio is currently 85.15%.
A number of hedge funds and other institutional investors have recently bought and sold shares of NEWT. PARK CIRCLE Co acquired a new position in Newtek Business Services during the second quarter worth approximately $112,000. Chubb Ltd. acquired a new position in Newtek Business Services during the first quarter worth approximately $187,000. HighTower Advisors LLC raised its position in Newtek Business Services by 0.8% in the second quarter. HighTower Advisors LLC now owns 18,174 shares of the company’s stock worth $237,000 after buying an additional 142 shares in the last quarter. MSI Financial Services Inc raised its position in Newtek Business Services by 454.6% in the third quarter. MSI Financial Services Inc now owns 17,116 shares of the company’s stock worth $244,000 after buying an additional 14,030 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Newtek Business Services by 126.3% in the second quarter. JPMorgan Chase & Co. now owns 28,794 shares of the company’s stock worth $366,000 after buying an additional 16,070 shares in the last quarter. Institutional investors own 21.63% of the company’s stock.
Newtek Business Services Company Profile
Newtek Business Services Corp. is a non-diversified closed-end management investment company. The Company is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business (SMB) market. Its products and services consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions.
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