Newtek Business Services Corp. (NEWT) Receives Average Recommendation of “Buy” from Analysts
Newtek Business Services Corp. (NASDAQ:NEWT) has been assigned an average rating of “Buy” from the seven brokerages that are covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $17.00.
A number of analysts have weighed in on NEWT shares. Compass Point cut Newtek Business Services Corp. from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 24th. Keefe, Bruyette & Woods reaffirmed a “mkt perform” rating and set a $18.00 price objective on shares of Newtek Business Services Corp. in a research report on Tuesday, May 30th. Zacks Investment Research cut Newtek Business Services Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 19th. BidaskClub raised Newtek Business Services Corp. from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Finally, ValuEngine raised Newtek Business Services Corp. from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st.
Institutional investors and hedge funds have recently bought and sold shares of the company. Fusion Family Wealth LLC lifted its holdings in shares of Newtek Business Services Corp. by 56.6% in the 2nd quarter. Fusion Family Wealth LLC now owns 6,935 shares of the business services provider’s stock valued at $113,000 after buying an additional 2,506 shares during the period. Ameriprise Financial Inc. acquired a new stake in shares of Newtek Business Services Corp. in the 2nd quarter valued at approximately $171,000. Trexquant Investment LP acquired a new stake in shares of Newtek Business Services Corp. in the 1st quarter valued at approximately $201,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Newtek Business Services Corp. in the 2nd quarter valued at approximately $207,000. Finally, KCG Holdings Inc. acquired a new stake in shares of Newtek Business Services Corp. in the 1st quarter valued at approximately $227,000. 22.79% of the stock is owned by institutional investors and hedge funds.
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Newtek Business Services Corp. (NASDAQ NEWT) traded up 1.81% during midday trading on Friday, hitting $17.45. The company had a trading volume of 114,556 shares. Newtek Business Services Corp. has a 12 month low of $13.56 and a 12 month high of $18.00. The firm has a 50-day moving average price of $17.05 and a 200-day moving average price of $16.79. The company has a market cap of $304.31 million, a price-to-earnings ratio of 9.41 and a beta of 1.37.
Newtek Business Services Corp. (NASDAQ:NEWT) last posted its quarterly earnings data on Wednesday, August 2nd. The business services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.01. Newtek Business Services Corp. had a return on equity of 7.97% and a net margin of 81.35%. The company had revenue of $9.90 million during the quarter, compared to analysts’ expectations of $9.19 million. Equities analysts anticipate that Newtek Business Services Corp. will post $1.77 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 22nd will be issued a $0.44 dividend. This is a boost from Newtek Business Services Corp.’s previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a dividend yield of 10.09%. The ex-dividend date is Thursday, September 21st. Newtek Business Services Corp.’s dividend payout ratio (DPR) is currently 85.11%.
About Newtek Business Services Corp.
Newtek Business Services Corp. is an internally managed non-diversified closed-end management investment company. The Company’s investment objective is to generate both current income and capital appreciation primarily through loans originated by its small business finance platform and its equity investments in certain portfolio companies that it controls.
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