Newtek Business Services Corp. (NEWT) Given Average Recommendation of “Buy” by Analysts
Shares of Newtek Business Services Corp. (NASDAQ:NEWT) have been assigned an average recommendation of “Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $18.00.
A number of research firms have recently issued reports on NEWT. Zacks Investment Research lowered shares of Newtek Business Services Corp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 19th. ValuEngine raised shares of Newtek Business Services Corp. from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Finally, BidaskClub upgraded shares of Newtek Business Services Corp. from a “hold” rating to a “buy” rating in a research note on Monday, July 24th.
Shares of Newtek Business Services Corp. (NEWT) remained flat at $17.80 on Wednesday. The company had a trading volume of 19,762 shares. The company has a 50-day moving average of $17.39 and a 200-day moving average of $16.91. Newtek Business Services Corp. has a 12 month low of $13.76 and a 12 month high of $18.16. The stock has a market capitalization of $310.41 million, a PE ratio of 9.60 and a beta of 1.39.
Newtek Business Services Corp. (NASDAQ:NEWT) last released its quarterly earnings results on Wednesday, August 2nd. The business services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.40 by $0.01. The firm had revenue of $9.90 million for the quarter, compared to analyst estimates of $9.19 million. Newtek Business Services Corp. had a return on equity of 7.97% and a net margin of 81.35%. Equities analysts anticipate that Newtek Business Services Corp. will post $1.77 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 22nd were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, September 21st. This is an increase from Newtek Business Services Corp.’s previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a dividend yield of 9.89%. Newtek Business Services Corp.’s dividend payout ratio (DPR) is currently 93.62%.
Several large investors have recently added to or reduced their stakes in NEWT. Wells Fargo & Company MN lifted its stake in shares of Newtek Business Services Corp. by 515.9% in the first quarter. Wells Fargo & Company MN now owns 16,894 shares of the business services provider’s stock worth $287,000 after acquiring an additional 14,151 shares in the last quarter. Trexquant Investment LP acquired a new stake in Newtek Business Services Corp. during the 1st quarter valued at approximately $201,000. Raymond James Financial Services Advisors Inc. acquired a new stake in Newtek Business Services Corp. during the 1st quarter valued at approximately $321,000. JPMorgan Chase & Co. grew its stake in Newtek Business Services Corp. by 288.2% during the 1st quarter. JPMorgan Chase & Co. now owns 15,004 shares of the business services provider’s stock valued at $255,000 after purchasing an additional 11,139 shares in the last quarter. Finally, Stifel Financial Corp grew its stake in Newtek Business Services Corp. by 8.7% during the 1st quarter. Stifel Financial Corp now owns 29,613 shares of the business services provider’s stock valued at $505,000 after purchasing an additional 2,373 shares in the last quarter. Institutional investors and hedge funds own 22.83% of the company’s stock.
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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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