Wall Street brokerages predict that Newtek Business Services Corp. (NASDAQ:NEWT) will post $10.11 million in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Newtek Business Services’ earnings. The lowest sales estimate is $9.97 million and the highest is $10.24 million. Newtek Business Services posted sales of $9.10 million in the same quarter last year, which would indicate a positive year over year growth rate of 11.1%. The firm is scheduled to announce its next quarterly earnings results on Monday, March 5th.
According to Zacks, analysts expect that Newtek Business Services will report full-year sales of $10.11 million for the current year, with estimates ranging from $38.47 million to $38.74 million. For the next year, analysts forecast that the company will post sales of $44.90 million per share, with estimates ranging from $44.11 million to $45.69 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that that provide coverage for Newtek Business Services.
NEWT has been the subject of several recent analyst reports. ValuEngine raised shares of Newtek Business Services from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Zacks Investment Research raised shares of Newtek Business Services from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Wednesday, November 8th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $18.00 target price on shares of Newtek Business Services in a research note on Friday, October 13th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Newtek Business Services presently has a consensus rating of “Buy” and a consensus price target of $18.50.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Monday, December 18th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, December 15th. This represents a $1.76 annualized dividend and a yield of 9.98%.
In other Newtek Business Services news, Director Richard J. Salute bought 1,468 shares of the stock in a transaction on Friday, November 10th. The shares were bought at an average price of $17.07 per share, with a total value of $25,058.76. Following the purchase, the director now directly owns 7,734 shares in the company, valued at approximately $132,019.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Barry Sloane purchased 3,000 shares of the stock in a transaction dated Monday, November 6th. The shares were purchased at an average cost of $16.60 per share, for a total transaction of $49,800.00. Following the transaction, the chief executive officer now owns 1,006,113 shares in the company, valued at approximately $16,701,475.80. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 6,568 shares of company stock worth $110,106. 6.70% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in NEWT. Fusion Family Wealth LLC boosted its position in shares of Newtek Business Services by 56.6% during the 2nd quarter. Fusion Family Wealth LLC now owns 6,935 shares of the business services provider’s stock valued at $113,000 after acquiring an additional 2,506 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Newtek Business Services during the 2nd quarter valued at about $171,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Newtek Business Services during the 2nd quarter valued at about $207,000. American Asset Management Inc. boosted its position in shares of Newtek Business Services by 0.4% during the 2nd quarter. American Asset Management Inc. now owns 14,345 shares of the business services provider’s stock valued at $234,000 after acquiring an additional 51 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Newtek Business Services 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 acquiring an additional 11,139 shares during the last quarter. 20.98% of the stock is currently owned by hedge funds and other institutional investors.
Newtek Business Services Company Profile
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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