NEWTEK Business Services (NEWT) Cut to “Buy” at BidaskClub

NEWTEK Business Services (NASDAQ:NEWT) was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Friday.

Other research analysts have also issued research reports about the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $18.00 price objective on shares of NEWTEK Business Services in a research report on Friday, October 13th. Zacks Investment Research lowered NEWTEK Business Services from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Finally, ValuEngine lowered NEWTEK Business Services from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $18.50.

NEWTEK Business Services (NASDAQ:NEWT) traded down $0.03 during mid-day trading on Friday, reaching $18.10. The company had a trading volume of 99,248 shares, compared to its average volume of 233,930. NEWTEK Business Services has a one year low of $15.15 and a one year high of $19.40. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.26. The company has a market cap of $325.88, a price-to-earnings ratio of 10.99, a PEG ratio of 3.17 and a beta of 1.42.

In related news, CEO Barry Sloane acquired 3,000 shares of NEWTEK Business Services stock in a transaction that occurred on Monday, November 6th. The stock was bought at an average price of $16.60 per share, with a total value of $49,800.00. Following the transaction, the chief executive officer now directly owns 1,006,113 shares in the company, valued at $16,701,475.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard J. Salute acquired 1,468 shares of NEWTEK Business Services stock in a transaction that occurred on Friday, November 10th. The shares were bought at an average cost of $17.07 per share, with a total value of $25,058.76. Following the transaction, the director now owns 7,734 shares in the company, valued at $132,019.38. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 8,068 shares of company stock valued at $137,966. 6.70% of the stock is owned by corporate insiders.

Institutional investors have recently bought and sold shares of the business. Commonwealth Equity Services Inc increased its holdings in shares of NEWTEK Business Services by 61.2% in the 3rd quarter. Commonwealth Equity Services Inc now owns 25,670 shares of the business services provider’s stock worth $457,000 after purchasing an additional 9,744 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of NEWTEK Business Services by 13.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 85,686 shares of the business services provider’s stock worth $1,396,000 after purchasing an additional 10,185 shares in the last quarter. Mckinley Capital Management LLC Delaware increased its holdings in shares of NEWTEK Business Services by 11.4% in the 3rd quarter. Mckinley Capital Management LLC Delaware now owns 151,429 shares of the business services provider’s stock worth $2,699,000 after purchasing an additional 15,548 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of NEWTEK Business Services by 55.4% in the 3rd quarter. Stifel Financial Corp now owns 47,302 shares of the business services provider’s stock worth $844,000 after purchasing an additional 16,866 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in shares of NEWTEK Business Services by 6.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 183,660 shares of the business services provider’s stock worth $3,273,000 after purchasing an additional 11,131 shares in the last quarter. 20.98% of the stock is owned by institutional investors and hedge funds.

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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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