NEWTEK Business Services Corp (NEWT) Expected to Announce Quarterly Sales of $10.08 Million

Brokerages expect NEWTEK Business Services Corp (NASDAQ:NEWT) to post sales of $10.08 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for NEWTEK Business Services’ earnings. The lowest sales estimate is $9.97 million and the highest is $10.20 million. NEWTEK Business Services posted sales of $9.10 million in the same quarter last year, which suggests a positive year over year growth rate of 10.8%. The firm is expected to issue its next quarterly earnings results after the market closes on Monday, March 5th.

On average, analysts expect that NEWTEK Business Services will report full year sales of $10.08 million for the current fiscal year, with estimates ranging from $38.46 million to $38.70 million. For the next year, analysts anticipate that the company will report sales of $44.61 million per share, with estimates ranging from $44.00 million to $45.22 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow NEWTEK Business Services.

A number of brokerages recently weighed in on NEWT. Zacks Investment Research lowered shares of NEWTEK Business Services from a “buy” rating to a “hold” rating in a report on Friday, December 8th. ValuEngine lowered shares of NEWTEK Business Services from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 31st. BidaskClub lowered shares of NEWTEK Business Services from a “hold” rating to a “sell” rating in a report on Tuesday, January 23rd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $18.00 price target on shares of NEWTEK Business Services in a report on Friday, October 13th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $18.50.

Several large investors have recently bought and sold shares of the company. Advisors Asset Management Inc. raised 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 valued at $3,273,000 after purchasing an additional 11,131 shares in the last quarter. Mckinley Capital Management LLC Delaware raised its holdings in shares of NEWTEK Business Services by 2.5% in the 4th quarter. Mckinley Capital Management LLC Delaware now owns 155,216 shares of the business services provider’s stock valued at $2,870,000 after purchasing an additional 3,787 shares in the last quarter. Goldman Sachs Group Inc. raised 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 valued at $1,396,000 after purchasing an additional 10,185 shares in the last quarter. OxFORD Asset Management LLP bought a new stake in shares of NEWTEK Business Services in the 2nd quarter valued at about $936,000. Finally, Stifel Financial Corp raised 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 valued at $844,000 after purchasing an additional 16,866 shares in the last quarter. Institutional investors and hedge funds own 19.54% of the company’s stock.

Shares of NEWTEK Business Services (NASDAQ:NEWT) opened at $16.86 on Friday. NEWTEK Business Services has a twelve month low of $15.61 and a twelve month high of $19.40. The firm has a market cap of $305.71, a PE ratio of 10.36, a P/E/G ratio of 2.90 and a beta of 1.21. 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 firm also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Tuesday, March 20th will be issued a $0.40 dividend. The ex-dividend date is Monday, March 19th. This represents a $1.60 annualized dividend and a dividend yield of 9.49%.

COPYRIGHT VIOLATION WARNING: “NEWTEK Business Services Corp (NEWT) Expected to Announce Quarterly Sales of $10.08 Million” was originally reported by American Banking News and is owned by of American Banking News. If you are reading this report on another domain, it was stolen and republished in violation of U.S. and international copyright & trademark law. The original version of this report can be accessed at https://www.americanbankingnews.com/2018/02/09/newtek-business-services-corp-newt-expected-to-announce-quarterly-sales-of-10-08-million.html.

About NEWTEK Business Services

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.

Get a free copy of the Zacks research report on NEWTEK Business Services (NEWT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for NEWTEK Business Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NEWTEK Business Services and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply