NEWTEK Business Services (NASDAQ:NEWT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Newtek Capital, Inc. resulted from the combination of the businesses previously owned by BJB Holdings, Inc. and REXX Environmental Corporation and is operating as a holding company for a network of partner companies in a collaborative and coordinated effort to develop successful businesses in a number of existing as well as emerging, technological business lines. “
NEWT has been the topic of a number of other research reports. ValuEngine lowered NEWTEK Business Services from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 31st. BidaskClub lowered NEWTEK Business Services from a “hold” rating to a “sell” rating in a research report on Tuesday, January 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. NEWTEK Business Services has a consensus rating of “Hold” and an average price target of $18.50.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quadrature Capital Ltd purchased a new stake in NEWTEK Business Services in the fourth quarter valued at approximately $246,000. Suntrust Banks Inc. purchased a new stake in NEWTEK Business Services in the fourth quarter valued at approximately $258,000. Arrowstreet Capital Limited Partnership raised its position in NEWTEK Business Services by 117.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 130,748 shares of the business services provider’s stock valued at $2,418,000 after purchasing an additional 70,744 shares during the period. Mckinley Capital Management LLC Delaware raised its position in NEWTEK Business Services by 2.5% in the fourth 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 during the period. Finally, Fusion Family Wealth LLC raised its position in NEWTEK Business Services by 259.4% in the fourth quarter. Fusion Family Wealth LLC now owns 8,625 shares of the business services provider’s stock valued at $159,000 after purchasing an additional 6,225 shares during the period. 19.41% of the stock is currently owned by 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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