Investment Analysts’ Recent Ratings Changes for NEWTEK Business Services (NEWT)

NEWTEK Business Services (NASDAQ: NEWT) has recently received a number of price target changes and ratings updates:

  • 10/10/2019 – NEWTEK Business Services was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 10/9/2019 – NEWTEK Business Services was downgraded by analysts at Zacks Investment Research from a “strong-buy” rating to a “hold” rating. 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. “
  • 10/3/2019 – NEWTEK Business Services was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.
  • 10/1/2019 – NEWTEK Business Services was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating.
  • 9/20/2019 – NEWTEK Business Services was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating.

NEWT stock traded up $0.51 during midday trading on Thursday, hitting $21.61. The company’s stock had a trading volume of 3,707 shares, compared to its average volume of 132,331. The company has a market cap of $404.28 million, a PE ratio of 11.14 and a beta of 1.22. NEWTEK Business Services Corp has a 12 month low of $15.59 and a 12 month high of $23.99. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.34. The firm’s 50-day moving average is $22.62 and its 200-day moving average is $21.88.

NEWTEK Business Services (NASDAQ:NEWT) last released its quarterly earnings data on Tuesday, August 6th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. The business had revenue of $14.15 million for the quarter, compared to analysts’ expectations of $14.33 million. NEWTEK Business Services had a return on equity of 9.87% and a net margin of 68.61%. Analysts expect that NEWTEK Business Services Corp will post 2.55 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 20th were issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 10.74%. This is a boost from NEWTEK Business Services’s previous quarterly dividend of $0.46. The ex-dividend date was Thursday, September 19th. NEWTEK Business Services’s dividend payout ratio is presently 119.59%.

In other news, CEO Barry Sloane purchased 2,000 shares of the stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $20.94 per share, with a total value of $41,880.00. Following the acquisition, the chief executive officer now directly owns 1,029,906 shares of the company’s stock, valued at $21,566,231.64. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have bought a total of 2,698 shares of company stock worth $56,379 over the last three months. Insiders own 6.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisor Group Inc. lifted its holdings in shares of NEWTEK Business Services by 64.3% during the 2nd quarter. Advisor Group Inc. now owns 4,494 shares of the business services provider’s stock valued at $104,000 after buying an additional 1,759 shares during the period. Van ECK Associates Corp increased its stake in shares of NEWTEK Business Services by 11.4% in the 2nd quarter. Van ECK Associates Corp now owns 170,305 shares of the business services provider’s stock worth $3,917,000 after purchasing an additional 17,429 shares in the last quarter. First Allied Advisory Services Inc. increased its stake in shares of NEWTEK Business Services by 30.2% in the 2nd quarter. First Allied Advisory Services Inc. now owns 23,751 shares of the business services provider’s stock worth $546,000 after purchasing an additional 5,506 shares in the last quarter. C M Bidwell & Associates Ltd. purchased a new stake in shares of NEWTEK Business Services in the 2nd quarter worth $76,000. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of NEWTEK Business Services in the 2nd quarter worth $284,000. 18.12% of the stock is currently owned by hedge funds and other institutional investors.

Newtek Business Services Corp. is a business development company specializing in providing financial and business services to the small-and medium-sized business market in the United States. The firm also seeks to invest in early stage businesses. The firm seeks to makes both debt and equity investments.

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