Newtek Business Services Corp. (NASDAQ:NEWT) has been assigned an average rating of “Buy” from the six ratings firms that are currently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $18.00.
NEWT has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Newtek Business Services Corp. from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Tuesday, August 8th. BidaskClub upgraded shares of Newtek Business Services Corp. from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $18.00 target price on shares of Newtek Business Services Corp. in a research note on Friday, October 13th. Finally, ValuEngine upgraded shares of Newtek Business Services Corp. from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st.
Shares of Newtek Business Services Corp. (NASDAQ NEWT) opened at 17.34 on Friday. The firm has a market capitalization of $302.39 million, a P/E ratio of 9.35 and a beta of 1.39. Newtek Business Services Corp. has a 52-week low of $14.00 and a 52-week high of $18.16. The stock has a 50 day moving average of $17.59 and a 200-day moving average of $17.02.
Newtek Business Services Corp. (NASDAQ:NEWT) last released its quarterly earnings data on Wednesday, August 2nd. The business services provider reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The company had revenue of $9.90 million during the quarter, compared to the consensus estimate of $9.19 million. Newtek Business Services Corp. had a net margin of 81.35% and a return on equity of 7.97%. Equities analysts expect that Newtek Business Services Corp. will post $1.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 22nd were paid a $0.44 dividend. The ex-dividend date was Thursday, September 21st. This is a boost from Newtek Business Services Corp.’s previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a yield of 10.15%. Newtek Business Services Corp.’s dividend payout ratio is currently 93.62%.
Hedge funds and other institutional investors have recently bought and sold shares of the business. HighTower Advisors LLC lifted its stake in Newtek Business Services Corp. by 5.8% in the 1st quarter. HighTower Advisors LLC now owns 17,902 shares of the business services provider’s stock worth $300,000 after purchasing an additional 985 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in Newtek Business Services Corp. by 98.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 172,529 shares of the business services provider’s stock worth $2,810,000 after purchasing an additional 85,538 shares in the last quarter. Northpointe Capital LLC lifted its stake in Newtek Business Services Corp. by 10.8% in the 2nd quarter. Northpointe Capital LLC now owns 283,132 shares of the business services provider’s stock worth $4,612,000 after purchasing an additional 27,596 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Newtek Business Services Corp. by 515.9% in the 1st quarter. Wells Fargo & Company MN now owns 16,894 shares of the business services provider’s stock worth $287,000 after purchasing an additional 14,151 shares in the last quarter. Finally, KCG Holdings Inc. purchased a new stake in Newtek Business Services Corp. in the 1st quarter worth approximately $227,000. Institutional investors and hedge funds own 22.80% of the company’s stock.
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About Newtek Business Services Corp.
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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