Newtek Business Services (NEWT) Upgraded by BidaskClub to “Buy”

BidaskClub upgraded shares of Newtek Business Services (NASDAQ:NEWT) from a hold rating to a buy rating in a research note published on Tuesday morning.

A number of other equities analysts have also recently issued reports on NEWT. Zacks Investment Research cut Newtek Business Services from a buy rating to a hold rating in a report on Friday, December 8th. ValuEngine upgraded Newtek Business Services from a buy rating to a strong-buy rating in a report on Friday, September 1st. Finally, Keefe, Bruyette & Woods restated a hold rating and set a $18.00 target price on shares of Newtek Business Services in a report on Friday, October 13th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $18.50.

Shares of Newtek Business Services (NASDAQ:NEWT) traded up $0.19 on Tuesday, reaching $19.19. The company’s stock had a trading volume of 255,300 shares, compared to its average volume of 163,626. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.42 and a current ratio of 0.42. Newtek Business Services has a 12-month low of $15.15 and a 12-month high of $19.22. The company has a market capitalization of $342.08, a PE ratio of 15.83, a P/E/G ratio of 3.47 and a beta of 1.43.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Monday, December 18th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 9.17%. The ex-dividend date of this dividend is Friday, December 15th. Newtek Business Services’s dividend payout ratio (DPR) is currently 106.67%.

In other Newtek Business Services news, CEO Barry Sloane acquired 3,000 shares of the business’s stock in a transaction dated Monday, November 6th. The shares were acquired at an average price of $16.60 per share, for a total transaction of $49,800.00. Following the acquisition, the chief executive officer now directly owns 1,006,113 shares of the company’s stock, valued at approximately $16,701,475.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard J. Salute acquired 1,468 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were acquired at an average price of $17.07 per share, for a total transaction of $25,058.76. Following the acquisition, the director now directly owns 7,734 shares in the company, valued at $132,019.38. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 6,568 shares of company stock worth $110,106. Company insiders own 6.70% of the company’s stock.

Several large investors have recently added to or reduced their stakes in NEWT. Advisors Asset Management Inc. lifted its holdings in shares of Newtek Business Services by 98.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 172,529 shares of the business services provider’s stock valued at $2,810,000 after purchasing an additional 85,538 shares in the last quarter. Northpointe Capital LLC lifted its stake in Newtek Business Services by 10.8% in the 2nd quarter. Northpointe Capital LLC now owns 283,132 shares of the business services provider’s stock valued at $4,612,000 after acquiring an additional 27,596 shares in the last quarter. Fusion Family Wealth LLC lifted its stake in Newtek Business Services by 56.6% in the 2nd quarter. Fusion Family Wealth LLC now owns 6,935 shares of the business services provider’s stock valued at $113,000 after acquiring an additional 2,506 shares in the last quarter. American Asset Management Inc. lifted its stake in Newtek Business Services by 0.4% in the 2nd quarter. American Asset Management Inc. now owns 14,345 shares of the business services provider’s stock valued at $234,000 after acquiring an additional 51 shares in the last quarter. Finally, Bard Associates Inc. lifted its stake in Newtek Business Services by 0.6% in the 2nd quarter. Bard Associates Inc. now owns 174,956 shares of the business services provider’s stock valued at $2,850,000 after acquiring an additional 991 shares in the last quarter. Institutional investors and hedge funds own 20.98% of the company’s stock.

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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.

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