Equities analysts predict that Newtek Business Services Corp. (NASDAQ:NEWT) will report $0.55 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Newtek Business Services’ earnings, with the highest EPS estimate coming in at $0.61 and the lowest estimate coming in at $0.48. Newtek Business Services posted earnings of $0.46 per share during the same quarter last year, which would indicate a positive year over year growth rate of 19.6%. The business is scheduled to announce its next earnings report on Monday, March 5th.
According to Zacks, analysts expect that Newtek Business Services will report full-year earnings of $1.83 per share for the current financial year, with EPS estimates ranging from $1.79 to $1.87. For the next year, analysts expect that the firm will report earnings of $1.91 per share, with EPS estimates ranging from $1.83 to $1.98. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that follow Newtek Business Services.
Several research firms have weighed in on NEWT. Zacks Investment Research upgraded shares of Newtek Business Services from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research note on Wednesday, November 8th. BidaskClub upgraded shares of Newtek Business Services from a “hold” rating to a “buy” rating in a research note on Tuesday, December 12th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $18.00 price objective on shares of Newtek Business Services in a report on Friday, October 13th. Finally, ValuEngine raised shares of Newtek Business Services from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $18.50.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Monday, December 18th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 9.44%. 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 news, Director Richard J. Salute bought 1,468 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The stock was acquired at an average price of $17.07 per share, for a total transaction of $25,058.76. Following the transaction, the director now directly owns 7,734 shares of the company’s stock, valued at approximately $132,019.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Barry Sloane bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The shares were purchased at an average price of $16.60 per share, with a total value of $49,800.00. Following the transaction, the chief executive officer now directly owns 1,006,113 shares in the company, valued at $16,701,475.80. The disclosure for this purchase can be found here. Insiders have purchased a total of 7,568 shares of company stock valued at $128,736 in the last quarter. 6.70% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. increased its position in Newtek Business Services by 98.3% in 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 acquiring an additional 85,538 shares in the last quarter. OxFORD Asset Management LLP acquired a new stake in Newtek Business Services in the 2nd quarter valued at about $936,000. Van ECK Associates Corp increased its position in Newtek Business Services by 27.2% in the 2nd quarter. Van ECK Associates Corp now owns 141,029 shares of the business services provider’s stock valued at $2,297,000 after acquiring an additional 30,180 shares in the last quarter. Stifel Financial Corp increased its position in 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 acquiring an additional 16,866 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware increased its position in Newtek Business Services by 11.4% in the 3rd quarter. Mckinley Capital Management LLC Delaware now owns 151,429 shares of the business services provider’s stock valued at $2,699,000 after acquiring an additional 15,548 shares in the last quarter. Institutional investors and hedge funds own 20.98% of the company’s stock.
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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