NEWTEK Business Services (NEWT) Upgraded by BidaskClub to Strong-Buy

BidaskClub upgraded shares of NEWTEK Business Services (NASDAQ:NEWT) from a buy rating to a strong-buy rating in a research report report published on Wednesday.

A number of other research firms also recently commented on NEWT. Zacks Investment Research upgraded NEWTEK Business Services from a hold rating to a buy rating and set a $19.00 target price on the stock in a research report on Wednesday, November 8th. Keefe, Bruyette & Woods reiterated a hold rating and set a $18.00 target price on shares of NEWTEK Business Services in a research report on Friday, October 13th. Finally, ValuEngine upgraded NEWTEK Business Services from a buy rating to a strong-buy rating in a research report on Friday, September 1st. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $18.50.

Shares of NEWTEK Business Services (NASDAQ:NEWT) opened at $18.56 on Wednesday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $340.88, a price-to-earnings ratio of 11.33, a price-to-earnings-growth ratio of 3.41 and a beta of 1.42. NEWTEK Business Services has a 12-month low of $15.15 and a 12-month high of $19.40.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Monday, December 18th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, December 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 9.48%.

In related news, CEO Barry Sloane purchased 3,000 shares of the business’s stock in a transaction dated Monday, November 6th. The stock was bought at an average cost of $16.60 per share, with a total value of $49,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,006,113 shares in the company, valued at approximately $16,701,475.80. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard J. Salute purchased 1,468 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was bought at an average cost of $17.07 per share, with a total value of $25,058.76. Following the completion of the acquisition, the director now owns 7,734 shares of the company’s stock, valued at $132,019.38. The disclosure for this purchase can be found here. Over the last three months, insiders bought 8,068 shares of company stock valued at $137,966. 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. Ameriprise Financial Inc. acquired a new position in shares of NEWTEK Business Services in the second quarter worth $171,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of NEWTEK Business Services in the second quarter worth $207,000. Commonwealth Equity Services Inc increased its stake in NEWTEK Business Services by 61.2% in the third quarter. Commonwealth Equity Services Inc now owns 25,670 shares of the business services provider’s stock valued at $457,000 after purchasing an additional 9,744 shares during the last quarter. Stifel Financial Corp increased its stake in NEWTEK Business Services by 2.8% in the second quarter. Stifel Financial Corp now owns 30,436 shares of the business services provider’s stock valued at $495,000 after purchasing an additional 823 shares during the last quarter. Finally, OxFORD Asset Management LLP acquired a new position in NEWTEK Business Services in the second quarter valued at $936,000. 20.98% of the stock is owned by institutional investors.

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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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