Municipal Employees Retirement System of Michigan Increases Stake in NewStar Financial, Inc. (NEWS)
Municipal Employees Retirement System of Michigan raised its position in NewStar Financial, Inc. (NASDAQ:NEWS) by 6.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 113,810 shares of the credit services provider’s stock after buying an additional 6,740 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in NewStar Financial were worth $1,195,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Renaissance Technologies LLC acquired a new stake in NewStar Financial during the fourth quarter worth $1,995,000. Second Curve Capital LLC raised its stake in NewStar Financial by 11.2% in the first quarter. Second Curve Capital LLC now owns 1,336,049 shares of the credit services provider’s stock worth $14,135,000 after buying an additional 135,000 shares during the period. State Street Corp raised its stake in NewStar Financial by 2.1% in the fourth quarter. State Street Corp now owns 429,588 shares of the credit services provider’s stock worth $3,974,000 after buying an additional 8,902 shares during the period. Prudential Financial Inc. acquired a new stake in NewStar Financial during the first quarter worth $213,000. Finally, Trexquant Investment LP acquired a new stake in NewStar Financial during the first quarter worth $493,000. 73.72% of the stock is owned by institutional investors.
NewStar Financial, Inc. (NASDAQ:NEWS) opened at 10.52 on Thursday. The firm has a 50-day moving average of $10.80 and a 200-day moving average of $10.18. NewStar Financial, Inc. has a one year low of $8.03 and a one year high of $11.49. The company has a market capitalization of $433.59 million, a P/E ratio of 18.99 and a beta of 2.03.
NewStar Financial (NASDAQ:NEWS) last announced its quarterly earnings data on Wednesday, August 2nd. The credit services provider reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by $0.05. The company had revenue of $20.19 million during the quarter, compared to analysts’ expectations of $24.32 million. NewStar Financial had a net margin of 8.65% and a return on equity of 3.76%. On average, analysts anticipate that NewStar Financial, Inc. will post $0.43 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.76%. The ex-dividend date is Friday, August 25th. NewStar Financial’s payout ratio is presently 14.55%.
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A number of analysts recently weighed in on NEWS shares. Zacks Investment Research lowered shares of NewStar Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, April 19th. ValuEngine raised shares of NewStar Financial from a “hold” rating to a “buy” rating in a research note on Saturday, May 20th.
About NewStar Financial
NewStar Financial, Inc (NewStar) is a commercial finance company. The Company operates through two segments: Commercial Lending and Asset Management. The Commercial Lending segment represents its direct lending activities, which are focused on providing a range of flexible senior secured debt options to mid-sized companies.
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