Equities research analysts forecast that Newtek Business Services Corp. (NASDAQ:NEWT) will report $10.10 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Newtek Business Services’ earnings, with the lowest sales estimate coming in at $9.97 million and the highest estimate coming in at $10.24 million. Newtek Business Services posted sales of $9.10 million in the same quarter last year, which would indicate a positive year over year growth rate of 11%. The company is expected to announce its next quarterly earnings results on Monday, March 5th.

According to Zacks, analysts expect that Newtek Business Services will report full-year sales of $10.10 million for the current fiscal year, with estimates ranging from $38.46 million to $38.74 million. For the next fiscal year, analysts anticipate that the business will post sales of $44.66 million per share, with estimates ranging from $44.11 million to $45.22 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Newtek Business Services.

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued a “hold” rating and set a $18.00 price objective on shares of Newtek Business Services in a research note on Friday, October 13th. BidaskClub raised Newtek Business Services from a “hold” rating to a “buy” rating in a research note on Tuesday, December 12th. Zacks Investment Research raised Newtek Business Services from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Wednesday, November 8th. Finally, ValuEngine lowered Newtek Business Services from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 31st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $18.50.

In other Newtek Business Services news, Director Richard J. Salute bought 1,468 shares of Newtek Business Services stock in a transaction dated Friday, November 10th. The stock was bought at an average price of $17.07 per share, for a total transaction of $25,058.76. Following the completion of the acquisition, the director now directly owns 7,734 shares of the company’s stock, valued at $132,019.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Barry Sloane bought 3,000 shares of Newtek Business Services stock in a transaction dated Monday, November 6th. The stock was acquired at an average price of $16.60 per share, with a total value 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 $16,701,475.80. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 7,568 shares of company stock valued at $128,736. Corporate insiders own 6.70% of the company’s stock.

Several institutional investors and hedge funds 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% in the second 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. OxFORD Asset Management LLP purchased a new stake in shares of Newtek Business Services during the second quarter worth $936,000. Van ECK Associates Corp raised its holdings in shares of Newtek Business Services by 27.2% during the second quarter. Van ECK Associates Corp now owns 141,029 shares of the business services provider’s stock worth $2,297,000 after acquiring an additional 30,180 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of Newtek Business Services by 55.4% during the third quarter. Stifel Financial Corp now owns 47,302 shares of the business services provider’s stock worth $844,000 after acquiring an additional 16,866 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware raised its holdings in shares of Newtek Business Services by 11.4% during the third quarter. Mckinley Capital Management LLC Delaware now owns 151,429 shares of the business services provider’s stock worth $2,699,000 after acquiring an additional 15,548 shares in the last quarter. Institutional investors own 20.98% of the company’s stock.

Shares of Newtek Business Services (NASDAQ:NEWT) opened at $18.61 on Wednesday. The firm has a market capitalization of $335.06, a price-to-earnings ratio of 15.82, a PEG ratio of 3.46 and a beta of 1.42. 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 one year low of $15.15 and a one year high of $19.40.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Monday, December 18th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 9.46%. The ex-dividend date of this dividend is Friday, December 15th.

ILLEGAL ACTIVITY WARNING: This story was first posted by Watch List News and is owned by of Watch List News. If you are viewing this story on another website, it was copied illegally and reposted in violation of U.S. and international copyright law. The original version of this story can be read at https://www.watchlistnews.com/newtek-business-services-corp-newt-expected-to-post-quarterly-sales-of-10-10-million/1773692.html.

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.

Get a free copy of the Zacks research report on Newtek Business Services (NEWT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Newtek Business Services (NASDAQ:NEWT)

Receive News & Ratings for Newtek Business Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Newtek Business Services and related companies with MarketBeat.com's FREE daily email newsletter.