Newtek Business Services Corp. (NEWT) Expected to Post Quarterly Sales of $10.10 Million
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.
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.
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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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