Newtek Business Services (NEWT) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Newtek Business Services (NASDAQ:NEWT) from a buy rating to a hold rating in a report released on Friday.
According to Zacks, “Newtek Capital, Inc. resulted from the combination of the businesses previously owned by BJB Holdings, Inc. and REXX Environmental Corporation and is operating as a holding company for a network of partner companies in a collaborative and coordinated effort to develop successful businesses in a number of existing as well as emerging, technological business lines. “
Other research analysts have also issued reports about the stock. Keefe, Bruyette & Woods reissued a hold rating and set a $18.00 price objective on shares of Newtek Business Services in a report on Friday, October 13th. ValuEngine lowered shares of Newtek Business Services from a strong-buy rating to a buy rating in a report on Tuesday, October 31st. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $18.50.
Newtek Business Services (NASDAQ:NEWT) opened at $19.00 on Friday. The firm has a market cap of $333.44, a price-to-earnings ratio of 15.43, a price-to-earnings-growth ratio of 3.38 and a beta of 1.43. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.26. Newtek Business Services has a fifty-two week low of $15.15 and a fifty-two week high of $19.09.
The firm 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. This represents a $1.76 annualized dividend and a dividend yield of 9.26%. The ex-dividend date is Friday, December 15th. Newtek Business Services’s dividend payout ratio (DPR) is presently 106.67%.
In other Newtek Business Services news, Director Richard J. Salute purchased 1,468 shares of the firm’s stock in a transaction dated Friday, November 10th. The stock was acquired at an average cost of $17.07 per share, with a total value of $25,058.76. Following the acquisition, the director now owns 7,734 shares of the company’s stock, valued at approximately $132,019.38. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Barry Sloane purchased 3,000 shares of the firm’s stock in a transaction dated Monday, November 6th. The stock was acquired 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 disclosure for this purchase can be found here. Insiders bought a total of 6,568 shares of company stock valued at $110,106 over the last ninety days. Company insiders own 6.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of NEWT. Advisors Asset Management Inc. boosted its holdings in shares of 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 buying an additional 85,538 shares during the period. Northpointe Capital LLC lifted its position in Newtek Business Services by 10.8% in the 2nd quarter. Northpointe Capital LLC now owns 283,132 shares of the business services provider’s stock valued at $4,612,000 after purchasing an additional 27,596 shares during the last quarter. Fusion Family Wealth LLC lifted its position in Newtek Business Services by 56.6% in the 2nd quarter. Fusion Family Wealth LLC now owns 6,935 shares of the business services provider’s stock valued at $113,000 after purchasing an additional 2,506 shares during the last quarter. American Asset Management Inc. lifted its position in Newtek Business Services by 0.4% in the 2nd quarter. American Asset Management Inc. now owns 14,345 shares of the business services provider’s stock valued at $234,000 after purchasing an additional 51 shares during the last quarter. Finally, Bard Associates Inc. lifted its position in Newtek Business Services by 0.6% in the 2nd quarter. Bard Associates Inc. now owns 174,956 shares of the business services provider’s stock valued at $2,850,000 after purchasing an additional 991 shares during the last quarter. 20.98% of the stock is owned by institutional investors and hedge funds.
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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