NEWTEK Business Services (NEWT) Upgraded at BidaskClub
BidaskClub upgraded shares of NEWTEK Business Services (NASDAQ:NEWT) from a buy rating to a strong-buy rating in a report released on Wednesday.
Several other equities research analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of NEWTEK Business Services from a hold rating to a buy rating and set a $19.00 target price for the company in a research note on Wednesday, November 8th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $18.00 price target on shares of NEWTEK Business Services in a research report on Friday, October 13th. Finally, ValuEngine upgraded shares of 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 assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $18.50.
NEWTEK Business Services (NASDAQ NEWT) opened at $18.49 on Wednesday. The stock has a market capitalization of $335.06, a PE ratio of 11.21, a price-to-earnings-growth ratio of 3.38 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 1-year low of $15.15 and a 1-year high of $19.40.
The business also recently announced a quarterly dividend, which was paid on Thursday, December 28th. Shareholders of record on Monday, December 18th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, December 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 9.52%.
In other NEWTEK Business Services news, Director Richard J. Salute bought 1,468 shares of the firm’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 transaction, the director now directly owns 7,734 shares in the company, valued at approximately $132,019.38. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Barry Sloane bought 3,000 shares of the firm’s stock in a transaction dated Monday, November 6th. The shares were acquired at an average cost of $16.60 per share, with a total value of $49,800.00. Following the completion of the transaction, the chief executive officer now 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. In the last quarter, insiders have bought 8,068 shares of company stock worth $137,966. 6.70% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the company. Ameriprise Financial Inc. bought a new stake in NEWTEK Business Services in the 2nd quarter worth about $171,000. Arrowstreet Capital Limited Partnership bought a new stake in NEWTEK Business Services in the 2nd quarter worth about $207,000. Commonwealth Equity Services Inc grew its position in NEWTEK Business Services by 61.2% in the 3rd quarter. Commonwealth Equity Services Inc now owns 25,670 shares of the business services provider’s stock worth $457,000 after purchasing an additional 9,744 shares in the last quarter. Stifel Financial Corp grew its position in shares of NEWTEK Business Services by 2.8% during the 2nd quarter. Stifel Financial Corp now owns 30,436 shares of the business services provider’s stock valued at $495,000 after acquiring an additional 823 shares during the period. Finally, OxFORD Asset Management LLP bought a new position in shares of NEWTEK Business Services during the 2nd quarter valued at approximately $936,000. 20.98% of the stock is owned by institutional investors.
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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