Newtek Business Services Inc. (NEWT) Rating Reiterated by DA Davidson
Newtek Business Services Inc. (NASDAQ:NEWT)‘s stock had its “buy” rating restated by DA Davidson in a research note issued on Thursday. They presently have a $16.00 price objective on the stock. DA Davidson’s price objective indicates a potential upside of 12.20% from the company’s previous close.
A number of other equities research analysts have also recently weighed in on the company. Raymond James Financial Inc. cut their price target on Newtek Business Services from $16.00 to $15.00 and set an “outperform” rating on the stock in a report on Monday, August 15th. Zacks Investment Research cut Newtek Business Services from a “buy” rating to a “hold” rating in a report on Wednesday, July 13th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $15.25.
Newtek Business Services (NASDAQ:NEWT) opened at 14.26 on Thursday. The stock has a market cap of $206.64 million, a price-to-earnings ratio of 5.78 and a beta of 0.96. The firm’s 50 day moving average price is $13.70 and its 200-day moving average price is $12.97. Newtek Business Services has a 52 week low of $9.37 and a 52 week high of $19.18.
Newtek Business Services (NASDAQ:NEWT) last released its quarterly earnings results on Monday, August 8th. The company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by $0.03. Analysts expect that Newtek Business Services will post $1.63 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Tuesday, September 20th were paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 12.06%. The ex-dividend date of this dividend was Friday, September 16th. This is a positive change from Newtek Business Services’s previous quarterly dividend of $0.35. Newtek Business Services’s dividend payout ratio (DPR) is currently 85.15%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. HighTower Advisors LLC raised its position in Newtek Business Services by 0.8% in the second quarter. HighTower Advisors LLC now owns 18,174 shares of the company’s stock worth $237,000 after buying an additional 142 shares in the last quarter. Raymond James & Associates raised its position in Newtek Business Services by 1.5% in the second quarter. Raymond James & Associates now owns 48,658 shares of the company’s stock worth $619,000 after buying an additional 737 shares in the last quarter. West Family Investments Inc. raised its position in Newtek Business Services by 2.3% in the second quarter. West Family Investments Inc. now owns 226,647 shares of the company’s stock worth $2,883,000 after buying an additional 5,100 shares in the last quarter. UBS Group AG raised its position in Newtek Business Services by 3.6% in the first quarter. UBS Group AG now owns 193,267 shares of the company’s stock worth $2,416,000 after buying an additional 6,650 shares in the last quarter. Finally, PARK CIRCLE Co bought a new position in Newtek Business Services during the second quarter worth approximately $112,000. Institutional investors and hedge funds own 21.64% of the company’s stock.
Newtek Business Services Company Profile
Newtek Business Services Corp. is a non-diversified closed-end management investment company. The Company is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business (SMB) market. Its products and services consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions.
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