Newtek Business Services’ (NEWT) “Hold” Rating Reiterated at JMP Securities
Newtek Business Services Inc. (NASDAQ:NEWT)‘s stock had its “hold” rating reaffirmed by analysts at JMP Securities in a research report issued to clients and investors on Friday.
Several other equities analysts have also issued reports on NEWT. Raymond James Financial Inc. cut their price target on shares of 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 lowered shares of Newtek Business Services from a “hold” rating to a “sell” rating in a report on Tuesday, October 18th. Finally, DA Davidson reiterated a “buy” rating and set a $16.00 price objective on shares of Newtek Business Services in a research note on Thursday, September 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $15.25.
Shares of Newtek Business Services (NASDAQ:NEWT) traded up 0.80% during midday trading on Friday, reaching $15.09. The company’s stock had a trading volume of 103,313 shares. The firm has a market capitalization of $220.21 million, a P/E ratio of 5.68 and a beta of 1.36. The stock has a 50-day moving average of $14.40 and a 200 day moving average of $13.44. Newtek Business Services has a 12-month low of $9.37 and a 12-month high of $15.37.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Thursday, December 15th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $1.60 annualized dividend and a dividend yield of 10.60%. Newtek Business Services’s payout ratio is currently 60.35%.
A number of hedge funds and other institutional investors have recently bought and sold shares of NEWT. Bank of Montreal Can acquired a new position in Newtek Business Services during the second quarter worth about $376,000. JPMorgan Chase & Co. increased its position in Newtek Business Services by 126.3% in the second quarter. JPMorgan Chase & Co. now owns 28,794 shares of the company’s stock worth $366,000 after buying an additional 16,070 shares in the last quarter. PARK CIRCLE Co acquired a new position in Newtek Business Services during the second quarter worth about $112,000. Wellington Management Group LLP increased its position in Newtek Business Services by 28.7% in the first quarter. Wellington Management Group LLP now owns 732,269 shares of the company’s stock worth $9,153,000 after buying an additional 163,486 shares in the last quarter. Finally, UBS Group AG increased its position in Newtek Business Services by 3.4% in the third quarter. UBS Group AG now owns 204,251 shares of the company’s stock worth $2,913,000 after buying an additional 6,705 shares in the last quarter. Institutional investors own 21.72% of the company’s stock.
About Newtek Business Services
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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