Keefe, Bruyette & Woods Downgrades Newtek Business Services Inc. (NEWT) to Market Perform
Newtek Business Services Inc. (NASDAQ:NEWT) was downgraded by equities researchers at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Tuesday. They presently have a $16.00 price objective on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 4.44% from the company’s previous close.
NEWT has been the topic of several other reports. DA Davidson restated a “buy” rating and set a $16.00 price objective on shares of Newtek Business Services in a report on Thursday, September 29th. JMP Securities restated a “hold” rating on shares of Newtek Business Services in a report on Friday, November 18th. Raymond James Financial Inc. reduced their price objective 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. Finally, Zacks Investment Research downgraded Newtek Business Services from a “hold” rating to a “sell” rating in a report on Tuesday, October 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $15.25.
Newtek Business Services (NASDAQ:NEWT) opened at 15.32 on Tuesday. The stock has a 50 day moving average price of $14.63 and a 200 day moving average price of $13.57. Newtek Business Services has a 1-year low of $9.37 and a 1-year high of $15.78. The stock has a market cap of $223.75 million, a PE ratio of 5.77 and a beta of 1.36.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be given 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 yield of 10.44%. Newtek Business Services’s dividend payout ratio (DPR) is presently 60.35%.
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A number of hedge funds have recently made changes to their positions in NEWT. HighTower Advisors LLC boosted its stake in shares of Newtek Business Services by 0.8% in the second quarter. HighTower Advisors LLC now owns 18,174 shares of the company’s stock valued at $237,000 after buying an additional 142 shares during the period. Raymond James & Associates boosted its stake in shares of Newtek Business Services by 1.5% in the second quarter. Raymond James & Associates now owns 48,658 shares of the company’s stock valued at $619,000 after buying an additional 737 shares during the period. West Family Investments Inc. boosted its stake in shares of Newtek Business Services by 2.3% in the second quarter. West Family Investments Inc. now owns 226,647 shares of the company’s stock valued at $2,883,000 after buying an additional 5,100 shares during the period. UBS Group AG boosted its stake in shares of Newtek Business Services by 3.4% in the third quarter. UBS Group AG now owns 204,251 shares of the company’s stock valued at $2,913,000 after buying an additional 6,705 shares during the period. Finally, PARK CIRCLE Co bought a new stake in shares of Newtek Business Services during the second quarter valued at about $112,000. 20.42% of the stock is currently owned by institutional investors and hedge funds.
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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