Newtek Business Services Corp. (NEWT) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Newtek Business Services Corp. (NASDAQ:NEWT) from a hold rating to a buy rating in a research report report published on Wednesday. They currently have $19.00 price target on the business services provider’s stock.
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. “
Several other equities analysts also recently weighed in on NEWT. BidaskClub raised Newtek Business Services Corp. from a hold rating to a buy rating in a research report on Monday, July 24th. ValuEngine raised Newtek Business Services Corp. from a buy rating to a strong-buy rating in a research report on Friday, September 1st. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $18.00 target price on shares of Newtek Business Services Corp. in a research report on Friday, October 13th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $18.50.
Newtek Business Services Corp. (NASDAQ:NEWT) traded up $0.12 during midday trading on Wednesday, reaching $16.93. The company’s stock had a trading volume of 64,806 shares, compared to its average volume of 173,418. The firm has a market cap of $304.81, a P/E ratio of 14.04 and a beta of 1.44. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.44 and a current ratio of 0.44. Newtek Business Services Corp. has a 52 week low of $14.00 and a 52 week high of $18.16.
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In related news, CEO Barry Sloane acquired 3,000 shares of the firm’s stock in a transaction dated Monday, November 6th. The stock was acquired at an average price of $16.60 per share, for a total transaction of $49,800.00. Following the purchase, the chief executive officer now owns 1,006,113 shares of the company’s stock, valued at approximately $16,701,475.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders bought a total of 4,500 shares of company stock valued at $74,565 in the last quarter. Company insiders own 6.70% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. American Asset Management Inc. lifted its stake in Newtek Business Services Corp. by 0.4% during the second quarter. American Asset Management Inc. now owns 14,345 shares of the business services provider’s stock worth $234,000 after purchasing an additional 51 shares during the last quarter. Chubb Ltd lifted its stake in Newtek Business Services Corp. by 1.9% during the second quarter. Chubb Ltd now owns 15,772 shares of the business services provider’s stock worth $257,000 after purchasing an additional 291 shares during the last quarter. Stifel Financial Corp lifted its stake in Newtek Business Services Corp. by 2.8% during the second quarter. Stifel Financial Corp now owns 30,436 shares of the business services provider’s stock worth $495,000 after purchasing an additional 823 shares during the last quarter. HighTower Advisors LLC lifted its stake in Newtek Business Services Corp. by 5.8% during the first quarter. HighTower Advisors LLC now owns 17,902 shares of the business services provider’s stock worth $300,000 after purchasing an additional 985 shares during the last quarter. Finally, Bard Associates Inc. lifted its stake in Newtek Business Services Corp. by 0.6% during the second quarter. Bard Associates Inc. now owns 174,956 shares of the business services provider’s stock worth $2,850,000 after purchasing an additional 991 shares during the last quarter. Hedge funds and other institutional investors own 22.48% of the company’s stock.
About Newtek Business Services Corp.
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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