NewtekOne (NASDAQ:NEWT) Price Target Raised to $15.00 at Piper Sandler

NewtekOne (NASDAQ:NEWT) had its target price hoisted by research analysts at Piper Sandler from $14.00 to $15.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the business services provider’s stock. Piper Sandler’s target price suggests a potential upside of 10.58% from the stock’s previous close.

A number of other brokerages have also recently weighed in on NEWT. Weiss Ratings raised shares of NewtekOne from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, July 13th. Raymond James Financial upgraded NewtekOne to a “hold” rating in a report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods increased their price objective on shares of NewtekOne from $12.00 to $13.00 and gave the company a “market perform” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.33.

NewtekOne Trading Down 9.3%

Shares of NASDAQ:NEWT traded down $1.39 during trading on Friday, reaching $13.56. The stock had a trading volume of 210,868 shares, compared to its average volume of 233,084. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 6.76. The stock has a market cap of $391.89 million, a P/E ratio of 5.96 and a beta of 1.27. The business has a fifty day moving average price of $14.34 and a 200-day moving average price of $13.28. NewtekOne has a fifty-two week low of $9.59 and a fifty-two week high of $15.69.

NewtekOne (NASDAQ:NEWT) last issued its quarterly earnings results on Thursday, August 6th. The business services provider reported $0.47 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.47. NewtekOne had a return on equity of 19.00% and a net margin of 16.15%.The firm had revenue of $90.05 million for the quarter, compared to analyst estimates of $75.00 million. As a group, analysts anticipate that NewtekOne will post 2.36 earnings per share for the current fiscal year.

Insider Transactions at NewtekOne

In related news, CEO Barry Sloane bought 11,000 shares of the stock in a transaction on Monday, June 15th. The shares were purchased at an average price of $14.21 per share, with a total value of $156,310.00. Following the purchase, the chief executive officer owned 1,176,914 shares in the company, valued at approximately $16,723,947.94. This represents a 0.94% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders purchased 18,567 shares of company stock valued at $261,156. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On NewtekOne

Hedge funds have recently made changes to their positions in the business. Patriot Financial Partners GP II L.P. acquired a new stake in shares of NewtekOne during the third quarter worth $26,423,000. Price T Rowe Associates Inc. MD boosted its position in shares of NewtekOne by 1,987.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 357,106 shares of the business services provider’s stock valued at $4,054,000 after purchasing an additional 340,000 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of NewtekOne by 119.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 549,239 shares of the business services provider’s stock valued at $6,234,000 after purchasing an additional 298,830 shares during the period. AQR Capital Management LLC increased its stake in NewtekOne by 111.5% in the 2nd quarter. AQR Capital Management LLC now owns 355,847 shares of the business services provider’s stock worth $4,014,000 after purchasing an additional 187,578 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of NewtekOne by 42.9% during the second quarter. Marshall Wace LLP now owns 623,540 shares of the business services provider’s stock valued at $7,034,000 after acquiring an additional 187,103 shares during the period. Institutional investors and hedge funds own 38.35% of the company’s stock.

NewtekOne Company Profile

NewtekOne, Inc (NASDAQ: NEWT) is a publicly traded business development company that specializes in providing financial and business services to small and medium‐sized enterprises across the United States. Operating under the trade name The Newtek Small Business Finance, the company offers a diversified array of lending solutions designed to meet the working capital, equipment acquisition and growth needs of its clients.

The company’s core lending offerings include Small Business Administration (SBA) 7(a) loans, equipment financing, lines of credit and commercial real estate financing.