NEWTEK Business Services (NEWT) Stock Rating Lowered by Raymond James

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NEWTEK Business Services (NASDAQ:NEWT) was downgraded by equities researchers at Raymond James from a “market perform” rating to an “underperform” rating in a note issued to investors on Tuesday, The Fly reports.

Other equities research analysts also recently issued research reports about the company. Zacks Investment Research raised NEWTEK Business Services from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Thursday, June 28th. BidaskClub downgraded NEWTEK Business Services from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 16th. Finally, Singular Research reaffirmed a “not rated” rating on shares of NEWTEK Business Services in a research report on Monday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. NEWTEK Business Services currently has a consensus rating of “Buy” and a consensus price target of $20.67.

NEWTEK Business Services stock opened at $23.40 on Tuesday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.28. The firm has a market cap of $440.12 million, a price-to-earnings ratio of 13.22, a P/E/G ratio of 4.11 and a beta of 1.15. NEWTEK Business Services has a fifty-two week low of $16.01 and a fifty-two week high of $24.24.

NEWTEK Business Services (NASDAQ:NEWT) last released its quarterly earnings results on Wednesday, August 1st. The business services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. The company had revenue of $11.40 million during the quarter, compared to the consensus estimate of $11.47 million. NEWTEK Business Services had a return on equity of 8.86% and a net margin of 105.34%. research analysts anticipate that NEWTEK Business Services will post 1.9 EPS for the current year.

Large investors have recently made changes to their positions in the company. IFP Advisors Inc grew its position in shares of NEWTEK Business Services by 558.8% in the first quarter. IFP Advisors Inc now owns 7,280 shares of the business services provider’s stock valued at $132,000 after purchasing an additional 6,175 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of NEWTEK Business Services in the first quarter valued at $182,000. Millennium Management LLC purchased a new stake in shares of NEWTEK Business Services in the first quarter valued at $217,000. LPL Financial LLC grew its position in shares of NEWTEK Business Services by 69.0% in the first quarter. LPL Financial LLC now owns 19,157 shares of the business services provider’s stock valued at $346,000 after purchasing an additional 7,820 shares during the period. Finally, Captrust Financial Advisors purchased a new stake in shares of NEWTEK Business Services in the second quarter valued at $389,000. 21.16% of the stock is owned by institutional investors and hedge funds.

NEWTEK Business Services Company Profile

Newtek Business Services Corp. is a business development company specializing in providing financial and business services to the small-and medium-sized business market in the United States. The firm also seeks to invest in early stage businesses. The firm seeks to makes both debt and equity investments.

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