Zacks Investment Research upgraded shares of NEWTEK Business Services (NASDAQ:NEWT) from a hold rating to a buy rating in a research note released on Saturday, Zacks.com reports. They currently have $23.00 price objective 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 brokerages have also recently issued reports on NEWT. TheStreet upgraded NEWTEK Business Services from a c+ rating to a b rating in a research note on Wednesday, May 15th. ValuEngine cut NEWTEK Business Services from a buy rating to a hold rating in a research note on Thursday, July 18th. Finally, BidaskClub cut NEWTEK Business Services from a hold rating to a sell rating in a research note on Saturday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $19.17.
Shares of NEWT stock opened at $21.20 on Friday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $406.28 million, a PE ratio of 10.93 and a beta of 1.29. The company has a 50 day moving average of $21.91. NEWTEK Business Services has a 1 year low of $15.59 and a 1 year high of $24.24.
NEWTEK Business Services (NASDAQ:NEWT) last issued its quarterly earnings results on Tuesday, August 6th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. The business had revenue of $14.15 million during the quarter, compared to analysts’ expectations of $14.33 million. NEWTEK Business Services had a return on equity of 9.90% and a net margin of 68.61%. On average, equities research analysts predict that NEWTEK Business Services will post 2.55 earnings per share for the current fiscal year.
In other news, CEO Barry Sloane acquired 2,000 shares of the stock in a transaction on Monday, August 12th. The stock was acquired at an average cost of $20.94 per share, for a total transaction of $41,880.00. Following the completion of the transaction, the chief executive officer now directly owns 1,029,906 shares in the company, valued at $21,566,231.64. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have acquired 2,448 shares of company stock valued at $51,226. Company insiders own 6.70% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in NEWT. Private Advisor Group LLC raised its position in NEWTEK Business Services by 47.5% during the first quarter. Private Advisor Group LLC now owns 91,206 shares of the business services provider’s stock valued at $1,791,000 after purchasing an additional 29,366 shares in the last quarter. Millennium Management LLC acquired a new position in shares of NEWTEK Business Services during the fourth quarter worth $382,000. AE Wealth Management LLC acquired a new position in shares of NEWTEK Business Services during the second quarter worth $470,000. Van ECK Associates Corp increased its holdings in shares of NEWTEK Business Services by 11.4% during the second quarter. Van ECK Associates Corp now owns 170,305 shares of the business services provider’s stock worth $3,917,000 after buying an additional 17,429 shares in the last quarter. Finally, AXA acquired a new position in shares of NEWTEK Business Services during the second quarter worth $317,000. Institutional investors and hedge funds own 18.49% of the company’s stock.
About NEWTEK Business Services
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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