Newtek Business Services Inc. (NEWT) Rating Reiterated by DA Davidson
Newtek Business Services Inc. (NASDAQ:NEWT)‘s stock had its “buy” rating restated by analysts at DA Davidson in a report issued on Thursday. They currently have a $16.00 price objective on the stock. DA Davidson’s price target would indicate a potential upside of 12.20% from the company’s previous close.
Other analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Newtek Business Services from a “buy” rating to a “hold” rating in a research note on Wednesday, July 13th. Raymond James Financial Inc. lowered their target price on shares of Newtek Business Services from $16.00 to $15.00 and set an “outperform” rating on the stock in a research note on Monday, August 15th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $15.25.
Newtek Business Services (NASDAQ:NEWT) opened at 14.26 on Thursday. Newtek Business Services has a 1-year low of $9.37 and a 1-year high of $19.18. The company’s 50 day moving average is $13.70 and its 200-day moving average is $12.97. The firm has a market cap of $206.64 million, a price-to-earnings ratio of 5.78 and a beta of 0.96.
Newtek Business Services (NASDAQ:NEWT) last posted its earnings results on Monday, August 8th. The company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by $0.03. On average, analysts predict that Newtek Business Services will post $1.63 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Tuesday, September 20th were given a $0.43 dividend. The ex-dividend date was Friday, September 16th. This is a positive change from Newtek Business Services’s previous quarterly dividend of $0.35. This represents a $1.72 dividend on an annualized basis and a yield of 12.06%. Newtek Business Services’s payout ratio is 85.15%.
A number of institutional investors have recently added to or reduced their stakes in NEWT. Wellington Management Group LLP raised its position in Newtek Business Services by 28.7% in the first quarter. Wellington Management Group LLP now owns 732,269 shares of the company’s stock worth $9,153,000 after buying an additional 163,486 shares during the period. Van ECK Associates Corp purchased a new position in Newtek Business Services during the second quarter worth approximately $690,000. Bank of Montreal Can purchased a new position in Newtek Business Services during the second quarter worth approximately $376,000. JPMorgan Chase & Co. raised its position in Newtek Business Services by 126.3% in the second quarter. JPMorgan Chase & Co. now owns 28,794 shares of the company’s stock worth $366,000 after buying an additional 16,070 shares during the period. Finally, Chubb Ltd. purchased a new position in Newtek Business Services during the first quarter worth approximately $187,000. Hedge funds and other institutional investors own 21.64% of the company’s stock.
About Newtek Business Services
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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