Newtek Business Services Corp. (NASDAQ:NEWT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $19.00 target price on the business services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.08% from the stock’s current price.

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. “

Other equities analysts also recently issued reports about the company. Compass Point downgraded Newtek Business Services Corp. from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 24th. BidaskClub upgraded Newtek Business Services Corp. from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Finally, Keefe, Bruyette & Woods restated a “mkt perform” rating and issued a $18.00 target price on shares of Newtek Business Services Corp. in a research note on Tuesday, May 30th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $17.00.

Shares of Newtek Business Services Corp. (NASDAQ:NEWT) opened at 17.26 on Tuesday. The firm’s 50-day moving average price is $16.63 and its 200-day moving average price is $16.54. The firm has a market capitalization of $298.46 million, a PE ratio of 9.39 and a beta of 1.39. Newtek Business Services Corp. has a 52-week low of $12.97 and a 52-week high of $18.00.

Newtek Business Services Corp. (NASDAQ:NEWT) last issued its earnings results on Wednesday, August 2nd. The business services provider reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. Newtek Business Services Corp. had a return on equity of 8.24% and a net margin of 81.35%. The company had revenue of $9.90 million during the quarter, compared to the consensus estimate of $9.19 million. On average, equities analysts predict that Newtek Business Services Corp. will post $1.79 earnings per share for the current fiscal year.

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A number of institutional investors have recently modified their holdings of the stock. American Asset Management Inc. increased its position in shares of Newtek Business Services Corp. by 0.3% in the first quarter. American Asset Management Inc. now owns 14,294 shares of the business services provider’s stock worth $243,000 after buying an additional 44 shares during the last quarter. Chubb Ltd increased its position in shares of Newtek Business Services Corp. by 1.9% in the second quarter. Chubb Ltd now owns 15,772 shares of the business services provider’s stock worth $257,000 after buying an additional 291 shares during the last quarter. HighTower Advisors LLC increased its position in shares of Newtek Business Services Corp. by 5.8% in the first quarter. HighTower Advisors LLC now owns 17,902 shares of the business services provider’s stock worth $300,000 after buying an additional 985 shares during the last quarter. Stifel Financial Corp increased its position in shares of Newtek Business Services Corp. by 8.7% in the first quarter. Stifel Financial Corp now owns 29,613 shares of the business services provider’s stock worth $505,000 after buying an additional 2,373 shares during the last quarter. Finally, Fusion Family Wealth LLC increased its position in shares of Newtek Business Services Corp. by 56.6% in the second quarter. Fusion Family Wealth LLC now owns 6,935 shares of the business services provider’s stock worth $113,000 after buying an additional 2,506 shares during the last quarter. Institutional investors own 24.64% of the company’s stock.

Newtek Business Services Corp. Company Profile

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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