Brokerages predict that Newtek Business Services Corp. (NASDAQ:NEWT) will post sales of $10.11 million for the current quarter, according to Zacks. Two analysts have made estimates for Newtek Business Services’ earnings, with estimates ranging from $9.97 million to $10.24 million. Newtek Business Services posted sales of $9.10 million during the same quarter last year, which would indicate a positive year over year growth rate of 11.1%. The company is expected to report its next earnings report on Monday, March 5th.
On average, analysts expect that Newtek Business Services will report full year sales of $10.11 million for the current financial year, with estimates ranging from $38.47 million to $38.74 million. For the next financial year, analysts expect that the business will report sales of $44.90 million per share, with estimates ranging from $44.11 million to $45.69 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that cover Newtek Business Services.
NEWT has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of Newtek Business Services from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Tuesday, August 8th. ValuEngine upgraded shares of Newtek Business Services from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $18.00 price objective on shares of Newtek Business Services in a research report on Friday, October 13th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $18.50.
In related news, Director Richard J. Salute bought 1,468 shares of the firm’s stock in a transaction on Friday, November 10th. The shares were purchased at an average price of $17.07 per share, with a total value of $25,058.76. Following the completion of the purchase, the director now owns 7,734 shares in the company, valued at approximately $132,019.38. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Barry Sloane bought 3,000 shares of the firm’s stock in a transaction on Monday, November 6th. The shares were bought at an average cost of $16.60 per share, for a total transaction of $49,800.00. Following the purchase, the chief executive officer now owns 1,006,113 shares of the company’s stock, valued at approximately $16,701,475.80. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 6,568 shares of company stock worth $110,106. Insiders own 6.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of NEWT. Fusion Family Wealth LLC grew its stake in shares of Newtek Business Services 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 purchasing an additional 2,506 shares during the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Newtek Business Services in the second quarter worth $171,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Newtek Business Services in the second quarter worth $207,000. American Asset Management Inc. grew its stake in shares of Newtek Business Services by 0.4% in the second quarter. American Asset Management Inc. now owns 14,345 shares of the business services provider’s stock worth $234,000 after purchasing an additional 51 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Newtek Business Services by 288.2% in the first quarter. JPMorgan Chase & Co. now owns 15,004 shares of the business services provider’s stock worth $255,000 after purchasing an additional 11,139 shares during the last quarter. 20.98% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Newtek Business Services (NEWT) traded down $0.06 on Friday, reaching $17.60. 60,175 shares of the company’s stock traded hands, compared to its average volume of 159,511. Newtek Business Services has a 1-year low of $15.15 and a 1-year high of $18.16. The firm has a market capitalization of $317.42, a P/E ratio of 14.69, a P/E/G ratio of 3.22 and a beta of 1.43. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.26.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Monday, December 18th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, December 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 10.00%. Newtek Business Services’s payout ratio is presently 106.67%.
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About Newtek Business Services
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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