NEWTEK Business Services (NASDAQ:NEWT) Rating Lowered to Buy at BidaskClub

NEWTEK Business Services (NASDAQ:NEWT) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday, January 5th.

Other equities analysts have also issued research reports about the company. Zacks Investment Research raised NEWTEK Business Services from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Wednesday, November 8th. ValuEngine lowered NEWTEK Business Services from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 31st. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $18.00 price target on shares of NEWTEK Business Services in a research note on Friday, October 13th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $18.50.

Shares of NEWTEK Business Services (NASDAQ NEWT) traded down $0.29 during trading hours on Friday, hitting $17.09. The stock had a trading volume of 318,802 shares, compared to its average volume of 184,538. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.42 and a quick ratio of 0.42. The firm has a market capitalization of $307.69, a price-to-earnings ratio of 10.36, a PEG ratio of 3.09 and a beta of 1.42. NEWTEK Business Services has a 12-month low of $15.25 and a 12-month high of $19.40.

NEWTEK Business Services (NASDAQ:NEWT) last issued its quarterly earnings results on Wednesday, November 1st. The business services provider reported ($0.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.55). NEWTEK Business Services had a return on equity of 7.97% and a net margin of 78.03%. analysts forecast that NEWTEK Business Services will post 1.83 earnings per share for the current year.

In related news, CEO Barry Sloane purchased 3,000 shares of the business’s stock in a transaction on Monday, November 6th. The shares were bought at an average price of $16.60 per share, for a total transaction of $49,800.00. Following the acquisition, the chief executive officer now directly owns 1,006,113 shares in the company, valued at $16,701,475.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard J. Salute purchased 1,468 shares of the business’s stock in a transaction on Friday, November 10th. The shares were bought at an average price of $17.07 per share, for a total transaction of $25,058.76. Following the acquisition, the director now owns 7,734 shares in the company, valued at $132,019.38. The disclosure for this purchase can be found here. Insiders purchased a total of 8,068 shares of company stock worth $137,966 in the last quarter. Company insiders own 6.70% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Stifel Financial Corp boosted its position in shares of NEWTEK Business Services by 2.8% during the 2nd quarter. Stifel Financial Corp now owns 30,436 shares of the business services provider’s stock worth $495,000 after acquiring an additional 823 shares in the last quarter. Bard Associates Inc. boosted its position in shares of NEWTEK Business Services by 0.6% during the 2nd quarter. Bard Associates Inc. now owns 174,956 shares of the business services provider’s stock worth $2,850,000 after acquiring an additional 991 shares in the last quarter. Commonwealth Equity Services Inc boosted its position in shares of NEWTEK Business Services by 61.2% during the 3rd quarter. Commonwealth Equity Services Inc now owns 25,670 shares of the business services provider’s stock worth $457,000 after acquiring an additional 9,744 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of NEWTEK Business Services by 13.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 85,686 shares of the business services provider’s stock valued at $1,396,000 after purchasing an additional 10,185 shares during the period. Finally, Ameriprise Financial Inc. acquired a new stake in shares of NEWTEK Business Services in the 2nd quarter valued at about $171,000. 19.68% of the stock is owned by institutional investors and hedge funds.

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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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