Zacks Investment Research upgraded shares of NEWTEK Business Services (NASDAQ:NEWT) from a sell rating to a hold rating in a research note issued to investors on Wednesday.
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 analysts have also issued reports on the company. BidaskClub lowered NEWTEK Business Services from a hold rating to a sell rating in a research note on Tuesday, January 23rd. ValuEngine lowered NEWTEK Business Services from a strong-buy rating to a buy rating in a research note on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $18.50.
Shares of NEWTEK Business Services (NASDAQ:NEWT) traded down $0.18 on Wednesday, reaching $17.19. The company’s stock had a trading volume of 97,500 shares, compared to its average volume of 148,743. The stock has a market capitalization of $312.37, a price-to-earnings ratio of 10.53, a P/E/G ratio of 3.02 and a beta of 1.21. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.42 and a current ratio of 0.42. NEWTEK Business Services has a 1-year low of $15.61 and a 1-year high of $19.40.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Tuesday, March 20th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 9.31%. The ex-dividend date of this dividend is Monday, March 19th.
A number of institutional investors and hedge funds have recently modified their holdings of NEWT. Two Sigma Investments LP boosted its stake in NEWTEK Business Services by 898.9% in the fourth quarter. Two Sigma Investments LP now owns 211,432 shares of the business services provider’s stock worth $3,909,000 after buying an additional 190,266 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in NEWTEK Business Services by 117.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 130,748 shares of the business services provider’s stock valued at $2,418,000 after purchasing an additional 70,744 shares during the last quarter. Two Sigma Advisers LP lifted its position in NEWTEK Business Services by 407.7% in the fourth quarter. Two Sigma Advisers LP now owns 76,461 shares of the business services provider’s stock valued at $1,414,000 after purchasing an additional 61,400 shares during the last quarter. Bramshill Investments LLC bought a new stake in NEWTEK Business Services in the fourth quarter valued at approximately $1,034,000. Finally, Stifel Financial Corp lifted its position in NEWTEK Business Services by 55.4% in the third quarter. Stifel Financial Corp now owns 47,302 shares of the business services provider’s stock valued at $844,000 after purchasing an additional 16,866 shares during the last quarter. 19.41% 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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