NEWTEK Business Services (NEWT) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of NEWTEK Business Services (NASDAQ:NEWT) from a sell rating to a hold rating in a research report released on Thursday morning.

Several other equities research analysts have also recently weighed in on NEWT. Zacks Investment Research cut NEWTEK Business Services from a buy rating to a hold rating in a report on Wednesday, July 18th. Compass Point set a $19.00 target price on NEWTEK Business Services and gave the stock a hold rating in a research report on Thursday, August 2nd. Singular Research reissued a not rated rating on shares of NEWTEK Business Services in a research report on Monday, August 27th. Raymond James lowered NEWTEK Business Services from a market perform rating to an underperform rating in a research report on Tuesday, August 28th. Finally, ValuEngine lowered NEWTEK Business Services from a buy rating to a hold rating in a research report on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. NEWTEK Business Services has a consensus rating of Hold and an average target price of $20.67.

NASDAQ NEWT traded down $0.24 on Thursday, hitting $19.34. The company’s stock had a trading volume of 103,329 shares, compared to its average volume of 219,816. NEWTEK Business Services has a 52-week low of $16.07 and a 52-week high of $24.24. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a market cap of $356.87 million, a P/E ratio of 10.93, a price-to-earnings-growth ratio of 3.37 and a beta of 1.30.

NEWTEK Business Services (NASDAQ:NEWT) last released its quarterly earnings data on Wednesday, August 1st. The business services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. NEWTEK Business Services had a return on equity of 8.86% and a net margin of 105.34%. The business had revenue of $11.40 million during the quarter, compared to analysts’ expectations of $11.47 million. Sell-side analysts predict that NEWTEK Business Services will post 1.9 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Tuesday, December 18th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, December 17th. This represents a $2.00 annualized dividend and a dividend yield of 10.34%. This is a positive change from NEWTEK Business Services’s previous quarterly dividend of $0.48. NEWTEK Business Services’s dividend payout ratio is currently 108.47%.

Several large investors have recently made changes to their positions in the company. Sumitomo Mitsui Asset Management Company LTD increased its holdings in shares of NEWTEK Business Services by 17.9% in the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 59,261 shares of the business services provider’s stock worth $1,179,000 after purchasing an additional 8,978 shares in the last quarter. Millennium Management LLC bought a new stake in shares of NEWTEK Business Services in the 1st quarter worth $217,000. Private Advisor Group LLC increased its holdings in shares of NEWTEK Business Services by 8.5% in the 2nd quarter. Private Advisor Group LLC now owns 31,300 shares of the business services provider’s stock worth $639,000 after purchasing an additional 2,450 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of NEWTEK Business Services by 3.9% in the 2nd quarter. Van ECK Associates Corp now owns 133,242 shares of the business services provider’s stock worth $2,653,000 after purchasing an additional 5,039 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in shares of NEWTEK Business Services by 55.7% in the 2nd quarter. Raymond James & Associates now owns 82,764 shares of the business services provider’s stock worth $1,648,000 after purchasing an additional 29,605 shares in the last quarter. 21.10% of the stock is owned by hedge funds and other institutional investors.

About NEWTEK Business Services

Newtek Business Services Corp. is a business development company specializing in providing financial and business services to the small-and medium-sized business market in the United States. The firm also seeks to invest in early stage businesses. The firm seeks to makes both debt and equity investments.

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