NEWTEK Business Services (NEWT) Lifted to “Hold” at BidaskClub

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

Several other brokerages have also issued reports on NEWT. Zacks Investment Research raised NEWTEK Business Services from a sell rating to a hold rating in a research report on Tuesday, November 20th. Raymond James lowered NEWTEK Business Services from a market perform rating to an underperform rating in a research report on Tuesday, August 28th. Singular Research reaffirmed a not rated rating on shares of NEWTEK Business Services in a research report on Monday, August 27th. ValuEngine lowered NEWTEK Business Services from a buy rating to a hold rating in a research report on Tuesday, October 2nd. Finally, Compass Point set a $19.00 target price on NEWTEK Business Services and gave the company a hold rating in a research report on Thursday, August 2nd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $20.67.

Shares of NEWTEK Business Services stock opened at $20.52 on Friday. NEWTEK Business Services has a 1 year low of $16.07 and a 1 year high of $24.24. The firm has a market cap of $387.79 million, a PE ratio of 11.59, a price-to-earnings-growth ratio of 3.59 and a beta of 1.34. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.30.

NEWTEK Business Services (NASDAQ:NEWT) last announced its earnings results on Wednesday, November 7th. The business services provider reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.03. NEWTEK Business Services had a return on equity of 8.51% and a net margin of 102.01%. The firm had revenue of $12.39 million during the quarter, compared to analyst estimates of $11.85 million. Equities analysts expect that NEWTEK Business Services will post 1.9 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Tuesday, December 18th will be issued a $0.50 dividend. The ex-dividend date is Monday, December 17th. This represents a $2.00 annualized dividend and a yield of 9.75%. This is a positive change from NEWTEK Business Services’s previous quarterly dividend of $0.48. NEWTEK Business Services’s dividend payout ratio (DPR) is 108.47%.

A number of institutional investors and hedge funds have recently made changes to their positions in NEWT. Millennium Management LLC purchased a new stake in NEWTEK Business Services in the 1st quarter worth about $217,000. JPMorgan Chase & Co. increased its holdings in NEWTEK Business Services by 197.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,503 shares of the business services provider’s stock worth $241,000 after acquiring an additional 7,638 shares during the last quarter. Virtu Financial LLC purchased a new stake in NEWTEK Business Services in the 3rd quarter worth about $378,000. Captrust Financial Advisors purchased a new stake in NEWTEK Business Services in the 2nd quarter worth about $389,000. Finally, GSA Capital Partners LLP purchased a new stake in NEWTEK Business Services in the 2nd quarter worth about $430,000. 21.18% of the stock is owned by 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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