Private Advisor Group LLC increased its holdings in shares of NEWTEK Business Services Corp (NASDAQ:NEWT) by 47.5% in the first quarter, HoldingsChannel reports. The firm owned 91,206 shares of the business services provider’s stock after acquiring an additional 29,366 shares during the period. Private Advisor Group LLC’s holdings in NEWTEK Business Services were worth $1,791,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of NEWT. Capital Financial Planning LLC acquired a new stake in NEWTEK Business Services in the fourth quarter valued at approximately $42,000. Advisory Services Network LLC grew its position in NEWTEK Business Services by 250.3% in the fourth quarter. Advisory Services Network LLC now owns 10,530 shares of the business services provider’s stock valued at $184,000 after acquiring an additional 7,524 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in NEWTEK Business Services by 8.0% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 10,712 shares of the business services provider’s stock valued at $187,000 after acquiring an additional 797 shares in the last quarter. Aptus Capital Advisors LLC acquired a new stake in NEWTEK Business Services in the fourth quarter valued at approximately $320,000. Finally, Bank of America Corp DE grew its position in NEWTEK Business Services by 111.2% in the fourth quarter. Bank of America Corp DE now owns 18,312 shares of the business services provider’s stock valued at $320,000 after acquiring an additional 9,640 shares in the last quarter. 18.51% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO Barry Sloane purchased 4,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was acquired at an average price of $19.70 per share, with a total value of $78,800.00. Following the completion of the transaction, the chief executive officer now owns 1,023,708 shares of the company’s stock, valued at $20,167,047.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have bought 5,032 shares of company stock valued at $100,155 in the last three months. Corporate insiders own 6.30% of the company’s stock.
NEWTEK Business Services (NASDAQ:NEWT) last released its quarterly earnings results on Wednesday, May 1st. The business services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. NEWTEK Business Services had a net margin of 70.19% and a return on equity of 8.99%. The business had revenue of $13.76 million during the quarter. On average, equities analysts anticipate that NEWTEK Business Services Corp will post 2.25 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 8.03%. This is an increase from NEWTEK Business Services’s previous quarterly dividend of $0.40. NEWTEK Business Services’s dividend payout ratio (DPR) is presently 82.47%.
Several analysts have issued reports on NEWT shares. TheStreet downgraded shares of NEWTEK Business Services from a “b” rating to a “c+” rating in a research report on Monday, March 11th. ValuEngine raised shares of NEWTEK Business Services from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. BidaskClub raised shares of NEWTEK Business Services from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 9th. Finally, Zacks Investment Research raised shares of NEWTEK Business Services from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Thursday, April 4th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. NEWTEK Business Services presently has a consensus rating of “Buy” and a consensus target price of $19.17.
NEWTEK Business Services Company Profile
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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