Zacks Investment Research upgraded shares of Newtek Business Services Corp. (NASDAQ:NEWT) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $19.00 price target on the business services provider’s stock.
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. “
NEWT has been the subject of a number of other reports. Compass Point upgraded Newtek Business Services Corp. from a neutral rating to a buy rating in a research note on Thursday, May 4th. Keefe, Bruyette & Woods restated a mkt perform rating and issued a $18.00 target price on shares of Newtek Business Services Corp. in a research note on Tuesday, May 30th. Finally, BidaskClub upgraded Newtek Business Services Corp. from a hold rating to a buy rating in a research note on Monday, July 24th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $17.00.
Shares of Newtek Business Services Corp. (NEWT) traded down 0.93% during mid-day trading on Tuesday, hitting $17.04. 71,978 shares of the company traded hands. The firm has a market cap of $294.66 million, a price-to-earnings ratio of 9.27 and a beta of 1.39. Newtek Business Services Corp. has a 52-week low of $12.97 and a 52-week high of $18.00. The firm has a 50-day moving average price of $16.68 and a 200 day moving average price of $16.55.
Newtek Business Services Corp. (NASDAQ:NEWT) last announced its earnings results on Wednesday, August 2nd. The business services provider reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. Newtek Business Services Corp. had a return on equity of 8.24% and a net margin of 81.35%. The company had revenue of $9.90 million during the quarter, compared to analyst estimates of $9.19 million. Equities research analysts anticipate that Newtek Business Services Corp. will post $1.79 EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in NEWT. American Asset Management Inc. boosted its stake in shares of Newtek Business Services Corp. by 0.3% in the first quarter. American Asset Management Inc. now owns 14,294 shares of the business services provider’s stock worth $243,000 after buying an additional 44 shares during the last quarter. Chubb Ltd boosted its stake in shares of Newtek Business Services Corp. by 1.9% in the second quarter. Chubb Ltd now owns 15,772 shares of the business services provider’s stock worth $257,000 after buying an additional 291 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of Newtek Business Services Corp. by 5.8% in the first quarter. HighTower Advisors LLC now owns 17,902 shares of the business services provider’s stock worth $300,000 after buying an additional 985 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of Newtek Business Services Corp. by 8.7% in the first quarter. Stifel Financial Corp now owns 29,613 shares of the business services provider’s stock worth $505,000 after buying an additional 2,373 shares during the last quarter. Finally, Fusion Family Wealth LLC boosted its stake in shares of Newtek Business Services Corp. by 56.6% in the second quarter. Fusion Family Wealth LLC now owns 6,935 shares of the business services provider’s stock worth $113,000 after buying an additional 2,506 shares during the last quarter. Hedge funds and other institutional investors own 24.64% of the company’s stock.
About Newtek Business Services Corp.
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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