Newtek Business Services Corp. (NASDAQ:NEWT) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Monday, July 24th.
Several other brokerages also recently weighed in on NEWT. Compass Point downgraded Newtek Business Services Corp. from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 24th. Zacks Investment Research cut shares of Newtek Business Services Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, Keefe, Bruyette & Woods reaffirmed a “mkt perform” rating and set a $18.00 price target on shares of Newtek Business Services Corp. in a report on Tuesday, May 30th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $17.00.
Newtek Business Services Corp. (NEWT) traded up 3.11% during trading on Monday, hitting $16.91. The stock had a trading volume of 98,106 shares. The firm has a market cap of $294.89 million, a P/E ratio of 9.12 and a beta of 1.39. The stock’s 50 day moving average price is $16.73 and its 200 day moving average price is $16.60. Newtek Business Services Corp. has a 12-month low of $12.97 and a 12-month high of $18.00.
Newtek Business Services Corp. (NASDAQ:NEWT) last announced its quarterly earnings results on Wednesday, August 2nd. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.01. Newtek Business Services Corp. had a return on equity of 7.97% and a net margin of 81.35%. The firm had revenue of $9.90 million during the quarter, compared to the consensus estimate of $9.19 million. On average, analysts anticipate that Newtek Business Services Corp. will post $1.77 EPS for the current fiscal year.
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Several large investors have recently modified their holdings of the stock. Fusion Family Wealth LLC raised its stake in 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 valued at $113,000 after buying an additional 2,506 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Newtek Business Services Corp. during the second quarter valued at approximately $171,000. Trexquant Investment LP bought a new position in Newtek Business Services Corp. during the first quarter valued at about $201,000. KCG Holdings Inc. bought a new position in Newtek Business Services Corp. during the first quarter valued at about $227,000. Finally, American Asset Management Inc. increased its position in 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 valued at $243,000 after buying an additional 44 shares during the last quarter. 23.96% of the stock is owned by institutional investors.
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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