DA Davidson reissued their buy rating on shares of Newtek Business Services Inc. (NASDAQ:NEWT) in a research report sent to investors on Thursday morning. They currently have a $16.00 price objective on the stock.
A number of other equities analysts have also recently issued reports on the stock. Raymond James Financial Inc. cut their target price on shares of Newtek Business Services from $16.00 to $15.00 and set an outperform rating on the stock in a report on Monday, August 15th. Zacks Investment Research cut Newtek Business Services from a buy rating to a hold rating in a report on Wednesday, July 13th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Newtek Business Services currently has an average rating of Buy and a consensus target price of $15.25.
Newtek Business Services (NASDAQ:NEWT) traded down 0.85% during mid-day trading on Thursday, hitting $13.99. The stock had a trading volume of 64,620 shares. The firm has a market cap of $202.73 million, a PE ratio of 5.68 and a beta of 0.83. The company has a 50-day moving average of $13.68 and a 200-day moving average of $12.96. Newtek Business Services has a 12-month low of $9.37 and a 12-month high of $19.18.
Newtek Business Services (NASDAQ:NEWT) last issued its earnings results on Monday, August 8th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by $0.03. Analysts expect that Newtek Business Services will post $1.63 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Tuesday, September 20th will be issued a dividend of $0.43 per share. This is a boost from Newtek Business Services’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, September 16th. This represents a $1.72 annualized dividend and a yield of 12.19%. Newtek Business Services’s payout ratio is presently 85.15%.
Large investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its stake in shares of Newtek Business Services by 28.7% in the first quarter. Wellington Management Group LLP now owns 732,269 shares of the company’s stock valued at $9,153,000 after buying an additional 163,486 shares during the last quarter. Van ECK Associates Corp purchased a new stake in shares of Newtek Business Services during the second quarter valued at approximately $690,000. Bank of Montreal Can purchased a new stake in shares of Newtek Business Services during the second quarter valued at approximately $376,000. JPMorgan Chase & Co. boosted its stake in shares of Newtek Business Services by 126.3% in the second quarter. JPMorgan Chase & Co. now owns 28,794 shares of the company’s stock valued at $366,000 after buying an additional 16,070 shares during the last quarter. Finally, Chubb Ltd. purchased a new stake in shares of Newtek Business Services during the first quarter valued at approximately $187,000. 21.64% of the stock is currently owned by hedge funds and other institutional investors.
About Newtek Business Services
Newtek Business Services Corp. is a non-diversified closed-end management investment company. The Company is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business (SMB) market. Its products and services consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions.
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