DA Davidson reissued their buy rating on shares of Newtek Business Services Inc. (NASDAQ:NEWT) in a research report sent to investors on Thursday. DA Davidson currently has a $16.00 price objective on the stock.
Several other equities analysts have also issued reports on the stock. Raymond James Financial Inc. dropped 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 lowered shares of 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 assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $15.25.
Shares of Newtek Business Services (NASDAQ:NEWT) opened at 14.41 on Thursday. The firm has a market capitalization of $208.82 million, a P/E ratio of 5.85 and a beta of 0.96. The company has a 50-day moving average of $13.73 and a 200 day moving average of $12.99. Newtek Business Services has a 52 week low of $9.37 and a 52 week high of $19.14.
Newtek Business Services (NASDAQ:NEWT) last released its earnings results on Monday, August 8th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by $0.03. Equities research analysts anticipate that Newtek Business Services will post $1.63 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Tuesday, September 20th were issued a dividend of $0.43 per share. The ex-dividend date was Friday, September 16th. This represents a $1.72 annualized dividend and a dividend yield of 11.94%. This is a positive change from Newtek Business Services’s previous quarterly dividend of $0.35. Newtek Business Services’s dividend payout ratio is currently 85.15%.
Several institutional investors have recently made changes to their positions in NEWT. PARK CIRCLE Co bought a new position in shares of Newtek Business Services during the second quarter valued at $112,000. Chubb Ltd. bought a new position in shares of Newtek Business Services during the first quarter valued at $187,000. HighTower Advisors LLC raised its position in shares of Newtek Business Services by 0.8% in the second quarter. HighTower Advisors LLC now owns 18,174 shares of the company’s stock valued at $237,000 after buying an additional 142 shares in the last quarter. JPMorgan Chase & Co. increased its stake in 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, Bank of Montreal Can acquired a new stake in Newtek Business Services during the second quarter valued at approximately $376,000. Hedge funds and other institutional investors own 21.64% of the company’s stock.
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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