Northpointe Capital LLC decreased its stake in Newtek Business Services Inc. (NASDAQ:NEWT) by 24.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 217,417 shares of the company’s stock after selling 69,128 shares during the period. Northpointe Capital LLC’s holdings in Newtek Business Services were worth $2,766,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in NEWT. Bank of Montreal Can acquired a new stake in Newtek Business Services during the second quarter valued at approximately $376,000. PARK CIRCLE Co acquired a new stake in Newtek Business Services during the second quarter valued at approximately $112,000. Wellington Management Group LLP boosted its stake in 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 in the last quarter. Chubb Ltd. acquired a new stake in Newtek Business Services during the first quarter valued at approximately $187,000. Finally, UBS Group AG boosted its stake in Newtek Business Services by 3.6% in the first quarter. UBS Group AG now owns 193,267 shares of the company’s stock valued at $2,416,000 after buying an additional 6,650 shares in the last quarter. 21.64% of the stock is owned by institutional investors and hedge funds.
Newtek Business Services Inc. (NASDAQ:NEWT) traded down 0.28% on Wednesday, hitting $14.21. The stock had a trading volume of 86,428 shares. Newtek Business Services Inc. has a 1-year low of $9.37 and a 1-year high of $19.04. The company has a market cap of $205.92 million, a P/E ratio of 5.76 and a beta of 0.96. The stock has a 50 day moving average price of $13.76 and a 200 day moving average price of $13.00.
Newtek Business Services (NASDAQ:NEWT) last released its earnings results on Monday, August 8th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by $0.03. On average, equities research analysts expect that Newtek Business Services Inc. will post $1.63 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Tuesday, September 20th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 12.10%. The ex-dividend date of this dividend was Friday, September 16th. This is a positive change from Newtek Business Services’s previous quarterly dividend of $0.35. Newtek Business Services’s payout ratio is 85.15%.
Several brokerages have issued reports on NEWT. DA Davidson reiterated a “buy” rating and issued a $16.00 price target on shares of Newtek Business Services in a report on Thursday, September 29th. Raymond James Financial Inc. cut their price target on Newtek Business Services from $16.00 to $15.00 and set an “outperform” rating on the stock in a report on Monday, August 15th. Finally, Zacks Investment Research lowered 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. The stock has an average rating of “Buy” and a consensus target price of $15.25.
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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