Newtek Business Services Corp. (NEWT) Expected to Announce Quarterly Sales of $9.89 Million

Wall Street analysts forecast that Newtek Business Services Corp. (NASDAQ:NEWT) will report $9.89 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Newtek Business Services Corp.’s earnings, with the highest sales estimate coming in at $10.08 million and the lowest estimate coming in at $9.70 million. Newtek Business Services Corp. posted sales of $7.85 million during the same quarter last year, which would indicate a positive year over year growth rate of 26%. The firm is expected to report its next quarterly earnings results on Wednesday, November 1st.

According to Zacks, analysts expect that Newtek Business Services Corp. will report full-year sales of $9.89 million for the current year, with estimates ranging from $39.20 million to $39.82 million. For the next financial year, analysts expect that the firm will report sales of $46.27 million per share, with estimates ranging from $45.50 million to $47.04 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Newtek Business Services Corp..

Newtek Business Services Corp. (NASDAQ:NEWT) last posted its quarterly earnings results on Wednesday, August 2nd. The business services provider reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.01. Newtek Business Services Corp. had a net margin of 81.35% and a return on equity of 7.97%. The company had revenue of $9.90 million for the quarter, compared to the consensus estimate of $9.19 million.

Several equities research analysts have issued reports on NEWT shares. Zacks Investment Research lowered shares of Newtek Business Services Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 19th. Compass Point upgraded shares of Newtek Business Services Corp. from a “neutral” rating to a “buy” rating in a research report on Thursday, May 4th. Keefe, Bruyette & Woods reiterated a “mkt perform” rating and set a $18.00 price target on shares of Newtek Business Services Corp. in a research report on Tuesday, May 30th. Finally, BidaskClub upgraded shares of Newtek Business Services Corp. from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $17.00.

Large investors have recently added to or reduced their stakes in the stock. Opus Capital Group LLC increased its stake in shares of Newtek Business Services Corp. by 2,611.9% in the first quarter. Opus Capital Group LLC now owns 430,838 shares of the business services provider’s stock valued at $7,315,000 after buying an additional 414,951 shares in the last quarter. UBS Group AG boosted its position in Newtek Business Services Corp. by 56.7% in the first quarter. UBS Group AG now owns 404,163 shares of the business services provider’s stock valued at $6,863,000 after buying an additional 146,276 shares during the last quarter. Mckinley Capital Management LLC Delaware purchased a new position in Newtek Business Services Corp. during the first quarter valued at $2,314,000. LSV Asset Management boosted its position in Newtek Business Services Corp. by 66.4% in the first quarter. LSV Asset Management now owns 287,954 shares of the business services provider’s stock valued at $4,889,000 after buying an additional 114,906 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Newtek Business Services Corp. during the first quarter valued at $1,805,000. 24.64% of the stock is owned by institutional investors.

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Newtek Business Services Corp. (NASDAQ:NEWT) opened at 16.45 on Friday. The stock has a 50 day moving average of $16.74 and a 200-day moving average of $16.59. Newtek Business Services Corp. has a 52-week low of $12.97 and a 52-week high of $18.00. The company has a market capitalization of $286.74 million, a P/E ratio of 8.87 and a beta of 1.39.

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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Earnings History and Estimates for Newtek Business Services Corp. (NASDAQ:NEWT)

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