NEWTEK Business Services (NASDAQ:NEWT) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday.
A number of other brokerages have also commented on NEWT. Zacks Investment Research upgraded NEWTEK Business Services from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Wednesday, November 8th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $18.00 target price on shares of NEWTEK Business Services in a research note on Friday, October 13th. Finally, ValuEngine lowered NEWTEK Business Services from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. NEWTEK Business Services presently has a consensus rating of “Hold” and a consensus price target of $18.50.
Shares of NEWTEK Business Services (NASDAQ:NEWT) opened at $18.13 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.42 and a quick ratio of 0.42. The firm has a market capitalization of $326.60, a P/E ratio of 10.99, a PEG ratio of 3.17 and a beta of 1.42. NEWTEK Business Services has a 12-month low of $15.15 and a 12-month high of $19.40.
Institutional investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. acquired a new position in NEWTEK Business Services during the second quarter worth $171,000. Arrowstreet Capital Limited Partnership acquired a new position in NEWTEK Business Services during the second quarter worth $207,000. Commonwealth Equity Services Inc raised its stake in NEWTEK Business Services by 61.2% during the third quarter. Commonwealth Equity Services Inc now owns 25,670 shares of the business services provider’s stock worth $457,000 after acquiring an additional 9,744 shares in the last quarter. Stifel Financial Corp raised its stake in NEWTEK Business Services by 2.8% during the second quarter. Stifel Financial Corp now owns 30,436 shares of the business services provider’s stock worth $495,000 after acquiring an additional 823 shares in the last quarter. Finally, OxFORD Asset Management LLP acquired a new position in NEWTEK Business Services during the second quarter worth $936,000. Hedge funds and other institutional investors own 20.98% of the company’s stock.
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About NEWTEK Business Services
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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