NEWTEK Business Services (NASDAQ:NEWT) Trading Up 30.5%

NEWTEK Business Services Corp (NASDAQ:NEWT)’s share price was up 30.5% during mid-day trading on Wednesday . The company traded as high as $11.79 and last traded at $14.98, approximately 33,759 shares were traded during trading. A decline of 93% from the average daily volume of 505,530 shares. The stock had previously closed at $11.48.

A number of research firms recently weighed in on NEWT. Zacks Investment Research upgraded NEWTEK Business Services from a “sell” rating to a “hold” rating in a research note on Friday, March 6th. TheStreet lowered NEWTEK Business Services from a “b” rating to a “c+” rating in a report on Monday, December 2nd. ValuEngine lowered NEWTEK Business Services from a “sell” rating to a “strong sell” rating in a report on Thursday. Raymond James raised NEWTEK Business Services from an “underperform” rating to a “market perform” rating in a report on Monday, March 16th. Finally, BidaskClub lowered NEWTEK Business Services from a “sell” rating to a “strong sell” rating in a report on Saturday, March 14th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. NEWTEK Business Services currently has an average rating of “Hold” and an average target price of $19.50.

The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.66 and a current ratio of 1.66. The business has a fifty day simple moving average of $17.75 and a 200 day simple moving average of $21.28. The stock has a market capitalization of $281.07 million, a price-to-earnings ratio of 7.87 and a beta of 1.15.

NEWTEK Business Services (NASDAQ:NEWT) last issued its quarterly earnings data on Wednesday, March 4th. The business services provider reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.03). NEWTEK Business Services had a net margin of 69.37% and a return on equity of 14.90%. The firm had revenue of $15.36 million during the quarter, compared to analyst estimates of $16.00 million. On average, sell-side analysts forecast that NEWTEK Business Services Corp will post 2.2 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 18th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 10.55%. The ex-dividend date of this dividend is Tuesday, March 17th. NEWTEK Business Services’s dividend payout ratio is 75.54%.

In other news, CEO Barry Sloane acquired 2,000 shares of the firm’s stock in a transaction on Monday, March 9th. The shares were purchased at an average cost of $15.93 per share, with a total value of $31,860.00. Following the acquisition, the chief executive officer now directly owns 1,039,705 shares in the company, valued at approximately $16,562,500.65. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders acquired 8,505 shares of company stock worth $106,246. Insiders own 6.70% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS Group AG grew its holdings in shares of NEWTEK Business Services by 6.7% during the 4th quarter. UBS Group AG now owns 358,236 shares of the business services provider’s stock worth $8,114,000 after purchasing an additional 22,580 shares in the last quarter. LSV Asset Management grew its holdings in shares of NEWTEK Business Services by 6.7% during the 4th quarter. LSV Asset Management now owns 286,445 shares of the business services provider’s stock worth $6,487,000 after purchasing an additional 18,019 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of NEWTEK Business Services by 26.4% during the 4th quarter. Van ECK Associates Corp now owns 221,545 shares of the business services provider’s stock worth $5,018,000 after purchasing an additional 46,336 shares in the last quarter. Mckinley Capital Management LLC Delaware grew its holdings in shares of NEWTEK Business Services by 3.5% during the 4th quarter. Mckinley Capital Management LLC Delaware now owns 142,662 shares of the business services provider’s stock worth $3,232,000 after purchasing an additional 4,769 shares in the last quarter. Finally, Raymond James & Associates grew its holdings in shares of NEWTEK Business Services by 11.0% during the 4th quarter. Raymond James & Associates now owns 72,566 shares of the business services provider’s stock worth $1,644,000 after purchasing an additional 7,168 shares in the last quarter. 20.29% of the stock is currently owned by institutional investors.

NEWTEK Business Services Company Profile (NASDAQ:NEWT)

Newtek Business Services Corp. is a business development company specializing in providing financial and business services to the small-and medium-sized business market in the United States. The firm also seeks to invest in early stage businesses. The firm seeks to makes both debt and equity investments.

Further Reading: Hedge Funds Explained

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