Newtek Business Services Corp. (NASDAQ:NEWT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, November 8th. The firm currently has a $19.00 target price on the business services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 7.89% from the company’s previous close.
According to Zacks, “Newtek Capital, Inc. resulted from the combination of the businesses previously owned by BJB Holdings, Inc. and REXX Environmental Corporation and is operating as a holding company for a network of partner companies in a collaborative and coordinated effort to develop successful businesses in a number of existing as well as emerging, technological business lines. “
A number of other equities analysts also recently commented on the company. Keefe, Bruyette & Woods restated a “hold” rating and issued a $18.00 price objective on shares of Newtek Business Services Corp. in a report on Friday, October 13th. ValuEngine cut Newtek Business Services Corp. from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 31st. Finally, BidaskClub raised Newtek Business Services Corp. from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Newtek Business Services Corp. has a consensus rating of “Buy” and an average target price of $18.50.
Shares of Newtek Business Services Corp. (NEWT) traded up $0.31 on Wednesday, hitting $17.61. The stock had a trading volume of 140,600 shares, compared to its average volume of 160,712. The firm has a market cap of $311.47, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 3.16 and a beta of 1.44. Newtek Business Services Corp. has a one year low of $14.70 and a one year high of $18.16. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.26.
In related news, Director Richard J. Salute purchased 1,468 shares of the stock in a transaction on Friday, November 10th. The shares were purchased at an average price of $17.07 per share, with a total value of $25,058.76. Following the transaction, the director now directly owns 7,734 shares of the company’s stock, valued at $132,019.38. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Barry Sloane bought 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were acquired at an average cost of $16.60 per share, for a total transaction of $49,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,006,113 shares in the company, valued at approximately $16,701,475.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 6,568 shares of company stock valued at $110,106. 6.70% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the stock. Fusion Family Wealth LLC increased its holdings in Newtek Business Services Corp. by 56.6% in the 2nd quarter. Fusion Family Wealth LLC now owns 6,935 shares of the business services provider’s stock worth $113,000 after purchasing an additional 2,506 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Newtek Business Services Corp. in the second quarter valued at about $171,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Newtek Business Services Corp. in the second quarter valued at about $207,000. KCG Holdings Inc. acquired a new stake in shares of Newtek Business Services Corp. in the first quarter valued at about $227,000. Finally, American Asset Management Inc. boosted its position in shares of Newtek Business Services Corp. by 0.4% during the 2nd quarter. American Asset Management Inc. now owns 14,345 shares of the business services provider’s stock valued at $234,000 after purchasing an additional 51 shares in the last quarter. 21.20% of the stock is currently owned by institutional investors and hedge funds.
Newtek Business Services Corp. Company Profile
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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