BidaskClub Downgrades NEWTEK Business Services (NEWT) to Hold

NEWTEK Business Services (NASDAQ:NEWT) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Friday, BidAskClub reports.

Several other brokerages also recently commented on NEWT. TheStreet upgraded shares of NEWTEK Business Services from a “c+” rating to a “b” rating in a report on Wednesday, May 15th. ValuEngine upgraded shares of NEWTEK Business Services from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Zacks Investment Research upgraded shares of NEWTEK Business Services from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a report on Thursday, April 4th. Finally, Compass Point assumed coverage on shares of NEWTEK Business Services in a report on Friday, March 8th. They issued a “neutral” rating and a $19.00 target price for the company. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $19.17.

Shares of NEWT stock opened at $21.74 on Friday. The stock has a market capitalization of $415.56 million, a PE ratio of 11.21 and a beta of 1.39. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.35 and a quick ratio of 0.35. NEWTEK Business Services has a one year low of $15.59 and a one year high of $24.24.

NEWTEK Business Services (NASDAQ:NEWT) last announced its earnings results on Wednesday, May 1st. The business services provider reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.03. The company had revenue of $13.76 million during the quarter. NEWTEK Business Services had a net margin of 70.19% and a return on equity of 8.99%. On average, equities research analysts anticipate that NEWTEK Business Services will post 2.25 earnings per share for the current fiscal year.

In other news, CEO Barry Sloane bought 4,000 shares of the stock in a transaction dated Wednesday, March 20th. The stock was bought at an average price of $19.70 per share, for a total transaction of $78,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,023,708 shares in the company, valued at approximately $20,167,047.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders bought 4,782 shares of company stock valued at $94,898. 6.30% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Morgan Stanley increased its holdings in NEWTEK Business Services by 5.9% during the third quarter. Morgan Stanley now owns 94,081 shares of the business services provider’s stock worth $1,971,000 after buying an additional 5,214 shares during the last quarter. Wiley BROS. Aintree Capital LLC purchased a new stake in NEWTEK Business Services during the fourth quarter worth about $1,388,000. Eagle Global Advisors LLC purchased a new stake in NEWTEK Business Services during the fourth quarter worth about $341,000. Capital Financial Planning LLC purchased a new stake in NEWTEK Business Services during the fourth quarter worth about $42,000. Finally, Opus Capital Group LLC increased its holdings in NEWTEK Business Services by 7.5% during the fourth quarter. Opus Capital Group LLC now owns 130,882 shares of the business services provider’s stock worth $2,283,000 after buying an additional 9,086 shares during the last quarter. Institutional investors and hedge funds own 19.23% of the company’s stock.

NEWTEK Business Services Company Profile

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.

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