NEWTEK Business Services (NEWT) Downgraded by BidaskClub

BidaskClub downgraded shares of NEWTEK Business Services (NASDAQ:NEWT) from a strong-buy rating to a buy rating in a report published on Friday.

NEWT has been the subject of several other reports. Zacks Investment Research lowered NEWTEK Business Services from a buy rating to a hold rating in a report on Friday, December 8th. ValuEngine lowered NEWTEK Business Services from a strong-buy rating to a buy rating in a report on Tuesday, October 31st. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $18.00 price target on shares of NEWTEK Business Services in a report on Friday, October 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $18.50.

Shares of NEWTEK Business Services (NASDAQ NEWT) traded down $0.04 during trading on Friday, hitting $18.06. The stock had a trading volume of 112,044 shares, compared to its average volume of 234,342. The firm has a market cap of $325.16, a price-to-earnings ratio of 10.97, a price-to-earnings-growth ratio of 3.17 and a beta of 1.42. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.26. NEWTEK Business Services has a fifty-two week low of $15.15 and a fifty-two week high of $19.40.

The company also recently declared a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Monday, December 18th were issued a dividend of $0.44 per share. The ex-dividend date was Friday, December 15th. This represents a $1.76 annualized dividend and a dividend yield of 9.75%.

In related news, CEO Barry Sloane acquired 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The shares were acquired at an average cost of $16.60 per share, with a total value of $49,800.00. Following the purchase, the chief executive officer now owns 1,006,113 shares of the company’s stock, valued at $16,701,475.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard J. Salute acquired 1,468 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was bought at an average cost of $17.07 per share, for a total transaction of $25,058.76. Following the completion of the purchase, the director now directly owns 7,734 shares in the company, valued at approximately $132,019.38. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 8,068 shares of company stock valued at $137,966. 6.70% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of NEWT. Bard Associates Inc. raised its stake in shares of NEWTEK Business Services by 0.6% in the 2nd quarter. Bard Associates Inc. now owns 174,956 shares of the business services provider’s stock valued at $2,850,000 after acquiring an additional 991 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of NEWTEK Business Services in the 2nd quarter valued at approximately $171,000. Van ECK Associates Corp raised its stake in shares of NEWTEK Business Services by 27.2% in the 2nd quarter. Van ECK Associates Corp now owns 141,029 shares of the business services provider’s stock valued at $2,297,000 after acquiring an additional 30,180 shares in the last quarter. OxFORD Asset Management LLP bought a new position in shares of NEWTEK Business Services in the 2nd quarter valued at approximately $936,000. Finally, Stifel Financial Corp raised its stake in shares of NEWTEK Business Services by 2.8% in the 2nd quarter. Stifel Financial Corp now owns 30,436 shares of the business services provider’s stock valued at $495,000 after acquiring an additional 823 shares in the last quarter. 20.98% of the stock is currently owned by institutional investors and hedge funds.

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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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