Newtek Business Services (NASDAQ:NEWT) Upgraded by Zacks Investment Research to Hold

Newtek Business Services (NASDAQ:NEWTGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

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. “

Separately, StockNews.com assumed coverage on Newtek Business Services in a research note on Thursday, March 31st. They issued a “hold” rating for the company.

Shares of Newtek Business Services stock opened at $25.62 on Tuesday. Newtek Business Services has a one year low of $24.00 and a one year high of $38.78. The company has a market cap of $577.65 million, a price-to-earnings ratio of 6.92 and a beta of 1.09. The company has a debt-to-equity ratio of 1.04, a quick ratio of 3.80 and a current ratio of 3.80. The business’s 50 day moving average price is $26.66 and its 200 day moving average price is $27.96.

Newtek Business Services (NASDAQ:NEWTGet Rating) last posted its earnings results on Wednesday, February 23rd. The business services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. The company had revenue of $24.80 million during the quarter, compared to analysts’ expectations of $14.29 million. Newtek Business Services had a return on equity of 21.02% and a net margin of 99.71%. During the same quarter last year, the firm earned $0.45 earnings per share. On average, analysts predict that Newtek Business Services will post 2.71 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of NEWT. Royce & Associates LP acquired a new position in Newtek Business Services during the 4th quarter worth $24,435,000. Invesco Ltd. grew its stake in Newtek Business Services by 8.4% during the 4th quarter. Invesco Ltd. now owns 717,302 shares of the business services provider’s stock worth $19,819,000 after purchasing an additional 55,315 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Newtek Business Services by 14.8% during the 4th quarter. Van ECK Associates Corp now owns 370,509 shares of the business services provider’s stock worth $10,237,000 after buying an additional 47,634 shares during the last quarter. Marshall Wace LLP lifted its holdings in Newtek Business Services by 1,542.8% during the 4th quarter. Marshall Wace LLP now owns 309,625 shares of the business services provider’s stock worth $8,555,000 after buying an additional 290,778 shares during the last quarter. Finally, Two Sigma Investments LP lifted its holdings in Newtek Business Services by 977.1% during the 3rd quarter. Two Sigma Investments LP now owns 129,427 shares of the business services provider’s stock worth $3,589,000 after buying an additional 117,411 shares during the last quarter. 24.23% of the stock is owned by institutional investors and hedge funds.

Newtek Business Services Company Profile (Get Rating)

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.

Read More

Get a free copy of the Zacks research report on Newtek Business Services (NEWT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Newtek Business Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Newtek Business Services and related companies with MarketBeat.com's FREE daily email newsletter.