Newtek Business Services (NASDAQ:NEWT) Stock Rating Upgraded by Zacks Investment Research

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 Thursday, 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, initiated coverage on Newtek Business Services in a research note on Thursday, March 31st. They set a “hold” rating for the company.

NASDAQ:NEWT opened at $24.45 on Thursday. The business’s 50-day moving average is $26.05 and its two-hundred day moving average is $27.45. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.91 and a quick ratio of 2.91. Newtek Business Services has a 12 month low of $24.00 and a 12 month high of $38.78. The firm has a market capitalization of $590.74 million, a PE ratio of 8.89 and a beta of 1.07.

Newtek Business Services (NASDAQ:NEWTGet Rating) last released its quarterly earnings data on Wednesday, February 23rd. The business services provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.61 by $0.05. Newtek Business Services had a return on equity of 18.95% and a net margin of 93.16%. The company had revenue of $24.80 million for the quarter, compared to analyst estimates of $14.29 million. During the same period last year, the company posted $0.45 earnings per share. Equities analysts anticipate that Newtek Business Services will post 2.6 EPS for the current year.

In other news, CEO Barry Sloane purchased 4,200 shares of the firm’s stock in a transaction that occurred on Wednesday, May 18th. The stock was acquired at an average cost of $24.20 per share, for a total transaction of $101,640.00. Following the completion of the purchase, the chief executive officer now owns 988,016 shares of the company’s stock, valued at $23,909,987.20. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.10% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the stock. Ahrens Investment Partners LLC acquired a new position in Newtek Business Services in the fourth quarter worth about $44,000. Royal Bank of Canada grew its stake in Newtek Business Services by 1,166.7% in the first quarter. Royal Bank of Canada now owns 2,166 shares of the business services provider’s stock worth $58,000 after purchasing an additional 1,995 shares in the last quarter. Wagner Wealth Management LLC acquired a new position in Newtek Business Services in the third quarter valued at approximately $85,000. Marshall Wace North America L.P. acquired a new position in Newtek Business Services in the first quarter valued at approximately $67,000. Finally, Ancora Advisors LLC acquired a new position in Newtek Business Services in the first quarter valued at approximately $137,000. Institutional investors and hedge funds own 25.22% of the company’s stock.

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.

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