November 29, 2016 - By Dolores Ford
In a analysts report sent to investors and clients on Tuesday morning, Keefe Bruyette & Woods has downgraded Newtek Business Services Corp (NASDAQ:NEWT) stock to Market Perform. NEWT’s old rating was Outperform.
Out of 5 analysts covering Newtech (NASDAQ:NEWT), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $22 is the highest target while $15 is the lowest. The $17.30 average target is 12.70% above today’s ($15.35) stock price. Newtech has been the topic of 7 analyst reports since August 3, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating by Compass Point given on Thursday, September 17. The stock has “Buy” rating given by DA Davidson on Thursday, June 16. The company was maintained on Monday, August 15 by Raymond James. Keefe Bruyette & Woods initiated the stock with “Outperform” rating in Thursday, December 10 report. Raymond James initiated the shares of NEWT in a report on Thursday, October 22 with “Market Perform” rating. Raymond James upgraded the shares of NEWT in a report on Tuesday, November 10 to “Outperform” rating. The rating was maintained by Singular Research with “Buy” on Monday, August 3.
About 144,837 shares traded hands or 8.24% up from the average. NEWTEK Business Services Corp (NASDAQ:NEWT) has risen 23.45% since April 26, 2016 and is uptrending. It has outperformed by 18.19% the S&P500.
Analysts await NEWTEK Business Services Corp (NASDAQ:NEWT) to report earnings on March, 6. They expect $0.46 earnings per share, up 1,050.00% or $0.42 from last year’s $0.04 per share. NEWT’s profit will be $6.57 million for 8.34 P/E if the $0.46 EPS becomes a reality. After $-0.15 actual earnings per share reported by NEWTEK Business Services Corp for the previous quarter, Wall Street now forecasts -406.67% EPS growth.
Insitutional Activity: The institutional sentiment increased to 1.75 in 2016 Q2. Its up 0.54, from 1.21 in 2016Q1. The ratio is positive, as 10 funds sold all NEWTEK Business Services Corp shares owned while 9 reduced positions. 13 funds bought stakes while 10 increased positions. They now own 2.88 million shares or 14.03% less from 3.35 million shares in 2016Q1.
Manchester Cap Ltd Liability owns 333 shares or 0% of their US portfolio. Mendon Cap Advsr Corporation owns 50,004 shares or 0.07% of their US portfolio. Wells Fargo & Mn accumulated 2,742 shares or 0% of the stock. Perritt Mgmt accumulated 0.12% or 36,059 shares. Tower Research Cap Llc (Trc) holds 94 shares or 0% of its portfolio. Camarda Fin Advsr Ltd Liability Company, a Florida-based fund reported 113 shares. Moreover, Springbok Mngmt Lc has 0.01% invested in NEWTEK Business Services Corp (NASDAQ:NEWT) for 7,900 shares. Barclays Public Limited Co has 0% invested in the company for 635 shares. Morgan Stanley has 178,856 shares for 0% of their US portfolio. Zelman Capital Limited Liability holds 118,575 shares or 0.27% of its portfolio. The Kansas-based Creative Planning has invested 0% in NEWTEK Business Services Corp (NASDAQ:NEWT). Wellington Management Grp Llp reported 703,437 shares or 0% of all its holdings. Van Eck last reported 54,226 shares in the company. Hightower Advsr Ltd Liability accumulated 18,174 shares or 0% of the stock. West Family Incorporated reported 226,647 shares or 0.53% of all its holdings.
Newtek Business Services Corp. is a non-diversified closed-end management investment company. The company has a market cap of $219.34 million. The Firm is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business market. It currently has negative earnings. The Company’s services and products consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions.
According to Zacks Investment Research, “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.”
Newtek Business Services Corp., incorporated on August 26, 2013, is a non-diversified closed-end management investment company. The Firm is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business (SMB) market. The Company’s services and products consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions. The Firm offers services along with its controlled portfolio companies.
More notable recent NEWTEK Business Services Corp (NASDAQ:NEWT) news were published by: Reuters.com which released: “BRIEF-Newtek Business Services Corp. reports Q3 financial results” on November 02, 2016, also Quotes.Wsj.com with their article: “News Newtek Business Services Corp.NEWT” published on February 11, 2011, Marketwatch.com published: “Newtek Business Services Corp.” on December 21, 2009. More interesting news about NEWTEK Business Services Corp (NASDAQ:NEWT) were released by: Prnewswire.com and their article: “Newtek Business Services Corp. Acquires Premier Payments LLC” published on July 27, 2015 as well as Nasdaq.com‘s news article titled: “Newtek Business Services Corp. Reports Third Quarter 2016 Financial Results” with publication date: November 02, 2016.
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By Dolores Ford