Today’s Rating Change: Does Newtek (NASDAQ:NEWT) Look Bad? Keefe Bruyette Downgrades It

November 29, 2016 - By Marguerite Chambers

Today's Rating Change: Does Newtek (NASDAQ:NEWT) Look Bad? Keefe Bruyette Downgrades It

Newtek (NASDAQ:NEWT) Downgrade

Keefe Bruyette has lowered Newtek (NASDAQ:NEWT) stock to Mkt Perform in a an analyst note revealed to investors and clients on Tuesday morning. NEWT’s old rating was Outperform.

NEWTEK Business Services Corp (NASDAQ:NEWT) Ratings Coverage

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 13.74% above today’s ($15.21) stock price. Newtech has been the topic of 7 analyst reports since August 3, 2015 according to StockzIntelligence Inc. The company was upgraded on Tuesday, November 10 by Raymond James. Raymond James maintained it with “Outperform” rating and $15 target price in Monday, August 15 report. The firm earned “Outperform” rating on Thursday, December 10 by Keefe Bruyette & Woods. The firm has “Neutral” rating by Compass Point given on Thursday, September 17. The stock has “Buy” rating given by Singular Research on Monday, August 3. As per Thursday, October 22, the company rating was initiated by Raymond James. DA Davidson initiated the shares of NEWT in a report on Thursday, June 16 with “Buy” rating.

About 73,757 shares traded hands. 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 $6.57M for 8.27 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 improved, 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.

Park Circle Communication holds 0.08% of its portfolio in NEWTEK Business Services Corp (NASDAQ:NEWT) for 8,815 shares. Winslow Evans & Crocker Incorporated reported 228 shares or 0% of all its holdings. Lsv Asset last reported 0% of its portfolio in the stock. Creative Planning accumulated 5,474 shares or 0% of the stock. National Bank & Trust Of Montreal Can holds 29,575 shares or 0% of its portfolio. Raymond James Assoc holds 0% or 48,658 shares in its portfolio. Zelman Cap Ltd Liability Com has 118,575 shares for 0.27% of their US portfolio. Jpmorgan Chase And accumulated 28,794 shares or 0% of the stock. West Family has invested 0.53% of its portfolio in NEWTEK Business Services Corp (NASDAQ:NEWT). Barclays Public holds 0% of its portfolio in NEWTEK Business Services Corp (NASDAQ:NEWT) for 635 shares. Northpointe Limited Liability Corp holds 0.33% of its portfolio in NEWTEK Business Services Corp (NASDAQ:NEWT) for 217,417 shares. Blackrock Mngmt Limited Liability accumulated 0% or 353 shares. Mendon Advsrs last reported 0.07% of its portfolio in the stock. Perritt Management Incorporated last reported 0.12% of its portfolio in the stock. Moreover, Wells Fargo & Mn has 0% invested in NEWTEK Business Services Corp (NASDAQ:NEWT) for 2,742 shares.

Newtek Business Services Corp. is a non-diversified closed-end management investment company. The company has a market cap of $217.35 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.”

NEWT Company Profile

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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