Today’s Rating Change: KBW Says Its Time To Downgrade Newtek Business Services (NASDAQ:NEWT)

November 29, 2016 - By Richard Conner

Today's Rating Change: KBW Says Its Time To Downgrade Newtek Business Services (NASDAQ:NEWT)

Newtek Business Services (NASDAQ:NEWT) Downgrade

In a a research note shared with investors on Tuesday morning, KBW stated it was downgrading Newtek Business Services (NASDAQ:NEWT) stock rating from a Outperform to a Mkt Perform.

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 11.83% above today’s ($15.47) stock price. Newtech has been the topic of 7 analyst reports since August 3, 2015 according to StockzIntelligence Inc. DA Davidson initiated the stock with “Buy” rating in Thursday, June 16 report. The firm has “Neutral” rating by Compass Point given on Thursday, September 17. Raymond James maintained the stock with “Outperform” rating in Monday, August 15 report. As per Thursday, October 22, the company rating was initiated by Raymond James. Keefe Bruyette & Woods initiated the shares of NEWT in a report on Thursday, December 10 with “Outperform” rating. The rating was upgraded by Raymond James on Tuesday, November 10 to “Outperform”. The firm has “Buy” rating by Singular Research given on Monday, August 3.

The stock increased 0.65% or $0.1 on November 29, hitting $15.47. About 307,385 shares traded hands or 129.71% 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 EPS, up 1,050.00% or $0.42 from last year’s $0.04 per share. NEWT’s profit will be $6.57 million for 8.41 P/E if the $0.46 EPS becomes a reality. After $-0.15 actual EPS 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.

Van Eck Assoc Corporation last reported 54,226 shares in the company. Raymond James accumulated 48,658 shares or 0% of the stock. Manchester Mngmt, a Vermont-based fund reported 333 shares. Manufacturers Life Insur The last reported 0% of its portfolio in the stock. Moreover, Springbok Mgmt Ltd Llc has 0.01% invested in NEWTEK Business Services Corp (NASDAQ:NEWT) for 7,900 shares. Tower Research Cap Limited Liability (Trc) last reported 0% of its portfolio in the stock. Lsv Asset Management has 0% invested in the company for 81,126 shares. Wellington Group Inc Llp holds 703,437 shares or 0% of its portfolio. Opus Investment Mgmt Inc accumulated 2,730 shares or 0.01% of the stock. Bank & Trust Of Montreal Can accumulated 29,575 shares or 0% of the stock. Ladenburg Thalmann Finance Incorporated has invested 0% of its portfolio in NEWTEK Business Services Corp (NASDAQ:NEWT). The Germany-based Deutsche Comml Bank Ag has invested 0% in NEWTEK Business Services Corp (NASDAQ:NEWT). Mendon Capital Advsr accumulated 50,004 shares or 0.07% of the stock. Royal Bank Of Canada holds 0% of its portfolio in NEWTEK Business Services Corp (NASDAQ:NEWT) for 455 shares. Comml Bank Of America De holds 0% of its portfolio in NEWTEK Business Services Corp (NASDAQ:NEWT) for 144,094 shares.

Newtek Business Services Corp. is a non-diversified closed-end management investment company. The company has a market cap of $221.06 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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