Newtek Business Services Corp. (NEWT) Cut to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Newtek Business Services Corp. (NASDAQ:NEWT) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

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. “

A number of other equities research analysts also recently issued reports on NEWT. Compass Point raised shares of Newtek Business Services Corp. from a neutral rating to a buy rating in a research report on Thursday, May 4th. Keefe, Bruyette & Woods reissued a mkt perform rating and set a $18.00 price objective on shares of Newtek Business Services Corp. in a research report on Tuesday, May 30th. Finally, BidaskClub raised shares of Newtek Business Services Corp. from a hold rating to a buy rating in a research report on Monday, July 24th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $17.00.

Shares of Newtek Business Services Corp. (NASDAQ NEWT) opened at 16.40 on Wednesday. Newtek Business Services Corp. has a 52-week low of $12.97 and a 52-week high of $18.00. The stock has a market cap of $286.00 million, a P/E ratio of 8.85 and a beta of 1.39. The firm’s 50 day moving average price is $16.73 and its 200 day moving average price is $16.60.

Newtek Business Services Corp. (NASDAQ:NEWT) last posted its earnings results on Wednesday, August 2nd. The business services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.01. Newtek Business Services Corp. had a net margin of 81.35% and a return on equity of 7.97%. The business had revenue of $9.90 million during the quarter, compared to the consensus estimate of $9.19 million. On average, analysts expect that Newtek Business Services Corp. will post $1.77 EPS for the current year.

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Several large investors have recently modified their holdings of the stock. Wells Fargo & Company MN increased its stake in shares of Newtek Business Services Corp. by 515.9% in the first quarter. Wells Fargo & Company MN now owns 16,894 shares of the business services provider’s stock worth $287,000 after buying an additional 14,151 shares during the last quarter. LSV Asset Management increased its stake in shares of Newtek Business Services Corp. by 66.4% in the first quarter. LSV Asset Management now owns 287,954 shares of the business services provider’s stock worth $4,889,000 after buying an additional 114,906 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Newtek Business Services Corp. by 214.2% in the first quarter. Advisors Asset Management Inc. now owns 86,991 shares of the business services provider’s stock worth $1,477,000 after buying an additional 59,308 shares during the last quarter. West Family Investments Inc. increased its stake in shares of Newtek Business Services Corp. by 16.1% in the first quarter. West Family Investments Inc. now owns 251,547 shares of the business services provider’s stock worth $4,271,000 after buying an additional 34,900 shares during the last quarter. Finally, Opus Capital Group LLC increased its stake in shares of Newtek Business Services Corp. by 2,611.9% in the first quarter. Opus Capital Group LLC now owns 430,838 shares of the business services provider’s stock worth $7,315,000 after buying an additional 414,951 shares during the last quarter. 24.64% of the stock is owned by hedge funds and other institutional investors.

About Newtek Business Services Corp.

Newtek Business Services Corp. is an internally managed non-diversified closed-end management investment company. The Company’s investment objective is to generate both current income and capital appreciation primarily through loans originated by its small business finance platform and its equity investments in certain portfolio companies that it controls.

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