Wall Street brokerages expect Newtek Business Services Corp. (NASDAQ:NEWT) to post sales of $9.19 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Newtek Business Services Corp.’s earnings, with the highest sales estimate coming in at $9.24 million and the lowest estimate coming in at $9.15 million. Newtek Business Services Corp. reported sales of $7.22 million during the same quarter last year, which indicates a positive year-over-year growth rate of 27.3%. The business is scheduled to issue its next quarterly earnings report on Monday, August 14th.
According to Zacks, analysts expect that Newtek Business Services Corp. will report full-year sales of $9.19 million for the current year, with estimates ranging from $38.65 million to $38.77 million. For the next year, analysts anticipate that the firm will post sales of $45.04 million per share, with estimates ranging from $44.52 million to $45.55 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Newtek Business Services Corp..
Newtek Business Services Corp. (NASDAQ:NEWT) last released its earnings results on Thursday, May 4th. The business services provider reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.07. Newtek Business Services Corp. had a net margin of 83.23% and a return on equity of 7.37%. The business had revenue of $8.99 million for the quarter, compared to the consensus estimate of $8.58 million.
Several research analysts have commented on NEWT shares. Compass Point raised Newtek Business Services Corp. from a “neutral” rating to a “buy” rating in a research note on Thursday, May 4th. Keefe, Bruyette & Woods reissued a “mkt perform” rating and set a $18.00 target price on shares of Newtek Business Services Corp. in a research note on Tuesday, May 30th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $16.50.
Newtek Business Services Corp. (NEWT) traded down 0.18% during mid-day trading on Wednesday, hitting $16.41. 28,508 shares of the company were exchanged. The company has a 50 day moving average of $16.99 and a 200 day moving average of $16.38. Newtek Business Services Corp. has a 12-month low of $11.83 and a 12-month high of $18.00. The stock has a market cap of $283.76 million, a P/E ratio of 8.92 and a beta of 1.30.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Wednesday, May 31st will be paid a $0.40 dividend. The ex-dividend date is Friday, May 26th. This represents a $1.60 annualized dividend and a dividend yield of 9.73%. This is an increase from Newtek Business Services Corp.’s previous quarterly dividend of $0.36. Newtek Business Services Corp.’s dividend payout ratio is currently 86.49%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEWT. Fiera Capital Corp purchased a new position in Newtek Business Services Corp. during the fourth quarter valued at about $163,000. Trexquant Investment LP purchased a new position in Newtek Business Services Corp. during the first quarter valued at about $201,000. KCG Holdings Inc. purchased a new position in Newtek Business Services Corp. during the first quarter valued at about $227,000. American Asset Management Inc. increased its position in Newtek Business Services Corp. by 0.3% in the first quarter. American Asset Management Inc. now owns 14,294 shares of the business services provider’s stock valued at $243,000 after buying an additional 44 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Newtek Business Services Corp. by 288.2% in the first quarter. JPMorgan Chase & Co. now owns 15,004 shares of the business services provider’s stock valued at $255,000 after buying an additional 11,139 shares in the last quarter. 24.71% of the stock is owned by institutional investors.
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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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