Newtek Business Services Corp. (NASDAQ:NEWT) Shares Sold by Raymond James & Associates

Raymond James & Associates lowered its position in Newtek Business Services Corp. (NASDAQ:NEWT) by 11.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 93,736 shares of the business services provider’s stock after selling 11,662 shares during the period. Raymond James & Associates’ holdings in Newtek Business Services were worth $1,741,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. FormulaFolio Investments LLC purchased a new stake in Newtek Business Services in the third quarter valued at approximately $332,000. Advisor Group Holdings Inc. lifted its stake in shares of Newtek Business Services by 107.1% in the 2nd quarter. Advisor Group Holdings Inc. now owns 31,215 shares of the business services provider’s stock valued at $569,000 after purchasing an additional 16,139 shares in the last quarter. Bank of America Corp DE boosted its position in Newtek Business Services by 61.7% during the 2nd quarter. Bank of America Corp DE now owns 21,810 shares of the business services provider’s stock worth $398,000 after purchasing an additional 8,319 shares during the period. California Public Employees Retirement System boosted its position in shares of Newtek Business Services by 22.7% in the second quarter. California Public Employees Retirement System now owns 43,760 shares of the business services provider’s stock worth $797,000 after buying an additional 8,085 shares during the period. Finally, Private Advisor Group LLC acquired a new stake in shares of Newtek Business Services in the second quarter valued at about $68,000. Institutional investors own 14.57% of the company’s stock.

A number of equities analysts have weighed in on the company. Zacks Investment Research upgraded Newtek Business Services from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Thursday, November 12th. BidaskClub cut Newtek Business Services from a “hold” rating to a “sell” rating in a report on Tuesday, November 10th. LADENBURG THALM/SH SH cut Newtek Business Services from a “buy” rating to a “neutral” rating in a report on Tuesday, August 11th. They noted that the move was a valuation call. Finally, TheStreet cut Newtek Business Services from a “b-” rating to a “c” rating in a report on Friday, November 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $18.00.

Newtek Business Services stock opened at $18.28 on Friday. The stock has a market cap of $398.18 million, a P/E ratio of 12.27 and a beta of 1.34. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.36. The stock has a 50 day moving average of $17.65 and a 200-day moving average of $18.01. Newtek Business Services Corp. has a 52 week low of $7.59 and a 52 week high of $23.73.

Newtek Business Services (NASDAQ:NEWT) last released its earnings results on Monday, November 9th. The business services provider reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.03). Newtek Business Services had a net margin of 32.87% and a return on equity of 15.12%. As a group, equities analysts predict that Newtek Business Services Corp. will post 2 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Friday, December 18th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 10.28%. The ex-dividend date of this dividend is Thursday, December 17th. Newtek Business Services’s dividend payout ratio (DPR) is currently 99.57%.

About Newtek Business Services

Newtek Business Services Corp. is a business development company specializing in providing financial and business services to the small-and medium-sized business market in the United States. The firm also seeks to invest in early stage businesses. The firm seeks to makes both debt and equity investments.

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