$0.55 Earnings Per Share Expected for NEWTEK Business Services Corp (NEWT) This Quarter
Brokerages forecast that NEWTEK Business Services Corp (NASDAQ:NEWT) will announce $0.55 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for NEWTEK Business Services’ earnings, with estimates ranging from $0.48 to $0.61. NEWTEK Business Services posted earnings per share of $0.46 in the same quarter last year, which would suggest a positive year over year growth rate of 19.6%. The company is scheduled to issue its next earnings report on Monday, March 5th.
According to Zacks, analysts expect that NEWTEK Business Services will report full year earnings of $1.83 per share for the current financial year, with EPS estimates ranging from $1.79 to $1.87. For the next fiscal year, analysts forecast that the business will post earnings of $1.91 per share, with EPS estimates ranging from $1.83 to $1.98. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that cover NEWTEK Business Services.
Several research analysts have issued reports on NEWT shares. BidaskClub upgraded shares of NEWTEK Business Services from a “hold” rating to a “buy” rating in a report on Tuesday, December 12th. Zacks Investment Research cut shares of NEWTEK Business Services from a “buy” rating to a “hold” rating in a research note on Friday, December 8th. ValuEngine lowered shares of NEWTEK Business Services from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 31st. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $18.00 target price on shares of NEWTEK Business Services in a report on Friday, October 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $18.50.
Several hedge funds have recently bought and sold shares of NEWT. Advisors Asset Management Inc. boosted its holdings in shares of NEWTEK Business Services by 98.3% in the second quarter. Advisors Asset Management Inc. now owns 172,529 shares of the business services provider’s stock valued at $2,810,000 after acquiring an additional 85,538 shares during the period. OxFORD Asset Management LLP purchased a new position in shares of NEWTEK Business Services in the second quarter valued at $936,000. Van ECK Associates Corp increased its position in shares of NEWTEK Business Services by 27.2% in the second quarter. Van ECK Associates Corp now owns 141,029 shares of the business services provider’s stock valued at $2,297,000 after buying an additional 30,180 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of NEWTEK Business Services by 55.4% during the third quarter. Stifel Financial Corp now owns 47,302 shares of the business services provider’s stock valued at $844,000 after acquiring an additional 16,866 shares during the last quarter. Finally, Mckinley Capital Management LLC Delaware boosted its stake in shares of NEWTEK Business Services by 11.4% during the third quarter. Mckinley Capital Management LLC Delaware now owns 151,429 shares of the business services provider’s stock valued at $2,699,000 after acquiring an additional 15,548 shares during the last quarter. 20.98% of the stock is owned by institutional investors and hedge funds.
NEWTEK Business Services (NEWT) traded up $0.23 on Monday, hitting $18.70. 211,080 shares of the stock traded hands, compared to its average volume of 225,557. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.42 and a quick ratio of 0.42. NEWTEK Business Services has a 1 year low of $15.15 and a 1 year high of $19.40. The stock has a market capitalization of $340.87, a PE ratio of 11.33, a price-to-earnings-growth ratio of 3.36 and a beta of 1.42.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Monday, December 18th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, December 15th. This represents a $1.76 dividend on an annualized basis and a yield of 9.41%.
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About NEWTEK Business Services
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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