Private Advisor Group LLC Boosts Holdings in NEWTEK Business Services Corp (NASDAQ:NEWT)

Private Advisor Group LLC raised its holdings in shares of NEWTEK Business Services Corp (NASDAQ:NEWT) by 70.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,081 shares of the business services provider’s stock after acquiring an additional 63,875 shares during the quarter. Private Advisor Group LLC owned approximately 0.81% of NEWTEK Business Services worth $3,567,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the business. Marshall Wace North America L.P. acquired a new position in NEWTEK Business Services during the first quarter worth $67,000. C M Bidwell & Associates Ltd. acquired a new stake in NEWTEK Business Services in the 2nd quarter valued at approximately $76,000. Advisor Group Inc. raised its position in NEWTEK Business Services by 64.3% in the 2nd quarter. Advisor Group Inc. now owns 4,494 shares of the business services provider’s stock valued at $104,000 after buying an additional 1,759 shares during the last quarter. Eagle Global Advisors LLC acquired a new position in shares of NEWTEK Business Services during the 2nd quarter worth approximately $206,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of NEWTEK Business Services during the 2nd quarter worth approximately $284,000. Hedge funds and other institutional investors own 18.12% of the company’s stock.

Shares of NEWT traded down $0.40 on Thursday, reaching $23.45. 1,855 shares of the company’s stock traded hands, compared to its average volume of 126,885. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.34. The stock has a market cap of $456.97 million, a PE ratio of 12.04 and a beta of 1.23. The stock’s 50 day simple moving average is $22.11 and its two-hundred day simple moving average is $21.65. NEWTEK Business Services Corp has a 52-week low of $15.59 and a 52-week high of $23.99.

NEWTEK Business Services (NASDAQ:NEWT) last issued its quarterly earnings results on Tuesday, August 6th. The business services provider reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.01. NEWTEK Business Services had a return on equity of 9.87% and a net margin of 68.61%. The company had revenue of $14.15 million during the quarter, compared to the consensus estimate of $14.33 million. Analysts forecast that NEWTEK Business Services Corp will post 2.55 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 20th will be given a $0.58 dividend. This is an increase from NEWTEK Business Services’s previous quarterly dividend of $0.46. This represents a $2.32 dividend on an annualized basis and a yield of 9.89%. The ex-dividend date is Thursday, September 19th. NEWTEK Business Services’s dividend payout ratio (DPR) is currently 94.85%.

In other news, CEO Barry Sloane bought 2,000 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was acquired at an average cost of $20.94 per share, with a total value of $41,880.00. Following the completion of the transaction, the chief executive officer now directly owns 1,029,906 shares of the company’s stock, valued at approximately $21,566,231.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders acquired 2,698 shares of company stock valued at $56,379 over the last three months. Company insiders own 6.70% of the company’s stock.

Several brokerages have recently commented on NEWT. ValuEngine downgraded NEWTEK Business Services from a “buy” rating to a “hold” rating in a research note on Thursday, July 18th. BidaskClub downgraded NEWTEK Business Services from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Finally, Zacks Investment Research upgraded NEWTEK Business Services from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Saturday, August 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $19.17.

NEWTEK Business Services Company Profile

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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Institutional Ownership by Quarter for NEWTEK Business Services (NASDAQ:NEWT)

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