Invesco Capital Management LLC recently announced the acquisition of new stake in Newtek Business Services Corp. (NASDAQ:NEWT). The institutional investor has increased its shareholding in the Financial company by 0.42% to 0.68 million shares with purchase of 2855.0 shares. This fresh investment now brings its stake to 2.79% valued currently at $11.08 million. In addition, Marshall Wace LLP raised its holdings by 22590.0 to 0.27 million shares.
With over 0.34 million Newtek Business Services Corp. (NEWT) shares trading Friday and a closing price of $18.21 on the day, the dollar volume was approximately $6.12 million. The shares have shown a negative half year performance of -6.52% and its price on 01/13/23 gained nearly 4.54%. Currently, there are 24.30M common shares owned by the public and among those 23.03M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for NEWT have a consensus price objective of $17.00. The analysts have set the share’s price value over the next 12 months at a high of $18.00 and a low of $16.00. The average price target is -7.12% below its recent price level and a downside to the estimated low will see the stock lose -13.81% over that period. But a downside of -1.17% will see the stock hit the forecast high price target while median target price for the stock is $17.00.
Insiders at the company have transacted a total of 12 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 12 of these insider trades were purchases, accounting for 179,783 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Newtek Business Services Corp. are Invesco KBW High Dividend Yield F, VanEck Vectors – BDC Income ETF, and Royce Value Trust. Invesco KBW High Dividend Yield F owns 0.68 million shares of the company’s stock, all valued at over $11.11 million. VanEck Vectors – BDC Income ETF bought 678.0 shares to see its total holdings expand to 0.33 million shares valued at over $5.39 million and representing 1.36% of the shares outstanding. Royce Value Trust now owns shares totaling to 1.16% of the shares outstanding.
However, the script later moved the day high at 18.48, up 4.54%. The company’s stock has a 5-day price change of 15.91% and 17.56% over the past three months. NEWT shares are trading 12.06% year to date (YTD), with the 12-month market performance down to -34.85% lower. It has a 12-month low price of $14.75 and touched a high of $28.45 over the same period. NEWT has an average intraday trading volume of 176.26K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 8.73%, 8.05%, and -10.11% respectively.
Institutional ownership of Newtek Business Services Corp. (NASDAQ: NEWT) shares accounts for 15.90% of the company’s 24.30M shares outstanding. Mutual fund holders own 7.60%, while other institutional holders and individual stakeholders account for 7.97% and 6.53% respectively.
It has a market capitalization of $425.57M and a beta (3y monthly) value of 1.29. The stock’s trailing 12-month PE ratio is 8.03, while the earnings-per-share (ttm) stands at $2.27. The company has a PEG of 2.68 and the debt-to-equity ratio at 1.39. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.93% over the week and 4.42% over the month.
Analysts forecast that Newtek Business Services Corp. (NEWT) will achieve an EPS of $0.68 for the current quarter, $0.73 for the next quarter and $3 for 2023. The lowest estimate earnings-per-share for the quarter is $0.63 while analysts give the company a high EPS estimate of $0.75. Comparatively, EPS for the current quarter was $0.56 a year ago. Earnings per share for the fiscal year are expected to increase by 132.20%, and 8.12% over the next financial year. EPS should shrink at an annualized rate of 3.00% over the next five years, compared to 14.50% over the past 5-year period.
Compass Point was of a view on June 07, 2021 that the stock is Neutral, while Compass Point gave the stock Buy rating on April 20, 2021, issuing a price target of $30. Keefe Bruyette on their part issued Mkt Perform rating on February 09, 2021.