Newtek Business Services Corp. (NEWT) Holdings Reduced by Wells Fargo & Company MN

Wells Fargo & Company MN lowered its holdings in Newtek Business Services Corp. (NASDAQ:NEWT) by 7.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,566 shares of the business services provider’s stock after selling 1,328 shares during the quarter. Wells Fargo & Company MN owned 0.09% of Newtek Business Services Corp. worth $254,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the business. Northpointe Capital LLC lifted its holdings in Newtek Business Services Corp. by 10.8% in the second quarter. Northpointe Capital LLC now owns 283,132 shares of the business services provider’s stock valued at $4,612,000 after acquiring an additional 27,596 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Newtek Business Services Corp. by 98.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 172,529 shares of the business services provider’s stock worth $2,810,000 after buying an additional 85,538 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Newtek Business Services Corp. during the 1st quarter worth $1,805,000. Goldman Sachs Group Inc. acquired a new position in shares of Newtek Business Services Corp. during the 1st quarter worth $1,282,000. Finally, Chubb Ltd raised its stake in shares of Newtek Business Services Corp. by 1.9% during the 2nd quarter. Chubb Ltd now owns 15,772 shares of the business services provider’s stock worth $257,000 after buying an additional 291 shares during the last quarter. 21.20% of the stock is owned by institutional investors.

In other Newtek Business Services Corp. news, Director Richard J. Salute purchased 1,468 shares of the stock in a transaction on Friday, November 10th. The stock was bought at an average price of $17.07 per share, for a total transaction of $25,058.76. Following the acquisition, the director now directly owns 7,734 shares of the company’s stock, valued at $132,019.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Barry Sloane purchased 3,000 shares of the stock in a transaction on Monday, November 6th. The stock was acquired at an average price of $16.60 per share, with a total value of $49,800.00. Following the acquisition, the chief executive officer now directly owns 1,006,113 shares in the company, valued at $16,701,475.80. The disclosure for this purchase can be found here. Insiders purchased a total of 6,568 shares of company stock valued at $110,106 in the last three months. 6.70% of the stock is currently owned by corporate insiders.

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Newtek Business Services Corp. (NASDAQ NEWT) opened at $17.30 on Monday. Newtek Business Services Corp. has a one year low of $14.70 and a one year high of $18.16. The firm has a market cap of $311.47, a PE ratio of 14.42, a P/E/G ratio of 3.16 and a beta of 1.44. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.26.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Monday, December 18th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 10.17%. The ex-dividend date is Friday, December 15th. Newtek Business Services Corp.’s payout ratio is 106.67%.

NEWT has been the subject of several research reports. Zacks Investment Research raised Newtek Business Services Corp. from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research note on Wednesday, November 8th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $18.00 price target on shares of Newtek Business Services Corp. in a research note on Friday, October 13th. ValuEngine raised Newtek Business Services Corp. from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Finally, BidaskClub raised Newtek Business Services Corp. from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $18.50.

Newtek Business Services Corp. Profile

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.

Institutional Ownership by Quarter for Newtek Business Services Corp. (NASDAQ:NEWT)

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