Advisors Asset Management Inc. lifted its stake in Newtek Business Services Corp. (NASDAQ:NEWT) by 6.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 183,660 shares of the business services provider’s stock after acquiring an additional 11,131 shares during the period. Advisors Asset Management Inc. owned 1.04% of Newtek Business Services Corp. worth $3,273,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Fusion Family Wealth LLC lifted its stake in shares of Newtek Business Services Corp. by 56.6% in the 2nd quarter. Fusion Family Wealth LLC now owns 6,935 shares of the business services provider’s stock worth $113,000 after acquiring an additional 2,506 shares during the period. Ameriprise Financial Inc. acquired a new stake in shares of Newtek Business Services Corp. in the 2nd quarter worth approximately $171,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Newtek Business Services Corp. in the 2nd quarter worth approximately $207,000. KCG Holdings Inc. acquired a new stake in shares of Newtek Business Services Corp. in the 1st quarter worth approximately $227,000. Finally, American Asset Management Inc. lifted its stake in shares of Newtek Business Services Corp. by 0.4% in the 2nd quarter. American Asset Management Inc. now owns 14,345 shares of the business services provider’s stock worth $234,000 after acquiring an additional 51 shares during the period. 21.20% of the stock is owned by institutional investors.
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In other Newtek Business Services Corp. news, Director Richard J. Salute bought 1,468 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were acquired at an average cost 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 document filed with the SEC, which is available at the SEC website. Also, CEO Barry Sloane bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The stock was acquired at an average price of $16.60 per share, for a total transaction of $49,800.00. Following the completion of 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 worth $110,106 over the last quarter. Insiders own 6.70% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Monday, December 18th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, December 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 10.07%. Newtek Business Services Corp.’s payout ratio is currently 106.67%.
A number of brokerages have recently weighed in on NEWT. Zacks Investment Research raised shares of 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. ValuEngine lowered shares of Newtek Business Services Corp. from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 31st. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $18.00 price target on shares of Newtek Business Services Corp. in a research note on Friday, October 13th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Newtek Business Services Corp. presently has a consensus rating of “Buy” and a consensus 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.
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