DA Davidson Initiates Coverage on NEWTEK Business Services Corp to Buy

DA Davidson Initiates Coverage on NEWTEK Business Services Corp(NASDAQ:NEWT). The shares have been rated Buy. The rating by DA Davidson was issued on Jun 16, 2016.

NEWTEK Business Services Corp (NEWT) made into the market gainers list on Tuesdays trading session with the shares advancing 1.05% or 0.13 points. Due to strong positive momentum, the stock ended at $12.49, which is also near the day’s high of $12.53. The stock began the session at $12.35 and the volume stood at 73,000 shares. The 52-week high of the shares is $19.82 and the 52 week low is $9.37. The company has a current market capitalization of $181 M and it has 1,44,81,335 shares in outstanding.

NEWTEK Business Services Corp(NEWT) last announced its earnings results on May 4, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $6.79M. Analysts had an estimated revenue of $6.65M. Earnings per share were $0.34. Analysts had estimated an EPS of $0.34.

Several Insider Transactions has been reported to the SEC. On Mar 23, 2016, Sam Kirschner (director) purchased 1,000 shares at $11.95 per share price.Also, On Mar 14, 2016, Barry Sloane (CEO) purchased 1,000 shares at $12.94 per share price.On Mar 14, 2016, Richard J Salute (director) purchased 2,026 shares at $12.34 per share price, according to the Form-4 filing with the securities and exchange commission.

Newtek Business Services Corp. is an internally managed closed-end non-diversified management investment company. The Company is focused on developing and marketing business and financial products and services aimed at the small- and medium-sized business (SMB) market and on developing a recognized brand for independent business owners. The Company’s brand The Small Business Authority is a national lender and owns and controls certain controlled portfolio companies that provide business and financial products to the SMB market.

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