NewtekOne (NASDAQ:NEWT) Price Target Raised to $12.00 at Piper Sandler

NewtekOne (NASDAQ:NEWT) had its target price hoisted by equities researchers at Piper Sandler from $11.50 to $12.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the business services provider’s stock. Piper Sandler’s target price would suggest a potential upside of 5.26% from the company’s previous close.

Separately, Keefe, Bruyette & Woods cut their price target on NewtekOne from $13.00 to $12.00 and set a “market perform” rating for the company in a report on Friday, July 11th.

NewtekOne Stock Performance

NewtekOne stock opened at $11.40 on Tuesday. The stock has a 50-day simple moving average of $11.18 and a 200 day simple moving average of $11.58. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 6.16. NewtekOne has a 12-month low of $9.12 and a 12-month high of $15.49. The stock has a market capitalization of $300.28 million, a price-to-earnings ratio of 5.67 and a beta of 1.21.

NewtekOne (NASDAQ:NEWT) last released its quarterly earnings results on Monday, July 28th. The business services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. NewtekOne had a return on equity of 19.48% and a net margin of 14.65%. The business had revenue of $70.20 million during the quarter, compared to analysts’ expectations of $73.88 million. On average, research analysts anticipate that NewtekOne will post 1.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Barry Sloane acquired 10,000 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was purchased at an average cost of $10.86 per share, for a total transaction of $108,600.00. Following the completion of the transaction, the chief executive officer directly owned 1,200,459 shares in the company, valued at $13,036,984.74. This trade represents a 0.84% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders bought 36,500 shares of company stock valued at $406,175 in the last three months. 6.50% of the stock is owned by company insiders.

Institutional Trading of NewtekOne

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in shares of NewtekOne by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 584,541 shares of the business services provider’s stock worth $7,467,000 after buying an additional 10,933 shares during the period. Royce & Associates LP grew its position in shares of NewtekOne by 16.2% during the 1st quarter. Royce & Associates LP now owns 520,035 shares of the business services provider’s stock worth $6,220,000 after buying an additional 72,574 shares during the period. Wellington Management Group LLP grew its position in shares of NewtekOne by 66.2% during the 4th quarter. Wellington Management Group LLP now owns 253,627 shares of the business services provider’s stock worth $3,239,000 after buying an additional 100,989 shares during the period. Northern Trust Corp grew its position in shares of NewtekOne by 9.6% during the 4th quarter. Northern Trust Corp now owns 210,102 shares of the business services provider’s stock worth $2,683,000 after buying an additional 18,407 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of NewtekOne by 306.4% during the 1st quarter. AQR Capital Management LLC now owns 168,269 shares of the business services provider’s stock worth $2,012,000 after buying an additional 126,865 shares during the period. 38.35% of the stock is currently owned by institutional investors and hedge funds.

NewtekOne Company Profile

NewtekOne, Inc operates as the bank holding company for Newtek Bank, National Association that engages in the provision of various business and financial solutions under the Newtek brand name to the small- and medium-sized business market. The company accepts demand, savings, NOW, money market, and time deposits; and provides loans including SBA loans, commercial and industrial loans, and commercial real estate loans.