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

Key Points

• Piper Sandler has raised its price target for NewtekOne stock from $11.50 to $12.00, suggesting a potential upside of 1.52% from its previous close.
• CEO Barry Sloane increased his ownership by purchasing 10,000 shares at an average price of $10.86, indicating insider confidence in the company's prospects.
• NewtekOne recently reported earnings per share (EPS) of $0.35 for the last quarter, beating expectations and reflecting a net margin of 14.34%.

NewtekOne (NASDAQ:NEWT - Free Report) had its price objective raised by Piper Sandler from $11.50 to $12.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the business services provider's stock.

Separately, Keefe, Bruyette & Woods lowered their price target on NewtekOne from $13.00 to $12.00 and set a "market perform" rating on the stock in a research report on Friday, July 11th.

NewtekOne Stock Performance

NewtekOne stock traded down $0.24 during midday trading on Tuesday, hitting $11.20. 415,423 shares of the company were exchanged, compared to its average volume of 240,476. The firm has a market capitalization of $295.01 million, a PE ratio of 5.57 and a beta of 1.22. NewtekOne has a fifty-two week low of $9.12 and a fifty-two week high of $15.49. The business has a fifty day simple moving average of $11.20 and a two-hundred day simple moving average of $11.57. The company has a debt-to-equity ratio of 6.16, a quick ratio of 0.72 and a current ratio of 0.72.

NewtekOne (NASDAQ:NEWT - Get Free Report) last posted its earnings results on Monday, July 28th. The business services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. The firm had revenue of $70.20 million for the quarter, compared to analyst estimates of $73.88 million. NewtekOne had a return on equity of 19.48% and a net margin of 14.65%. On average, sell-side analysts forecast that NewtekOne will post 1.93 earnings per share for the current year.

NewtekOne Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Wednesday, July 9th were given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 6.8%. The ex-dividend date was Wednesday, July 9th. NewtekOne's dividend payout ratio (DPR) is 37.81%.

Insider Buying and Selling at NewtekOne

In other news, CEO Barry Sloane bought 10,000 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were acquired at an average price 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. The trade was a 0.84% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders purchased a total of 36,500 shares of company stock valued at $406,175 in the last quarter. Company insiders own 6.50% of the company's stock.

Hedge Funds Weigh In On NewtekOne

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in NewtekOne during the fourth quarter worth approximately $1,125,000. Quantbot Technologies LP acquired a new stake in NewtekOne during the fourth quarter worth $55,000. American Century Companies Inc. increased its stake in NewtekOne by 116.6% during the fourth quarter. American Century Companies Inc. now owns 112,400 shares of the business services provider's stock worth $1,435,000 after acquiring an additional 60,518 shares during the last quarter. JPMorgan Chase & Co. increased its stake in NewtekOne by 308.9% during the fourth quarter. JPMorgan Chase & Co. now owns 139,517 shares of the business services provider's stock worth $1,782,000 after acquiring an additional 105,397 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in NewtekOne by 66.2% during the fourth quarter. Wellington Management Group LLP now owns 253,627 shares of the business services provider's stock worth $3,239,000 after acquiring an additional 100,989 shares during the last quarter. Hedge funds and other institutional investors own 38.35% of the company's stock.

About NewtekOne

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.