NewtekOne (NASDAQ:NEWT) Given New $12.00 Price Target 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 target hoisted by Piper Sandler from $11.50 to $12.00 in a research report released on Tuesday,Benzinga reports. Piper Sandler currently has a neutral rating on the business services provider's stock.

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

NewtekOne Stock Performance

Shares of NEWT traded up $0.04 on Tuesday, reaching $11.44. The company's stock had a trading volume of 450,962 shares, compared to its average volume of 222,216. The company has a debt-to-equity ratio of 6.16, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market capitalization of $301.33 million, a P/E ratio of 5.69 and a beta of 1.21. The stock's 50 day simple moving average is $11.18 and its two-hundred day simple moving average is $11.58. NewtekOne has a 12-month low of $9.12 and a 12-month high of $15.49.

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

NewtekOne Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Wednesday, July 9th were given a dividend of $0.19 per share. The ex-dividend date was Wednesday, July 9th. This represents a $0.76 annualized dividend and a dividend yield of 6.6%. NewtekOne's dividend payout ratio (DPR) is presently 39.58%.

Insider Activity

In related news, CEO Barry Sloane acquired 10,000 shares of NewtekOne stock in a transaction dated Thursday, May 29th. The shares were purchased 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 approximately $13,036,984.74. This represents a 0.84% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased a total of 36,500 shares of company stock worth $406,175 in the last quarter. Company insiders own 6.50% of the company's stock.

Institutional Investors Weigh In On NewtekOne

Several institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in shares of NewtekOne by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 584,541 shares of the business services provider's stock valued at $7,467,000 after buying an additional 10,933 shares during the last quarter. Royce & Associates LP increased its position in NewtekOne by 16.2% in the first quarter. Royce & Associates LP now owns 520,035 shares of the business services provider's stock worth $6,220,000 after purchasing an additional 72,574 shares during the last quarter. Wellington Management Group LLP increased its position in NewtekOne by 66.2% in the fourth quarter. Wellington Management Group LLP now owns 253,627 shares of the business services provider's stock worth $3,239,000 after purchasing an additional 100,989 shares during the last quarter. Northern Trust Corp increased its position in NewtekOne by 9.6% in the fourth quarter. Northern Trust Corp now owns 210,102 shares of the business services provider's stock worth $2,683,000 after purchasing an additional 18,407 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in NewtekOne by 306.4% in the first quarter. AQR Capital Management LLC now owns 168,269 shares of the business services provider's stock worth $2,012,000 after purchasing an additional 126,865 shares during the last quarter. 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.