Cornercap Investment Counsel Inc. Trims Stock Position in NewtekOne, Inc. (NASDAQ:NEWT)

Cornercap Investment Counsel Inc. lessened its stake in NewtekOne, Inc. (NASDAQ:NEWT) by 53.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,911 shares of the business services provider’s stock after selling 21,325 shares during the quarter. Cornercap Investment Counsel Inc. owned 0.07% of NewtekOne worth $236,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of NEWT. International Assets Investment Management LLC purchased a new stake in NewtekOne in the 2nd quarter worth approximately $62,000. nVerses Capital LLC boosted its holdings in NewtekOne by 96.7% during the third quarter. nVerses Capital LLC now owns 5,900 shares of the business services provider’s stock worth $74,000 after buying an additional 2,900 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in NewtekOne by 36.1% during the third quarter. Harbor Capital Advisors Inc. now owns 7,542 shares of the business services provider’s stock worth $94,000 after buying an additional 2,002 shares in the last quarter. SG Americas Securities LLC acquired a new stake in NewtekOne during the third quarter valued at $101,000. Finally, Kinloch Capital LLC purchased a new position in NewtekOne in the first quarter valued at $148,000. Hedge funds and other institutional investors own 38.35% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Barry Sloane purchased 40,134 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was purchased at an average price of $11.75 per share, with a total value of $471,574.50. Following the completion of the acquisition, the chief executive officer now owns 1,187,457 shares in the company, valued at $13,952,619.75. This trade represents a 3.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders have acquired 42,634 shares of company stock valued at $502,770 in the last ninety days. 6.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NEWT shares. B. Riley lowered shares of NewtekOne from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $16.00 to $13.00 in a research note on Wednesday, September 4th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $15.00 price target (up previously from $13.00) on shares of NewtekOne in a research report on Friday, November 8th. Finally, Piper Sandler boosted their price objective on NewtekOne from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, November 11th.

NewtekOne Trading Down 1.8 %

NEWT stock opened at $13.80 on Tuesday. The stock has a market cap of $363.08 million, a price-to-earnings ratio of 7.85 and a beta of 1.29. The business’s 50-day moving average is $12.84 and its 200 day moving average is $12.91. NewtekOne, Inc. has a 12-month low of $10.07 and a 12-month high of $15.49. The company has a current ratio of 0.75, a quick ratio of 1.42 and a debt-to-equity ratio of 4.98.

NewtekOne (NASDAQ:NEWT) last posted its quarterly earnings data on Wednesday, November 6th. The business services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. NewtekOne had a return on equity of 18.73% and a net margin of 14.92%. The firm had revenue of $83.12 million during the quarter, compared to the consensus estimate of $61.76 million. During the same period in the prior year, the company earned $0.38 EPS. On average, sell-side analysts anticipate that NewtekOne, Inc. will post 1.93 EPS for the current fiscal year.

NewtekOne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Shareholders of record on Thursday, October 10th were issued a $0.19 dividend. The ex-dividend date was Thursday, October 10th. This represents a $0.76 dividend on an annualized basis and a yield of 5.51%. NewtekOne’s payout ratio is 42.46%.

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.