Cornercap Investment Counsel Inc. Invests $506,000 in NewtekOne, Inc. (NASDAQ:NEWT)

Cornercap Investment Counsel Inc. acquired a new stake in shares of NewtekOne, Inc. (NASDAQ:NEWT) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 40,236 shares of the business services provider’s stock, valued at approximately $506,000. Cornercap Investment Counsel Inc. owned about 0.16% of NewtekOne as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ancora Advisors LLC grew its holdings in shares of NewtekOne by 43.5% during the first quarter. Ancora Advisors LLC now owns 130,933 shares of the business services provider’s stock worth $1,440,000 after buying an additional 39,659 shares in the last quarter. Jump Financial LLC purchased a new stake in NewtekOne in the 4th quarter worth approximately $155,000. Vanguard Group Inc. raised its holdings in NewtekOne by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 1,368,607 shares of the business services provider’s stock valued at $15,055,000 after acquiring an additional 17,505 shares during the last quarter. Cape Investment Advisory Inc. purchased a new position in shares of NewtekOne during the 4th quarter worth $89,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of NewtekOne by 124.5% during the first quarter. BNP Paribas Financial Markets now owns 14,354 shares of the business services provider’s stock worth $158,000 after purchasing an additional 7,961 shares during the last quarter. Hedge funds and other institutional investors own 38.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, B. Riley lowered NewtekOne from a “buy” rating to a “neutral” rating and dropped their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 4th.

Insider Buying and Selling

In other NewtekOne news, CEO Barry Sloane purchased 6,649 shares of NewtekOne stock in a transaction on Wednesday, August 14th. The shares were purchased at an average cost of $12.13 per share, with a total value of $80,652.37. Following the completion of the transaction, the chief executive officer now directly owns 1,147,323 shares in the company, valued at approximately $13,917,027.99. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Barry Sloane acquired 6,649 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were bought at an average cost of $12.13 per share, with a total value of $80,652.37. Following the completion of the transaction, the chief executive officer now directly owns 1,147,323 shares of the company’s stock, valued at approximately $13,917,027.99. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Scott Price bought 2,000 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was bought at an average cost of $12.59 per share, with a total value of $25,180.00. Following the transaction, the chief financial officer now directly owns 21,681 shares of the company’s stock, valued at $272,963.79. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 14,649 shares of company stock valued at $183,352. 6.40% of the stock is currently owned by corporate insiders.

NewtekOne Stock Performance

Shares of NEWT stock opened at $11.24 on Friday. The company has a debt-to-equity ratio of 4.96, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market capitalization of $291.79 million, a price-to-earnings ratio of 7.25 and a beta of 1.30. NewtekOne, Inc. has a one year low of $10.07 and a one year high of $16.87. The company has a 50 day moving average price of $12.88 and a 200 day moving average price of $12.33.

NewtekOne (NASDAQ:NEWT) last issued its earnings results on Monday, August 5th. The business services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. NewtekOne had a return on equity of 18.99% and a net margin of 14.94%. The business had revenue of $81.37 million for the quarter, compared to analyst estimates of $59.68 million. During the same period last year, the company posted $0.26 EPS. Sell-side analysts anticipate that NewtekOne, Inc. will post 1.9 EPS for the current year.

NewtekOne Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Tuesday, July 9th were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 6.76%. The ex-dividend date was Tuesday, July 9th. NewtekOne’s payout ratio is currently 49.03%.

NewtekOne 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.