The Providence Service Corp. (NASDAQ:PRSC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Providence Service Corporation provides human services and non-emergency transportation (NET) management services to children, adolescents, young adults, and families. The Company focuses on providing its social services in the client’s home or in community-based settings. It provides its NET management services through local transportation providers. The company’s services are reimbursed by government programs such as welfare, juvenile justice, Medicaid or corrections. Providence Service Corporation is based in Tucson, Arizona. “
PRSC has been the topic of a number of other reports. TheStreet lowered shares of The Providence Service Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, October 19th. Avondale Partners began coverage on shares of The Providence Service Corp. in a research note on Tuesday, October 11th. They issued a “market perform” rating on the stock.
The Providence Service Corp. (NASDAQ:PRSC) traded down 0.77% on Wednesday, hitting $37.16. The stock had a trading volume of 141,027 shares. The Providence Service Corp. has a 12 month low of $36.64 and a 12 month high of $55.28. The stock has a market cap of $526.37 million, a PE ratio of 8.06 and a beta of 1.08. The firm’s 50 day moving average price is $41.19 and its 200-day moving average price is $45.69.
The Providence Service Corp. (NASDAQ:PRSC) last issued its quarterly earnings results on Tuesday, November 8th. The company reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by $0.02. The company earned $412.50 million during the quarter, compared to analysts’ expectations of $417 million. The Providence Service Corp. had a net margin of 3.90% and a return on equity of 11.59%. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.07 earnings per share. On average, analysts forecast that The Providence Service Corp. will post $2.16 EPS for the current year.
In other The Providence Service Corp. news, CFO David Casey Shackelton bought 2,000 shares of the firm’s stock in a transaction on Friday, September 2nd. The shares were acquired at an average cost of $46.85 per share, with a total value of $93,700.00. Following the purchase, the chief financial officer now directly owns 13,319 shares of the company’s stock, valued at approximately $623,995.15. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David A. Coulter bought 4,225 shares of the firm’s stock in a transaction on Friday, September 16th. The stock was acquired at an average cost of $47.29 per share, for a total transaction of $199,800.25. Following the completion of the purchase, the director now directly owns 6,159 shares in the company, valued at $291,259.11. The disclosure for this purchase can be found here. 14.40% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its position in The Providence Service Corp. by 103.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 13,540 shares of the company’s stock worth $658,000 after buying an additional 6,900 shares during the period. Panagora Asset Management Inc. raised its position in The Providence Service Corp. by 585.7% in the third quarter. Panagora Asset Management Inc. now owns 6,151 shares of the company’s stock worth $299,000 after buying an additional 5,254 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in The Providence Service Corp. during the third quarter worth $229,000. The Manufacturers Life Insurance Company acquired a new position in The Providence Service Corp. during the third quarter worth $435,000. Finally, NorthRock Partners LLC raised its position in The Providence Service Corp. by 5.9% in the third quarter. NorthRock Partners LLC now owns 21,362 shares of the company’s stock worth $1,039,000 after buying an additional 1,188 shares during the period. 95.65% of the stock is currently owned by institutional investors and hedge funds.
About The Providence Service Corp.
The Providence Service Corporation is a holding company. The Company, through its subsidiaries, provides critical healthcare and workforce development services. It operates in over two industry sectors, including the United States healthcare and global workforce development, through its three operating segments: Non-Emergency Transportation Services (NET Services), Workforce Development Services (WD Services) and Health Assessment Services (HA Services).