The Providence Service (PRSC) Upgraded at Zacks Investment Research

The Providence Service (NASDAQ:PRSC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.

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. “

Other analysts also recently issued reports about the stock. TheStreet raised shares of The Providence Service from a “c+” rating to a “b” rating in a research report on Tuesday, November 7th. Barrington Research reaffirmed an “outperform” rating and issued a $67.00 target price on shares of The Providence Service in a research report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The Providence Service has a consensus rating of “Hold” and a consensus price target of $67.00.

Shares of The Providence Service (NASDAQ:PRSC) traded down $0.23 during trading on Thursday, reaching $62.21. 49,673 shares of the company’s stock were exchanged, compared to its average volume of 99,055. The stock has a market cap of $827.74, a P/E ratio of -41.20, a P/E/G ratio of 2.63 and a beta of 0.89. The Providence Service has a fifty-two week low of $35.65 and a fifty-two week high of $64.40.

The Providence Service (NASDAQ:PRSC) last issued its quarterly earnings data on Tuesday, November 7th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.01. The business had revenue of $409.50 million for the quarter, compared to the consensus estimate of $407.00 million. The Providence Service had a net margin of 4.91% and a return on equity of 6.29%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.35 EPS. analysts predict that The Providence Service will post 1.35 earnings per share for the current fiscal year.

In other news, Director Richard A. Kerley sold 3,500 shares of the company’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $59.07, for a total value of $206,745.00. Following the sale, the director now directly owns 33,152 shares of the company’s stock, valued at approximately $1,958,288.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Coliseum Capital Management, L sold 314,605 shares of the stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $56.07, for a total transaction of $17,639,902.35. The disclosure for this sale can be found here. 18.93% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its position in The Providence Service by 246.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,918 shares of the company’s stock valued at $148,000 after purchasing an additional 2,075 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in The Providence Service by 58.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,571 shares of the company’s stock valued at $181,000 after purchasing an additional 1,315 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its position in The Providence Service by 51.6% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 4,350 shares of the company’s stock valued at $235,000 after purchasing an additional 1,480 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new stake in The Providence Service during the 3rd quarter valued at about $343,000. Finally, Thrivent Financial For Lutherans grew its position in The Providence Service by 2.0% during the 2nd quarter. Thrivent Financial For Lutherans now owns 7,000 shares of the company’s stock valued at $354,000 after purchasing an additional 140 shares during the last quarter. 95.34% of the stock is currently owned by institutional investors.

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The Providence Service Company Profile

The Providence Service Corporation (Providence) is a holding company. The Company, through its subsidiaries, is engaged in the provision of healthcare and workforce development services for public and private sector entities. The Company’s segments include Non-Emergency Transportation Services (NET Services), Workforce Development Services (WD Services) and Matrix Investment.

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