The Providence Service (PRSC) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of The Providence Service (NASDAQ:PRSC) from a sell rating to a hold rating in a research note issued to investors 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. “

Several other equities analysts also recently issued reports on PRSC. TheStreet upgraded shares of The Providence Service from a c+ rating to a b rating in a report on Tuesday, November 7th. Barrington Research restated an outperform rating and set a $67.00 price objective on shares of The Providence Service in a report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The Providence Service currently has a consensus rating of Hold and a consensus price target of $67.00.

Shares of The Providence Service (PRSC) traded down $0.13 during trading on Thursday, reaching $62.08. 75,381 shares of the company’s stock were exchanged, compared to its average volume of 99,800. The company has a market capitalization of $827.73, a P/E ratio of 11.13, a PEG 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 announced its earnings results on Tuesday, November 7th. The company reported $0.32 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.01. The business had revenue of $409.50 million during 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 firm’s revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $0.35 earnings per share. sell-side analysts forecast that The Providence Service will post 1.35 EPS for the current fiscal year.

In other The Providence Service news, Director Richard A. Kerley sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $59.07, for a total value of $206,745.00. Following the sale, the director now owns 33,152 shares in the company, valued at approximately $1,958,288.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Coliseum Capital Management, L sold 314,605 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $56.07, for a total value of $17,639,902.35. The disclosure for this sale can be found here. Corporate insiders own 18.93% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in PRSC. Russell Investments Group Ltd. boosted its position in The Providence Service by 246.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,918 shares of the company’s stock worth $148,000 after purchasing an additional 2,075 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of 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 buying an additional 1,315 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its position in shares of 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 buying an additional 1,480 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of The Providence Service during the 3rd quarter valued at approximately $343,000. Finally, Thrivent Financial For Lutherans lifted its position in shares of 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 buying an additional 140 shares in the last quarter. Institutional investors and hedge funds own 95.34% of the company’s stock.

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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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