Geode Capital Management LLC Raises Position in The Providence Service Co. (PRSC)

Geode Capital Management LLC increased its stake in shares of The Providence Service Co. (NASDAQ:PRSC) by 13.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 119,927 shares of the company’s stock after purchasing an additional 13,993 shares during the period. Geode Capital Management LLC owned 0.90% of The Providence Service worth $7,116,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PRSC. Macquarie Group Ltd. acquired a new position in shares of The Providence Service during the 3rd quarter worth approximately $413,000. Wells Fargo & Company MN raised its holdings in The Providence Service by 55.0% in the 3rd quarter. Wells Fargo & Company MN now owns 14,347 shares of the company’s stock valued at $776,000 after acquiring an additional 5,091 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in The Providence Service by 2.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 962,573 shares of the company’s stock valued at $52,056,000 after acquiring an additional 26,060 shares during the last quarter. OxFORD Asset Management LLP raised its holdings in The Providence Service by 7.8% in the 3rd quarter. OxFORD Asset Management LLP now owns 34,783 shares of the company’s stock valued at $1,882,000 after acquiring an additional 2,528 shares during the last quarter. Finally, Convergence Investment Partners LLC acquired a new position in The Providence Service in the 4th quarter valued at $1,418,000. Hedge funds and other institutional investors own 97.66% of the company’s stock.

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In other news, Director Richard A. Kerley sold 667 shares of the business’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $70.89, for a total transaction of $47,283.63. Following the completion of the sale, the director now directly owns 31,836 shares of the company’s stock, valued at approximately $2,256,854.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Casey Shackelton sold 20,533 shares of the business’s stock in a transaction on Friday, March 16th. The shares were sold at an average price of $69.61, for a total transaction of $1,429,302.13. Following the sale, the chief financial officer now directly owns 18,377 shares of the company’s stock, valued at $1,279,222.97. The disclosure for this sale can be found here. Insiders sold a total of 62,667 shares of company stock valued at $4,371,899 over the last quarter. 18.93% of the stock is currently owned by insiders.

Several brokerages have weighed in on PRSC. Zacks Investment Research upgraded The Providence Service from a “sell” rating to a “hold” rating in a report on Thursday, January 4th. BidaskClub upgraded The Providence Service from a “hold” rating to a “buy” rating in a report on Friday, March 23rd. Finally, ValuEngine upgraded The Providence Service from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $67.00.

Shares of PRSC opened at $72.97 on Friday. The firm has a market capitalization of $941.19, a price-to-earnings ratio of 44.22 and a beta of 0.80. The Providence Service Co. has a fifty-two week low of $42.99 and a fifty-two week high of $74.49.

The Providence Service (NASDAQ:PRSC) last issued its quarterly earnings results on Thursday, March 8th. The company reported $0.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.30. The company had revenue of $406.90 million during the quarter, compared to the consensus estimate of $405.94 million. The Providence Service had a return on equity of 7.53% and a net margin of 2.58%. The Providence Service’s revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.33 EPS.

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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.

Institutional Ownership by Quarter for The Providence Service (NASDAQ:PRSC)

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