Morgan Stanley Decreases Holdings in The Providence Service Corporation (PRSC)

Morgan Stanley lowered its stake in The Providence Service Corporation (NASDAQ:PRSC) by 43.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,443 shares of the company’s stock after selling 27,653 shares during the period. Morgan Stanley owned 0.27% of The Providence Service Corporation worth $1,619,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of PRSC. Kestrel Investment Management Corp purchased a new position in shares of The Providence Service Corporation in the 1st quarter worth about $6,004,000. Prudential Financial Inc. raised its position in The Providence Service Corporation by 78.0% in the 1st quarter. Prudential Financial Inc. now owns 108,827 shares of the company’s stock worth $4,836,000 after buying an additional 47,700 shares during the last quarter. Dimensional Fund Advisors LP raised its position in The Providence Service Corporation by 5.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 874,864 shares of the company’s stock worth $38,879,000 after buying an additional 47,534 shares during the last quarter. Ameriprise Financial Inc. raised its position in The Providence Service Corporation by 45.7% in the 1st quarter. Ameriprise Financial Inc. now owns 93,180 shares of the company’s stock worth $4,141,000 after buying an additional 29,215 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in The Providence Service Corporation by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 655,699 shares of the company’s stock worth $29,139,000 after buying an additional 22,834 shares during the last quarter. 93.14% of the stock is owned by hedge funds and other institutional investors.

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PRSC has been the subject of a number of recent research reports. ValuEngine upgraded The Providence Service Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub downgraded The Providence Service Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Finally, Barrington Research boosted their price objective on The Providence Service Corporation from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, August 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The Providence Service Corporation presently has a consensus rating of “Hold” and an average price target of $55.50.

Shares of The Providence Service Corporation (NASDAQ:PRSC) opened at 52.10 on Friday. The stock’s 50 day moving average price is $51.27 and its 200 day moving average price is $47.46. The Providence Service Corporation has a one year low of $34.89 and a one year high of $54.99. The stock has a market capitalization of $703.40 million, a PE ratio of 10.85 and a beta of 0.99.

The Providence Service Corporation (NASDAQ:PRSC) last released its quarterly earnings data on Tuesday, August 8th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.22 by $0.10. The company had revenue of $407.98 million for the quarter, compared to analyst estimates of $392.71 million. The Providence Service Corporation had a return on equity of 6.94% and a net margin of 4.11%. The firm’s revenue was up 2.5% compared to the same quarter last year. During the same period last year, the company posted $0.43 earnings per share. Equities research analysts predict that The Providence Service Corporation will post $1.44 EPS for the current fiscal year.

The Providence Service Corporation 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 Corporation (NASDAQ:PRSC)

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