State Treasurer State of Michigan cut its stake in H & R Block Inc (NYSE:HRB) by 17.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 48,698 shares of the company’s stock after selling 10,500 shares during the period. State Treasurer State of Michigan’s holdings in H & R Block were worth $1,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of HRB. Amundi Pioneer Asset Management Inc. increased its position in H & R Block by 92.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 5,596,753 shares of the company’s stock worth $133,986,000 after buying an additional 2,687,319 shares during the period. Bessemer Group Inc. increased its position in H & R Block by 206.8% in the second quarter. Bessemer Group Inc. now owns 2,235,801 shares of the company’s stock worth $65,509,000 after buying an additional 1,506,977 shares during the period. First Eagle Investment Management LLC increased its position in H & R Block by 21.5% in the first quarter. First Eagle Investment Management LLC now owns 7,705,778 shares of the company’s stock worth $184,476,000 after buying an additional 1,363,866 shares during the period. Janus Henderson Group PLC increased its position in H & R Block by 259.8% in the first quarter. Janus Henderson Group PLC now owns 1,324,096 shares of the company’s stock worth $31,699,000 after buying an additional 956,090 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its position in H & R Block by 49.3% in the first quarter. Robeco Institutional Asset Management B.V. now owns 1,941,645 shares of the company’s stock worth $46,483,000 after buying an additional 641,529 shares during the period. 98.10% of the stock is currently owned by hedge funds and other institutional investors.

In other news, VP Kellie J. Logerwell sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $28.68, for a total transaction of $86,040.00. Following the transaction, the vice president now directly owns 7,941 shares of the company’s stock, valued at $227,747.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is currently owned by company insiders.

HRB has been the topic of several analyst reports. Zacks Investment Research lowered H & R Block from a “hold” rating to a “sell” rating and set a $28.00 target price on the stock. in a research report on Wednesday, May 29th. ValuEngine raised H & R Block from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. Northcoast Research lowered H & R Block from a “buy” rating to a “neutral” rating in a report on Tuesday, July 9th. Morgan Stanley reissued an “equal weight” rating and set a $29.00 price target on shares of H & R Block in a report on Thursday, June 27th. Finally, Barrington Research reissued an “outperform” rating on shares of H & R Block in a report on Wednesday, June 12th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $26.50.

Shares of HRB opened at $27.78 on Wednesday. The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 1.38 and a beta of 0.24. The company has a debt-to-equity ratio of 2.76, a current ratio of 2.16 and a quick ratio of 2.16. H & R Block Inc has a one year low of $22.96 and a one year high of $29.62. The company’s fifty day simple moving average is $28.08.

H & R Block (NYSE:HRB) last issued its quarterly earnings results on Tuesday, June 11th. The company reported $4.32 EPS for the quarter, beating analysts’ consensus estimates of $4.11 by $0.21. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.32 billion. H & R Block had a return on equity of 364.51% and a net margin of 13.65%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period last year, the company earned $5.42 earnings per share. On average, research analysts expect that H & R Block Inc will post 1.99 earnings per share for the current fiscal year.

About H & R Block

H&R Block, Inc, through its subsidiaries, provides assisted income tax return preparation, digital do-it-yourself (DIY) tax solutions, and other services and products related to income tax return preparation to the general public primarily in the United States, Canada, and Australia. The company offers assisted income tax return preparation and related services through a system of retail offices operated directly by the company or by franchisees.

Recommended Story: What Is An Exchange-Traded Fund (ETF)?

Want to see what other hedge funds are holding HRB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for H & R Block Inc (NYSE:HRB).

Institutional Ownership by Quarter for H & R Block (NYSE:HRB)

Receive News & Ratings for H & R Block Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for H & R Block and related companies with MarketBeat.com's FREE daily email newsletter.