H&R Block Downgraded at Barrington Research (HRB)


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Tax prep company H&R Block, Inc. ( HRB ) caught a downgrade on Thursday from analysts at Barrington Research.

The firm cut its rating on HRB from "Outperform" to "Market Perform," noting that the company has lost several top executives in recent months. H&R Block has seen its business shrink in recent years, as Americans have increasingly embraced online and do-it-yourself tax prep computer software.

H&R Block shares fell 53 cents, or -3.4%, in premarket trading Thursday.

The Bottom Line
We had removed shares of HRB from our "recommended" list Oct.6, 2008, when the stock was trading at $23.72. The company has a 3.87% dividend yield, based on last night's closing stock price of $15.49. The stock has technical support in the $12-$14 price area. If the shares can firm up, we see overhead resistance around the $17 price level. We would remain on the sidelines for now.

H&R Block, Inc. ( HRB ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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