) --

H&R Block

(HRB) - Get Report

was the worst-performing stock in the

S&P 500

on Thursday morning.

The S&P 500 was rising 1.7 points, or 0.12%, to 1,392.39.

Shares of H&R Block declined 11.89% Thursday morning to $14.75. The tax preparation company announced Wednesday that it intends to close 200 underperforming offices and will cut 350 full-time employees from its Kansas City headquarters.

Through these cuts, H&R Block anticipates it will save between $85 million and $100 million by the end of fiscal-year 2013.

H&R Block trades at an estimated price-to-earnings ratio for next year of 8.98 times; the average for specialized consumer services companies is 15.78.

Five of the 9 analysts who cover H&R Block rated it buy; four analysts gave the stock a hold rating.

TheStreet Ratings

gives H&R Block a

C+ grade

and hold rating. The stock has fallen 9.8% year to date.

-- Written by Alexandra Zendrian

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Alexandra Zendrian