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NEW YORK (TheStreet) -- Shares of H&R Block (HRB) were diving 13.1% to $21.03 on heavy trading volume mid-morning Wednesday after the company posted weaker-than-expected results for the 2017 fiscal first quarter.

After yesterday's market close, the Kansas City, MO-based tax preparer reported an adjusted loss of 55 cents per share, while analysts were looking for a loss of 53 cents per share.

Revenue was $125.2 million for the period, lower than analysts' estimates of $132.6 million.

The fiscal-first quarter usually represents less than 5% of the company's annual revenues.

BMO Capital Markets raised its price target on shares to $24 from $23 after the results.

"HRB's FY1Q17 was roughly in line, though it is a seasonally light quarter. Little color was provided on plans to improve FY2017 tax season results, and no Investor Day will be held this year (mostly for competitive reasons), leaving many questions still unanswered," the firm wrote in a note.

Given this is a seasonally light quarter, BMO believes it's "tough" to read much from the results.

Oppenheimer maintained its "perform" rating on shares following the quarterly report.

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"H&R Block's seasonally light F1Q17 EPS was in line with our estimate/consensus despite opex's materially underperforming our estimate and being wholly offset by a higher than anticipated tax benefit," the firm wrote in a note earlier today.

More than 4.55 million of the company's shares changed hands so far today vs. its average 30-day volume of 1.88 million shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its notable return on equity, good cash flow from operations and expanding profit margins.

But the team also finds weaknesses including a generally disappointing performance in the stock itself and generally higher debt management risk.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: HRB

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