NEW YORK ( TheStreet) -- Technical services company SAIC ( SAI) was the best-performing stock in the S&P 500 Wednesday morning. The S&P was down 0.97 points, or 0.07%, to 1,404.55.
Shares of SAIC rose 6.31% to $13.98. It declared a quarterly dividend of 12 cents a share on Tuesday and its board authorized a buyback program of 40 million shares. SAIC reported a fourth-quarter loss Tuesday of $161 million, or 49 cents a share, a reversal from year-earlier earnings of $127 million, or 35 cents. On an adjusted basis, excluding a charge for CityTime, earnings from continuing operations were 31 cents a share, down from 34 cents a year earlier. The company set aside $308 million to cover its settlement of New York's CityTime payroll system scandal. Analysts were expecting earnings of 27 cents a share. The stock was raised to sector perform from underperform by analysts at RBC. The analysts' price target is $14. SAIC has an estimated price-to-earnings ratio for next year of 10.24 times; the average for computer services companies is 24.11. For comparison, both Equinix ( EQIX) and VeriSign ( VRSN) have higher forward P/Es of 39.68 and 16.99, respectively. Thirteen of the 16 analysts who cover SAIC rated it hold. Two analysts gave the stock a buy rating and one rated it sell. TheStreet Ratings gives SAIC a C grade and a hold rating. The stock has risen 13.75% year to date. -- Written by Alexandra Zendrian >To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: firstname.lastname@example.org. >To follow the writer on Twitter, go to Alexandra Zendrian.