NEW YORK ( TheStreet) -- H&R Block ( HRB) 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 >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.