H & R Block Inc (NYSE:HRB) is having a strong start to the trading session today, and for good reason. Do it yourself tax filings are on the rise. Of course, this news excited investors, leading to gains in the stock. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:14), HRB is trading at $24.52 per share after a gain of $0.64 per share or 2.66% thus far today.
HRB Gains On Increasing DIY Filings
As mentioned above, H & R Block is having a strong day in the market today after it reported a better-than-average rise in online-filed tax returns. This is overwhelmingly positive news for the company as this is where a large chunk of their revenue comes from. As a result, investor excitement ensued, leading to gains in the stock.
According to HRB, do-it-yourself online filings during this tax season were up approximately 2.3% during this tax season. That’s a big gain considering that the average increase in online tax filings is only 0.2%.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching HRB incredibly closely. In particular, we’re interested in learning how this news will equate to dollars in the near future for the company. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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