Richard Breeden has disclosed in an SEC Filing that he has aggressively bought shares of H&R Block (NYSE: HRB) this week. From the dates of March 18 to March 20, Breeden purchased roughly 2.435 million shares at various prices of $18.84 to $20.76. Prior to this SEC Filing, Breeden and his affiliated entities owned 6 million shares of common stock. The direct reported holdings are now carried as 8.435 million shares.
Richard C. Breeden was elected a director of H&R Block in September 2007 and was then elected as Chairman of the board in November 2007. He is also a former chairman of the Securities and Exchange Commission, which is a highly noted position for a public company. He is the managing member of Breeden Capital Partners LLC, managing member and Chairman & CEO of Breeden Capital Management LLC and the Key Principal of Breeden Partners (Cayman) Ltd. Breeden Capital Partners LLC is in turn the general partner of Breeden Partners L.P. and Breeden Partners (California) L.P. Due to SEC rules he is deemed to be the beneficial owner of all of the common stock owned by these entities. These entities have been an active investor in H&R Block.
On March 17, 2008, H&R Block announced that it was selling its OPTION ONE mortgage servicing business to Wilbur Ross, and the company already got earnings behind it earlier this month. This was the stock that Jim Cramer recently featured as his stock play to win on taxes this year because of Breeden’s involvement and because of selling Option One. Shares are up 1.3% today at $20.59 and have traded as high as $20.94. The 52-week trading range for the last year has been $16.89 to $24.02, but shares have also traded as high as $30.00 over the last five years.
Jon C. Ogg
March 20, 2008