Psych Solutions adding to Texas site
Posted on November 17, 2009 at 11:19 amThe Franklin-based operator of behavioral health facilities has launched a 39-bed expansion of its Kingwood Pines center north of Houston. Kingwood Pines is one of 10 hospitals Psych Solutions (Ticker: PSYS) runs in the Lone Star State.
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Psych Solutions primes the pump
Posted on November 16, 2009 at 8:07 amHaving already signaled its intent to ramp up acquisitions, Psychiatric Solutions has filed a shelf registration devoted to funding future purchases of about $100 million and another, more overarching shelf with a lot of info still be filled in.
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PSYS-Aetna deal in the books
Posted on November 3, 2009 at 7:37 amPsych Solutions has wrapped up the sale of its EAP business to insurance giant Aetna and will put the $70 million in proceeds toward reducing its debt. At Sept. 30, the company’s debt-to-equity ratio stood at 1.3.
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Time to be greedy with Psych Solutions
Posted on October 29, 2009 at 12:05 pmAvondale Partners analyst Kevin Campbell says investors should take the opportunity to buy shares of Psychiatric Solutions after their big drop Wednesday. Campbell, who has an ‘outperform’ rating on the shares, says that — despite the Q3 rise in charity care — Psych Solutions’ fundamental story is still compelling.
“[D]emand for its services remains strong and valuations remain at the bottom of its historic range. We recognize that there are valid concerns about increased levels of charity care; however, we believe the issue is manageable.”
Campbell’s lowered target of $28 is almost 50 percent above where the company opened trading this morning. Shares of Psych Solutions (Ticker: PSYS) are up about 3 percent so far today.
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Analyst action: Psych Solutions, O’Charley’s
Posted on at 7:15 amSoleil Securites’ A.J. Rice yesterday downgraded shares of Psychiatric Solutions to ‘hold’ from ‘buy’ and slashed his price target to $22 from $33. The stock (Ticker: PSYS) lost almost a quarter of its value after a disappointing Q3 report.
Over at Morgan Keegan, analyst Robert Derrington has raised O’Charley’s to ‘outperform’ from ‘market perform’ citing the stock’s valuation and management’s operational plans. The restaurant chain (Ticker: CHUX) will report its earnings this morning; the Street is looking for a loss of 10 cents per share.
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Psych Solutions still a market beater
Posted on October 12, 2009 at 2:19 pmSo says the research team at Forbes, who have for the third year in a row placed Psychiatric Solutions on its list of the best mid-cap stocks. But if the trend holds, the Franklin-based company (Ticker: PSYS) won’t make the cut in 2011: It’s fallen from ninth to 38th over the past two years.
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A latecomer to the Psych Solutions Class Action Ball
Posted on October 9, 2009 at 8:19 amAnother law firm has jumped on the bandwagon and filed a potential class action against Psychiatric Solutions over the Franklin-based company’s disclosures of regulatory issues at one of its Illinois hospitals.
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Surviving Psych Solutions COO gets big raise
Posted on October 7, 2009 at 1:46 pmTo the victor the spoils: Psychiatric Solutions has hiked the annual salary of Chief Operating Officer Ronald Fincher by a quarter to $500,000. The raise took effect a couple of days after Terrance Bridges resigned his post as co-COO.
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More class actions lobbed against Psych Solutions
Posted on September 28, 2009 at 7:28 amThere’s blood in the water and the legal sharks are circling. Law firms out of Baltimore and Dallas have joined at least two others in filing potential class actions against Psychiatric Solutions (Ticker: PSYS) over the company’s disclosure of regulatory problems at its Riveredge hospital in Illinois.
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Another Psych Solutions class action filing
Posted on September 23, 2009 at 8:25 amHop on, boys – there’s plenty of room for consolidation. A day after a San Diego firm accused Psychiatric Solutions of misleading investors, a Pennsylvania peer has followed suit. The firms’ accusations center on Psych Solutions managers’ disclosure of regulatory shortcomings at an Illinois facility.
SEE ALSO: Howard G. Smith’s roster of active cases
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Psych Solutions class action over Chicago problems
Posted on September 22, 2009 at 8:29 am
A San Diego securities law firm has filed a putative class action against Psychiatric Solutions over the effect on the company’s stock price of the disclosure of various regulatory issues at its Riveredge Hospital in Chicago. The period covered in the suit covers 53 weeks starting in February of 2008.
Defendants downplayed incidents at the Company’s facilities, indicating that the deficiencies had all been resolved. Defendants assured investors that corrective actions had already been taken at the Company’s facilities to improve the quality, safety and risk management. Additionally, defendants issued materially false and misleading statements regarding the Company’s financial results and compliance with Generally Accepted Accounting Principles. Specifically, the Company failed to properly account for its contingent liabilities related to the deficiencies surrounding its operations.
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Joey Jacobs cashes in on PSYS’ long-term gains
Posted on September 21, 2009 at 7:44 am
When — despite falling more than 20 percent in the past year — shares of the company you lead are still up ninefold since 2003, you’re going to see you fair share of days like last Wednesday: Psychiatric Solutions boss Joey Jacobs last week exercised almost 16,000 options and then sold them as part of a long-term trading plan. Jacobs, who co-founded Psych Solutions in 1997, booked a net gain of more than $400,000. Shares of the company (Ticker: PSYS) have gained an average of 18 percent per year since 2004.
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Thomas Weisel covering Psych Solutions
Posted on September 9, 2009 at 11:20 amThe investment banking firm has initiated coverage on nine health care stocks today, including Psychiatric Solutions (Ticker: PSYS), Emergency Medical (Ticker: EMS), Healthsouth (Ticker: HLS), Omnicare (Ticker: OCR), Lincare (Ticker: LNCR), Mednax (Ticker: MD), PharMerica Corp. (Ticker: PMC), IPC The Hospitalist (Ticker: IPCM), and RehabCare Group (Ticker: RHB).
New CEO for scrutinized Psych Solutions Philly hospital
Posted on September 8, 2009 at 10:12 am
Psychiatric Solutions has recruited Kenneth Glass to lead its majority-owned Friends Hospital, which earlier this year attracted regulatory attention after a patient’s suicide.
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Psych Solutions exec lightens stock holdings
Posted on at 6:39 amTerrance Bridges, the co-COO at Psychiatric Solutions, on Friday sold a sixth of his holdings in the Franklin-based company, grossing more than $200,000. Shares of Psych Solutions (Ticker: PSYS) have more than doubled since the market’s March lows.
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