Healthcare Services Group (NASDAQ:HCSG) Announces Quarterly Earnings Results

Healthcare Services Group (NASDAQ:HCSG) released its quarterly earnings data on Wednesday. The business services provider reported $0.32 EPS for the quarter, beating the consensus estimate of $0.22 by $0.10, FiscalAI reports. The business had revenue of $470.81 million during the quarter, compared to the consensus estimate of $471.22 million. Healthcare Services Group had a net margin of 3.67% and a return on equity of 17.81%. During the same quarter in the prior year, the firm earned ($0.44) EPS.

Healthcare Services Group Trading Down 0.6%

Shares of NASDAQ HCSG opened at $24.80 on Wednesday. Healthcare Services Group has a 12-month low of $12.67 and a 12-month high of $25.75. The firm’s 50-day moving average price is $22.53 and its 200-day moving average price is $20.85. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 25.83 and a beta of 0.78.

Analyst Ratings Changes

HCSG has been the topic of several research reports. Benchmark lifted their target price on Healthcare Services Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. BMO Capital Markets increased their price target on Healthcare Services Group from $22.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, April 23rd. Royal Bank Of Canada raised their price target on Healthcare Services Group from $22.00 to $24.00 and gave the company a “sector perform” rating in a report on Thursday, April 23rd. Weiss Ratings raised Healthcare Services Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, July 13th. Finally, UBS Group upped their price objective on Healthcare Services Group from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

Institutional Investors Weigh In On Healthcare Services Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HCSG. Caitong International Asset Management Co. Ltd bought a new position in shares of Healthcare Services Group during the 4th quarter valued at approximately $33,000. EverSource Wealth Advisors LLC grew its stake in shares of Healthcare Services Group by 163.4% during the second quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the business services provider’s stock valued at $33,000 after buying an additional 1,356 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Healthcare Services Group by 600.8% during the second quarter. Tower Research Capital LLC TRC now owns 10,259 shares of the business services provider’s stock valued at $154,000 after buying an additional 8,795 shares during the last quarter. Caxton Associates LLP purchased a new stake in shares of Healthcare Services Group in the second quarter worth approximately $163,000. Finally, PharVision Advisers LLC purchased a new stake in shares of Healthcare Services Group in the third quarter worth approximately $176,000. 97.97% of the stock is currently owned by hedge funds and other institutional investors.

Healthcare Services Group Company Profile

Healthcare Services Group, Inc (NASDAQ: HCSG) is a leading provider of support services to healthcare facilities across the United States. The company specializes in environmental services, including housekeeping and sanitation, as well as linen and laundry management. In addition, Healthcare Services Group offers dietary and nutrition services, catering to hospitals, skilled nursing facilities, assisted living communities and other long-term care providers.

Founded as a family-owned business in the late 1970s, the company completed its initial public offering in 1997.