Healthcare Services Group (NASDAQ:HCSG) Reaches New 1-Year High After Better-Than-Expected Earnings

Healthcare Services Group, Inc. (NASDAQ:HCSG)’s share price reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $21.63 and last traded at $20.8720, with a volume of 309327 shares traded. The stock had previously closed at $19.24.

The business services provider reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.21. The business had revenue of $466.68 million during the quarter, compared to analysts’ expectations of $467.24 million. Healthcare Services Group had a return on equity of 12.23% and a net margin of 2.20%.The business’s revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.16 earnings per share.

Analysts Set New Price Targets

Several equities analysts have issued reports on HCSG shares. BMO Capital Markets started coverage on shares of Healthcare Services Group in a report on Thursday, November 13th. They set a “market perform” rating and a $20.00 price objective on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Healthcare Services Group in a research report on Monday, December 29th. UBS Group reiterated a “buy” rating on shares of Healthcare Services Group in a report on Monday, November 24th. Benchmark boosted their price objective on Healthcare Services Group from $19.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Finally, Macquarie Infrastructure reissued a “buy” rating on shares of Healthcare Services Group in a report on Wednesday, November 26th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.40.

Institutional Trading of Healthcare Services Group

Large investors have recently bought and sold shares of the business. Royal Bank of Canada lifted its stake in Healthcare Services Group by 3.7% in the 1st quarter. Royal Bank of Canada now owns 139,126 shares of the business services provider’s stock worth $1,402,000 after purchasing an additional 4,917 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Healthcare Services Group by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,704 shares of the business services provider’s stock valued at $441,000 after purchasing an additional 1,824 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Healthcare Services Group in the first quarter valued at approximately $242,000. Jane Street Group LLC lifted its position in Healthcare Services Group by 962.0% during the first quarter. Jane Street Group LLC now owns 200,082 shares of the business services provider’s stock worth $2,017,000 after buying an additional 181,242 shares in the last quarter. Finally, KLP Kapitalforvaltning AS boosted its stake in Healthcare Services Group by 138.9% during the second quarter. KLP Kapitalforvaltning AS now owns 34,400 shares of the business services provider’s stock worth $517,000 after buying an additional 20,000 shares during the last quarter. Hedge funds and other institutional investors own 97.97% of the company’s stock.

Healthcare Services Group Trading Up 11.5%

The company has a market capitalization of $1.51 billion, a PE ratio of 39.42 and a beta of 0.74. The company has a fifty day simple moving average of $19.08 and a 200-day simple moving average of $17.31.

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.