Healthcare Services Group (NASDAQ:HCSG) Posts Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Healthcare Services Group (NASDAQ:HCSG) announced its quarterly earnings results on Wednesday. The business services provider reported $0.37 EPS for the quarter, beating the consensus estimate of $0.22 by $0.15, FiscalAI reports. Healthcare Services Group had a return on equity of 16.04% and a net margin of 3.21%.The business had revenue of $462.77 million during the quarter, compared to analysts’ expectations of $479.79 million. During the same quarter in the previous year, the business posted $0.23 EPS. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year.

Healthcare Services Group Stock Performance

Shares of HCSG stock opened at $22.61 on Wednesday. The stock’s 50 day simple moving average is $19.95 and its 200 day simple moving average is $18.94. Healthcare Services Group has a twelve month low of $10.86 and a twelve month high of $22.98. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 27.57 and a beta of 0.80.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wall Street Zen raised shares of Healthcare Services Group from a “hold” rating to a “buy” rating in a research report on Sunday, March 29th. BMO Capital Markets restated a “market perform” rating and set a $22.00 price target on shares of Healthcare Services Group in a research note on Thursday, February 12th. Royal Bank Of Canada assumed coverage on shares of Healthcare Services Group in a report on Tuesday, March 3rd. They set a “sector perform” rating and a $22.00 price target on the stock. William Blair raised shares of Healthcare Services Group from a “market perform” rating to an “outperform” rating in a research note on Friday, February 20th. Finally, Benchmark reiterated a “buy” rating on shares of Healthcare Services Group in a report on Thursday, February 12th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $22.00.

Insiders Place Their Bets

In other news, EVP John Christopher Shea sold 54,357 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $20.41, for a total value of $1,109,426.37. Following the completion of the sale, the executive vice president directly owned 29,292 shares in the company, valued at approximately $597,849.72. The trade was a 64.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Patrick J. Orr sold 44,615 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $20.53, for a total transaction of $915,945.95. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 146,962 shares of company stock valued at $3,014,100 over the last 90 days. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of HCSG. Ameriprise Financial Inc. lifted its position in Healthcare Services Group by 80.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,981,840 shares of the business services provider’s stock worth $33,354,000 after acquiring an additional 882,213 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Healthcare Services Group by 12.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,475,369 shares of the business services provider’s stock valued at $28,209,000 after purchasing an additional 158,261 shares during the last quarter. Nuveen LLC increased its stake in shares of Healthcare Services Group by 29.2% in the fourth quarter. Nuveen LLC now owns 1,282,492 shares of the business services provider’s stock worth $24,521,000 after purchasing an additional 290,019 shares during the period. Franklin Resources Inc. increased its stake in shares of Healthcare Services Group by 21.3% in the fourth quarter. Franklin Resources Inc. now owns 1,183,947 shares of the business services provider’s stock worth $22,637,000 after purchasing an additional 207,993 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of Healthcare Services Group by 19.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,136,793 shares of the business services provider’s stock worth $21,735,000 after purchasing an additional 182,645 shares during the last quarter. Institutional investors own 97.97% of the company’s stock.

About Healthcare Services Group

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.