Healthcare Services Group, Inc. $HCSG Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 149,069 shares of Healthcare Services Group in the second quarter, worth approximately $3.66 million, while institutional investors collectively own 97.97% of the company.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $26.50 price target; UBS raised its target to $30, while Oppenheimer initiated coverage with an “outperform” rating.
• Healthcare Services Group reported quarterly EPS of $0.32, beating estimates by $0.10, on revenue of $470.81 million. The stock recently opened at $20.90, with a market capitalization of approximately $1.43 billion.

Bank of America Corp DE acquired a new position in Healthcare Services Group, Inc. (NASDAQ:HCSG - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 149,069 shares of the business services provider's stock, valued at approximately $3,661,000. Bank of America Corp DE owned 0.22% of Healthcare Services Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in HCSG. KBC Group NV bought a new position in Healthcare Services Group in the first quarter worth $35,000. Allworth Financial LP bought a new stake in shares of Healthcare Services Group during the 2nd quarter valued at $55,000. OP Asset Management Ltd bought a new stake in shares of Healthcare Services Group during the 1st quarter valued at $168,000. Diversified Trust Co purchased a new stake in shares of Healthcare Services Group in the 1st quarter worth about $197,000. Finally, State of Wyoming bought a new position in shares of Healthcare Services Group in the 2nd quarter worth about $365,000. Hedge funds and other institutional investors own 97.97% of the company's stock.

Insider Buying and Selling at Healthcare Services Group

In other Healthcare Services Group news, COO Andrew Kush sold 15,598 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $23.24, for a total value of $362,497.52. Following the completion of the transaction, the chief operating officer directly owned 22,741 shares in the company, valued at $528,500.84. This represents a 40.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on HCSG. Zacks Research raised shares of Healthcare Services Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 3rd. Wall Street Zen cut shares of Healthcare Services Group from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Weiss Ratings upgraded shares of Healthcare Services Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday. UBS Group raised their price target on Healthcare Services Group from $27.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. Finally, Oppenheimer started coverage on Healthcare Services Group in a research report on Wednesday, August 19th. They issued an "outperform" rating and a $28.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $26.50.

Healthcare Services Group Stock Performance

Healthcare Services Group stock opened at $20.90 on Wednesday. Healthcare Services Group, Inc. has a one year low of $15.13 and a one year high of $25.75. The stock has a fifty day moving average of $22.13 and a 200 day moving average of $21.65. The stock has a market cap of $1.43 billion, a PE ratio of 12.15 and a beta of 0.80.

Healthcare Services Group (NASDAQ:HCSG - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $0.32 EPS for the quarter, beating the consensus estimate of $0.22 by $0.10. Healthcare Services Group had a net margin of 6.59% and a return on equity of 18.97%. The firm had revenue of $470.81 million during the quarter, compared to analyst estimates of $471.22 million. During the same quarter in the prior year, the firm earned ($0.44) EPS. As a group, sell-side analysts predict that Healthcare Services Group, Inc. will post 1.14 EPS for the current fiscal year.

About Healthcare Services Group

Healthcare Services Group, Inc NASDAQ: HCSG provides outsourced support services to healthcare and senior living facilities across the United States. Its primary customers include nursing homes, post-acute care centers, hospitals, assisted living communities and other healthcare-related facilities.

The company operates through two principal service areas. Its environmental services business provides housekeeping, laundry and linen management, waste handling and related services. Its dietary services business supports food procurement, meal preparation, dining operations and nutrition-related programs for residents and patients.

Healthcare Services Group was founded in 1976 and has historically focused on helping healthcare providers manage nonclinical operations through contract-based services.

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