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

Key Points

• Bank of America reduced its Healthcare Services Group stake by 33% in the first quarter, selling 82,790 shares and retaining 167,975 shares valued at approximately $3.1 million. Institutional investors collectively own 97.97% of HCSG.
• HCSG reported quarterly EPS of $0.32, exceeding analyst estimates of $0.22, while revenue of $470.81 million was roughly in line with expectations. The company posted an 18.97% return on equity and a 6.59% net margin.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $26.50 price target, although the company’s COO recently sold 15,598 shares. HCSG shares opened at $22.44, compared with a 12-month range of $15.13 to $25.75.

Bank of America Corp DE decreased its stake in shares of Healthcare Services Group, Inc. (NASDAQ:HCSG - Free Report) by 33.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 167,975 shares of the business services provider's stock after selling 82,790 shares during the quarter. Bank of America Corp DE owned about 0.24% of Healthcare Services Group worth $3,116,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cetera Investment Advisers increased its position in Healthcare Services Group by 4.3% during the fourth quarter. Cetera Investment Advisers now owns 14,052 shares of the business services provider's stock worth $269,000 after purchasing an additional 581 shares during the last quarter. Sanctuary Advisors LLC raised its position in shares of Healthcare Services Group by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 20,151 shares of the business services provider's stock valued at $385,000 after buying an additional 738 shares during the period. Farther Finance Advisors LLC raised its position in shares of Healthcare Services Group by 32.0% during the 4th quarter. Farther Finance Advisors LLC now owns 3,619 shares of the business services provider's stock valued at $69,000 after buying an additional 877 shares during the period. LPL Financial LLC lifted its holdings in Healthcare Services Group by 8.2% in the fourth quarter. LPL Financial LLC now owns 11,802 shares of the business services provider's stock valued at $226,000 after acquiring an additional 895 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in Healthcare Services Group by 0.5% in the third quarter. Legal & General Group Plc now owns 200,393 shares of the business services provider's stock valued at $3,373,000 after acquiring an additional 970 shares during the last quarter. Institutional investors and hedge funds own 97.97% of the company's stock.

Healthcare Services Group Stock Performance

Shares of NASDAQ HCSG opened at $22.44 on Monday. Healthcare Services Group, Inc. has a twelve month low of $15.13 and a twelve month high of $25.75. The stock has a fifty day simple moving average of $23.32 and a 200-day simple moving average of $21.56. The stock has a market capitalization of $1.54 billion, a PE ratio of 13.05 and a beta of 0.81.

Healthcare Services Group (NASDAQ:HCSG - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The business services provider reported $0.32 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.10. The company had revenue of $470.81 million during the quarter, compared to analysts' expectations of $471.22 million. Healthcare Services Group had a return on equity of 18.97% and a net margin of 6.59%.During the same period last year, the business posted ($0.44) EPS. On average, equities analysts predict that Healthcare Services Group, Inc. will post 1.14 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wall Street Zen cut Healthcare Services Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Oppenheimer started coverage on Healthcare Services Group in a research note on Wednesday, August 19th. They issued an "outperform" rating and a $28.00 price target on the stock. Zacks Research upgraded Healthcare Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, August 3rd. Weiss Ratings upgraded Healthcare Services Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. Finally, UBS Group raised their price objective on Healthcare Services Group from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $26.50.

Insider Transactions at Healthcare Services Group

In other Healthcare Services Group news, COO Andrew Kush sold 15,598 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $23.24, for a total transaction of $362,497.52. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.90% of the stock is currently owned by company insiders.

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.

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