Phocas Financial Corp. Purchases 89,780 Shares of Select Medical Holdings Corporation (NYSE:SEM)

Key Points

• Phocas Financial Corp. increased its holdings in Select Medical by 90.2%, owning approximately 0.15% of the company worth $3.16 million as of the latest SEC filing.
• Select Medical's board has initiated a $1.00 billion stock buyback program, allowing for the repurchase of up to 42.6% of its outstanding shares, indicating a belief that the stock is undervalued.
• The company reported earnings per share (EPS) of $0.32 for the last quarter, exceeding the consensus estimate of $0.28, alongside a revenue of $1.34 billion.

Phocas Financial Corp. lifted its position in shares of Select Medical Holdings Corporation (NYSE:SEM - Free Report) by 90.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 189,350 shares of the health services provider's stock after buying an additional 89,780 shares during the period. Phocas Financial Corp. owned about 0.15% of Select Medical worth $3,162,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of SEM. SG Americas Securities LLC lifted its position in shares of Select Medical by 151.0% in the first quarter. SG Americas Securities LLC now owns 37,684 shares of the health services provider's stock worth $629,000 after purchasing an additional 22,671 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Select Medical by 47.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 24,450 shares of the health services provider's stock valued at $403,000 after purchasing an additional 7,871 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in Select Medical in the first quarter valued at approximately $416,000. GAMMA Investing LLC increased its position in shares of Select Medical by 217.4% during the 1st quarter. GAMMA Investing LLC now owns 6,501 shares of the health services provider's stock worth $109,000 after purchasing an additional 4,453 shares during the last quarter. Finally, Ritholtz Wealth Management acquired a new stake in Select Medical in the first quarter valued at $460,000. Institutional investors and hedge funds own 89.48% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SEM. UBS Group lowered their price objective on shares of Select Medical from $15.00 to $14.00 and set a "neutral" rating on the stock in a research note on Monday. Royal Bank Of Canada lowered their price target on Select Medical from $23.00 to $19.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Finally, Mizuho began coverage on Select Medical in a research note on Wednesday, April 16th. They set an "outperform" rating and a $25.00 target price for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.60.

Select Medical Stock Performance

Shares of Select Medical stock traded down $0.60 on Monday, hitting $11.97. The stock had a trading volume of 2,556,080 shares, compared to its average volume of 1,141,974. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 11.29, a price-to-earnings-growth ratio of 0.68 and a beta of 1.25. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.92. Select Medical Holdings Corporation has a twelve month low of $11.84 and a twelve month high of $40.98. The business's 50 day moving average is $14.84 and its two-hundred day moving average is $16.44.

Select Medical (NYSE:SEM - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The health services provider reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.04. The firm had revenue of $1.34 billion for the quarter, compared to analysts' expectations of $1.35 billion. Select Medical had a return on equity of 8.87% and a net margin of 2.37%. The company's quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.60 EPS. Analysts forecast that Select Medical Holdings Corporation will post 1.17 EPS for the current year.

Select Medical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Wednesday, August 13th will be issued a dividend of $0.0625 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $0.25 annualized dividend and a dividend yield of 2.1%. Select Medical's dividend payout ratio (DPR) is currently 23.58%.

Select Medical announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the health services provider to purchase up to 42.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Select Medical Profile

Select Medical Holdings Corporation, through its subsidiaries, operates critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States. It operates in four segments: Critical Illness Recovery Hospital, Rehabilitation Hospital, Outpatient Rehabilitation, and Concentra.