Healthcare Services Group (NASDAQ:HCSG) Reaches New 52-Week High - Here's Why

Healthcare Services Group, Inc. (NASDAQ:HCSG - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $14.30 and last traded at $14.21, with a volume of 933673 shares. The stock had previously closed at $14.03.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on HCSG shares. UBS Group upgraded Healthcare Services Group from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $12.00 to $15.00 in a research report on Thursday, April 24th. Macquarie increased their price objective on Healthcare Services Group from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Monday, April 28th. Robert W. Baird lifted their price objective on Healthcare Services Group from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Thursday, April 24th. Finally, StockNews.com raised shares of Healthcare Services Group from a "hold" rating to a "buy" rating in a report on Friday, April 25th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.80.

Healthcare Services Group Trading Down 0.3 %

The firm's fifty day moving average price is $10.98 and its 200 day moving average price is $11.31. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 26.57 and a beta of 0.55.

Healthcare Services Group (NASDAQ:HCSG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The business services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.05. Healthcare Services Group had a return on equity of 11.76% and a net margin of 2.30%. The company had revenue of $447.66 million for the quarter, compared to the consensus estimate of $443.82 million. During the same quarter in the prior year, the business earned $0.22 EPS. Healthcare Services Group's revenue was up 5.7% on a year-over-year basis. On average, analysts forecast that Healthcare Services Group, Inc. will post 0.74 earnings per share for the current fiscal year.

Institutional Trading of Healthcare Services Group

Institutional investors have recently bought and sold shares of the business. Wealthfront Advisers LLC acquired a new position in Healthcare Services Group in the fourth quarter valued at approximately $166,278,000. Raymond James Financial Inc. acquired a new stake in Healthcare Services Group during the 4th quarter worth $5,909,000. First Eagle Investment Management LLC purchased a new stake in Healthcare Services Group in the fourth quarter valued at $3,031,000. Franklin Resources Inc. boosted its stake in Healthcare Services Group by 41.7% in the fourth quarter. Franklin Resources Inc. now owns 794,613 shares of the business services provider's stock valued at $9,229,000 after acquiring an additional 234,025 shares in the last quarter. Finally, Dean Investment Associates LLC acquired a new stake in shares of Healthcare Services Group during the fourth quarter worth about $2,607,000. 97.97% of the stock is owned by hedge funds and other institutional investors.

About Healthcare Services Group

Healthcare Services Group, Inc provides management, administrative, and operating services to the housekeeping, laundry, linen, facility maintenance, and dietary service departments of nursing homes, retirement complexes, rehabilitation centers, and hospitals in the United States. It operates through two segments, Housekeeping and Dietary.