Shares of Healthcare Services Group, Inc. (NASDAQ:HCSG) hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $51.09 and last traded at $51.31, with a volume of 1,046,329 shares trading hands. The stock had previously closed at $46.62.
The business services provider reported $0.30 EPS for the quarter, topping the consensus estimate of $0.29 by $0.01. The business had revenue of $470.90 million during the quarter, compared to analysts’ expectations of $425.24 million. Healthcare Services Group had a net margin of 5.07% and a return on equity of 24.12%. The firm’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period last year, the company posted $0.26 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, August 18th will be given a $0.1888 dividend. This is a positive change from Healthcare Services Group’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.46%. Healthcare Services Group’s dividend payout ratio (DPR) is currently 65.22%.
A number of research firms have recently commented on HCSG. Zacks Investment Research raised shares of Healthcare Services Group from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Friday, July 14th. BidaskClub raised shares of Healthcare Services Group from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 19th. Credit Suisse Group reissued an “outperform” rating and issued a $56.00 price target (up previously from $50.00) on shares of Healthcare Services Group in a research report on Thursday, July 13th. Jefferies Group LLC reissued a “hold” rating and issued a $49.00 price target (up previously from $41.00) on shares of Healthcare Services Group in a research report on Tuesday, June 6th. Finally, Robert W. Baird lifted their price target on shares of Healthcare Services Group from $47.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, July 12th. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $53.00.
In other Healthcare Services Group news, Director Robert L. Frome sold 7,485 shares of Healthcare Services Group stock in a transaction on Friday, June 9th. The shares were sold at an average price of $47.00, for a total transaction of $351,795.00. Following the sale, the director now owns 37,986 shares in the company, valued at $1,785,342. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael E. Mcbryan sold 22,500 shares of Healthcare Services Group stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.82, for a total transaction of $1,165,950.00. Following the sale, the insider now owns 32,542 shares in the company, valued at approximately $1,686,326.44. The disclosure for this sale can be found here. Insiders have sold 163,136 shares of company stock worth $7,718,704 in the last quarter. Corporate insiders own 4.30% of the company’s stock.
Large investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Healthcare Services Group by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,700 shares of the business services provider’s stock worth $126,000 after buying an additional 242 shares in the last quarter. LS Investment Advisors LLC increased its stake in Healthcare Services Group by 4.0% in the second quarter. LS Investment Advisors LLC now owns 2,834 shares of the business services provider’s stock worth $133,000 after buying an additional 108 shares in the last quarter. HighTower Advisors LLC acquired a new stake in Healthcare Services Group during the first quarter worth $202,000. Emerald Advisers Inc. PA purchased a new stake in shares of Healthcare Services Group during the first quarter valued at approximately $204,000. Finally, Harfst & Associates Inc. purchased a new stake in shares of Healthcare Services Group during the first quarter valued at approximately $206,000. Hedge funds and other institutional investors own 93.40% of the company’s stock.
The company’s 50 day moving average is $49.91 and its 200 day moving average is $45.23. The stock has a market cap of $3.79 billion, a P/E ratio of 45.40 and a beta of 0.61.
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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 the healthcare industry, including nursing homes, retirement complexes, rehabilitation centers and hospitals located throughout the United States.
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