BlackRock Inc. Purchases New Stake in Healthcare Services Group, Inc. $HCSG

BlackRock Inc. acquired a new position in Healthcare Services Group, Inc. (NASDAQ:HCSG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,375,365 shares of the business services provider’s stock, valued at approximately $279,379,000. BlackRock Inc. owned approximately 0.17% of Healthcare Services Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of HCSG. EverSource Wealth Advisors LLC grew its stake in shares of Healthcare Services Group by 163.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the business services provider’s stock worth $33,000 after purchasing an additional 1,356 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Healthcare Services Group in the fourth quarter valued at about $33,000. KBC Group NV purchased a new stake in Healthcare Services Group during the first quarter worth about $35,000. Farther Finance Advisors LLC boosted its holdings in Healthcare Services Group by 32.0% during the fourth quarter. Farther Finance Advisors LLC now owns 3,619 shares of the business services provider’s stock worth $69,000 after buying an additional 877 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Healthcare Services Group by 600.8% during the second quarter. Tower Research Capital LLC TRC now owns 10,259 shares of the business services provider’s stock worth $154,000 after buying an additional 8,795 shares during the period. Institutional investors and hedge funds own 97.97% of the company’s stock.

Insider Activity at Healthcare Services Group

In related news, COO Andrew Kush sold 15,598 shares of Healthcare Services Group stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $23.24, for a total transaction of $362,497.52. Following the completion of the sale, the chief operating officer owned 22,741 shares in the company, valued at approximately $528,500.84. This trade represents a 40.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

Healthcare Services Group Stock Performance

HCSG stock opened at $22.91 on Thursday. Healthcare Services Group, Inc. has a 1 year low of $15.13 and a 1 year high of $25.75. The stock’s 50 day moving average price is $23.33 and its 200 day moving average price is $21.51. The firm has a market cap of $1.57 billion, a P/E ratio of 13.32 and a beta of 0.81.

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

Healthcare Services Group 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.