Healthcare Services Group (NASDAQ:HCSG) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen downgraded shares of Healthcare Services Group (NASDAQ:HCSG) from a strong-buy rating to a buy rating in a research report sent to investors on Friday morning.

Several other equities research analysts have also recently issued reports on HCSG. UBS Group reiterated a “buy” rating on shares of Healthcare Services Group in a report on Monday, November 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Healthcare Services Group in a research report on Monday, December 29th. Zacks Research downgraded Healthcare Services Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Macquarie reaffirmed a “buy” rating on shares of Healthcare Services Group in a research note on Wednesday, November 26th. Finally, Benchmark upped their target price on shares of Healthcare Services Group from $19.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $19.40.

Healthcare Services Group Stock Performance

NASDAQ:HCSG opened at $18.91 on Friday. The stock has a market capitalization of $1.33 billion, a PE ratio of 35.02 and a beta of 0.71. Healthcare Services Group has a fifty-two week low of $9.13 and a fifty-two week high of $20.26. The company has a fifty day moving average of $18.88 and a two-hundred day moving average of $16.80.

Healthcare Services Group (NASDAQ:HCSG) last announced its earnings results on Wednesday, October 22nd. The business services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. Healthcare Services Group had a net margin of 2.20% and a return on equity of 12.23%. The business had revenue of $464.34 million for the quarter, compared to analyst estimates of $460.36 million. During the same quarter last year, the business earned $0.19 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. Research analysts forecast that Healthcare Services Group will post 0.74 earnings per share for the current year.

Institutional Trading of Healthcare Services Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. 8 Knots Management LLC purchased a new stake in shares of Healthcare Services Group during the 3rd quarter valued at approximately $56,527,000. Ameriprise Financial Inc. grew its position in Healthcare Services Group by 80.2% in the third quarter. Ameriprise Financial Inc. now owns 1,981,840 shares of the business services provider’s stock worth $33,354,000 after acquiring an additional 882,213 shares during the period. Geode Capital Management LLC increased its stake in Healthcare Services Group by 1.6% during the second quarter. Geode Capital Management LLC now owns 1,883,225 shares of the business services provider’s stock worth $28,309,000 after acquiring an additional 29,551 shares during the last quarter. American Century Companies Inc. raised its position in Healthcare Services Group by 38.1% in the third quarter. American Century Companies Inc. now owns 1,766,601 shares of the business services provider’s stock valued at $29,732,000 after purchasing an additional 487,608 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in Healthcare Services Group by 240.1% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,496,835 shares of the business services provider’s stock valued at $22,497,000 after purchasing an additional 1,056,705 shares during the period. Institutional investors and hedge funds own 97.97% of the company’s stock.

About Healthcare Services Group

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.