Palisade Capital Management LP Acquires New Shares in Healthcare Services Group, Inc. $HCSG

Palisade Capital Management LP purchased a new stake in Healthcare Services Group, Inc. (NASDAQ:HCSG) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 726,583 shares of the business services provider’s stock, valued at approximately $17,845,000. Healthcare Services Group comprises approximately 0.8% of Palisade Capital Management LP’s investment portfolio, making the stock its 26th largest position. Palisade Capital Management LP owned approximately 1.06% of Healthcare Services Group as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Caitong International Asset Management Co. Ltd acquired a new position in Healthcare Services Group in the fourth quarter valued at about $33,000. KBC Group NV acquired a new stake in shares of Healthcare Services Group during the first quarter valued at about $35,000. EverSource Wealth Advisors LLC increased its position in shares of Healthcare Services Group by 163.4% during the second quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 1,356 shares during the last quarter. Allworth Financial LP purchased a new stake in shares of Healthcare Services Group in the 2nd quarter valued at approximately $55,000. Finally, Farther Finance Advisors LLC raised its stake in shares of Healthcare Services Group by 32.0% in the 4th quarter. Farther Finance Advisors LLC now owns 3,619 shares of the business services provider’s stock valued at $69,000 after acquiring an additional 877 shares during the period. 97.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Oppenheimer initiated coverage on shares of Healthcare Services Group in a research report on Wednesday, August 19th. They set an “outperform” rating and a $28.00 price objective for the company. Zacks Research raised Healthcare Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Wall Street Zen cut Healthcare Services Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. UBS Group raised their price target on Healthcare Services Group from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Finally, Weiss Ratings raised Healthcare Services Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Healthcare Services Group has an average rating of “Moderate Buy” and an average target price of $26.50.

Insider Activity at Healthcare Services Group

In other news, COO Andrew Kush sold 15,598 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $23.24, for a total value of $362,497.52. Following the transaction, the chief operating officer owned 22,741 shares in the company, valued at approximately $528,500.84. This represents a 40.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.90% of the company’s stock.

Healthcare Services Group Trading Up 0.6%

Healthcare Services Group stock opened at $22.94 on Wednesday. The company has a fifty day simple moving average of $23.32 and a 200-day simple moving average of $21.49. The stock has a market cap of $1.57 billion, a P/E ratio of 13.34 and a beta of 0.81. Healthcare Services Group, Inc. has a 12-month low of $15.13 and a 12-month high of $25.75.

Healthcare Services Group (NASDAQ:HCSG) last posted its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.10. The company had revenue of $470.81 million for the quarter, compared to analysts’ expectations of $471.22 million. Healthcare Services Group had a return on equity of 18.97% and a net margin of 6.59%.During the same period last year, the firm earned ($0.44) earnings per share. As a group, sell-side analysts forecast that Healthcare Services Group, Inc. will post 1.14 earnings per share for the current fiscal year.

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.