The Manufacturers Life Insurance Company Takes $700,000 Position in Healthcare Services Group, Inc. $HCSG

The Manufacturers Life Insurance Company acquired a new position in Healthcare Services Group, Inc. (NASDAQ:HCSG) during the second quarter, Holdings Channel reports. The institutional investor acquired 28,504 shares of the business services provider’s stock, valued at approximately $700,000.

Several other large investors have also made changes to their positions in HCSG. EverSource Wealth Advisors LLC grew its holdings in Healthcare Services Group by 163.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the business services provider’s stock valued at $33,000 after buying an additional 1,356 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Healthcare Services Group in the 4th quarter worth approximately $33,000. KBC Group NV acquired a new position in shares of Healthcare Services Group during the first quarter worth approximately $35,000. Allworth Financial LP acquired a new position in shares of Healthcare Services Group during the second quarter worth approximately $55,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Healthcare Services Group by 600.8% in the second quarter. Tower Research Capital LLC TRC now owns 10,259 shares of the business services provider’s stock valued at $154,000 after acquiring an additional 8,795 shares during the period. Institutional investors and hedge funds own 97.97% of the company’s stock.

Insider Buying and Selling at Healthcare Services Group

In related news, COO Andrew Kush sold 15,598 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $23.24, for a total transaction of $362,497.52. Following the transaction, the chief operating officer owned 22,741 shares in the company, valued at $528,500.84. This represents a 40.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.90% of the company’s stock.

Healthcare Services Group Stock Performance

Shares of NASDAQ HCSG opened at $21.82 on Monday. Healthcare Services Group, Inc. has a 52-week low of $15.13 and a 52-week high of $25.75. The business has a fifty day moving average of $23.16 and a two-hundred day moving average of $21.58. The stock has a market cap of $1.50 billion, a PE ratio of 12.69 and a beta of 0.80.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on HCSG shares. Weiss Ratings upgraded shares of Healthcare Services Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. Wall Street Zen downgraded shares of Healthcare Services Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Oppenheimer began coverage on shares of Healthcare Services Group in a research report on Wednesday, August 19th. They issued an “outperform” rating and a $28.00 price target on the stock. UBS Group boosted their price objective on shares of Healthcare Services Group from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Finally, Zacks Research upgraded shares of Healthcare Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. One 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.50.

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.