Redmond Asset Management LLC Purchases 2,297 Shares of Healthcare Services Group, Inc. (NASDAQ:HCSG)

Redmond Asset Management LLC increased its position in shares of Healthcare Services Group, Inc. (NASDAQ:HCSG) by 2.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 94,325 shares of the business services provider’s stock after acquiring an additional 2,297 shares during the quarter. Healthcare Services Group comprises approximately 1.2% of Redmond Asset Management LLC’s investment portfolio, making the stock its 20th biggest holding. Redmond Asset Management LLC’s holdings in Healthcare Services Group were worth $2,860,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in HCSG. Financial Gravity Wealth Inc. boosted its stake in Healthcare Services Group by 1,148.6% during the 2nd quarter. Financial Gravity Wealth Inc. now owns 899 shares of the business services provider’s stock worth $27,000 after acquiring an additional 827 shares during the last quarter. Tompkins Financial Corp acquired a new stake in Healthcare Services Group during the 2nd quarter worth approximately $30,000. Huntington National Bank raised its holdings in Healthcare Services Group by 88.8% during the 2nd quarter. Huntington National Bank now owns 1,210 shares of the business services provider’s stock worth $37,000 after buying an additional 569 shares during the period. Icon Wealth Partners LLC acquired a new stake in Healthcare Services Group during the 1st quarter worth approximately $45,000. Finally, Quantamental Technologies LLC raised its holdings in Healthcare Services Group by 402.6% during the 1st quarter. Quantamental Technologies LLC now owns 2,900 shares of the business services provider’s stock worth $96,000 after buying an additional 2,323 shares during the period.

Shares of NASDAQ HCSG traded down $0.46 during midday trading on Thursday, reaching $22.12. The company’s stock had a trading volume of 15,270 shares, compared to its average volume of 1,330,616. Healthcare Services Group, Inc. has a fifty-two week low of $22.51 and a fifty-two week high of $48.73. The company has a market cap of $1.67 billion, a PE ratio of 20.08 and a beta of 0.71. The stock has a 50 day simple moving average of $27.50.

Healthcare Services Group (NASDAQ:HCSG) last posted its quarterly earnings data on Tuesday, July 23rd. The business services provider reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.11). Healthcare Services Group had a net margin of 4.38% and a return on equity of 19.40%. The business had revenue of $462.10 million during the quarter, compared to analyst estimates of $477.68 million. During the same quarter last year, the business earned $0.35 earnings per share. Healthcare Services Group’s revenue for the quarter was down 7.9% on a year-over-year basis. Equities analysts predict that Healthcare Services Group, Inc. will post 0.93 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 23rd will be issued a $0.199 dividend. The ex-dividend date is Thursday, August 22nd. This is an increase from Healthcare Services Group’s previous quarterly dividend of $0.20. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.60%. Healthcare Services Group’s dividend payout ratio (DPR) is 70.54%.

In other news, Director Robert L. Frome sold 7,502 shares of Healthcare Services Group stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $32.64, for a total value of $244,865.28. Following the sale, the director now directly owns 18,407 shares in the company, valued at $600,804.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by company insiders.

Several brokerages have commented on HCSG. Credit Suisse Group dropped their target price on shares of Healthcare Services Group from $41.00 to $35.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. BidaskClub downgraded shares of Healthcare Services Group from a “hold” rating to a “sell” rating in a report on Wednesday, June 26th. Sidoti dropped their target price on shares of Healthcare Services Group from $51.00 to $43.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Jefferies Financial Group restated a “hold” rating and set a $32.00 target price (down from $40.00) on shares of Healthcare Services Group in a report on Friday, July 12th. Finally, Zacks Investment Research downgraded shares of Healthcare Services Group from a “hold” rating to a “sell” rating in a report on Wednesday, July 17th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $39.29.

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 nursing homes, retirement complexes, rehabilitation centers, and hospitals in the United States. It operates through two segments, Housekeeping and Dietary.

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Institutional Ownership by Quarter for Healthcare Services Group (NASDAQ:HCSG)

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