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Healthcare Services Group, Inc. (NASDAQ:HCSG) Sees Significant Decline in Short Interest

kopsource · Aug 31, 2022 14:53

Healthcare Services Group, Inc. (NASDAQ:HCSG – Get Rating) was the target of a large decline in short interest in the month of August. As of August 15th, there was short interest totalling 7,150,000 shares, a decline of 10.2% from the July 31st total of 7,960,000 shares. Based on an average daily volume of 656,600 shares, the days-to-cover ratio is currently 10.9 days. Approximately 9.7% of the shares of the company are sold short.

Healthcare Services Group Stock Down 0.6 %

Shares of NASDAQ HCSG traded down $0.09 during trading on Wednesday, reaching $14.01. The company had a trading volume of 9,899 shares, compared to its average volume of 510,415. The company's fifty day moving average price is $15.67 and its 200-day moving average price is $16.63. Healthcare Services Group has a 12 month low of $13.66 and a 12 month high of $28.68. The stock has a market cap of $1.04 billion, a P/E ratio of 35.38 and a beta of 0.22.

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Healthcare Services Group (NASDAQ:HCSG – Get Rating) last announced its earnings results on Wednesday, July 20th. The business services provider reported $0.09 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.03). Healthcare Services Group had a net margin of 1.77% and a return on equity of 6.56%. The business had revenue of $424.90 million for the quarter, compared to the consensus estimate of $427.22 million. During the same quarter in the previous year, the company earned $0.13 EPS. The firm's revenue for the quarter was up 6.7% on a year-over-year basis. As a group, equities analysts predict that Healthcare Services Group will post 0.44 earnings per share for the current year.

Healthcare Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 23rd. Investors of record on Friday, August 19th will be paid a dividend of $0.2138 per share. This is an increase from Healthcare Services Group's previous quarterly dividend of $0.21. This represents a $0.86 dividend on an annualized basis and a yield of 6.10%. The ex-dividend date is Thursday, August 18th. Healthcare Services Group's dividend payout ratio is 215.00%.

Institutional Trading of Healthcare Services Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Covestor Ltd purchased a new stake in shares of Healthcare Services Group in the fourth quarter worth approximately $46,000. Sageworth Trust Co of South Dakota purchased a new stake in shares of Healthcare Services Group during the fourth quarter valued at approximately $46,000. Clearstead Advisors LLC purchased a new stake in shares of Healthcare Services Group during the second quarter valued at approximately $52,000. Nisa Investment Advisors LLC increased its position in shares of Healthcare Services Group by 466.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,886 shares of the business services provider's stock valued at $68,000 after acquiring an additional 3,200 shares during the last quarter. Finally, Financial Management Professionals Inc. purchased a new stake in shares of Healthcare Services Group during the first quarter valued at approximately $69,000.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HCSG. Robert W. Baird dropped their price objective on Healthcare Services Group from $23.00 to $15.00 in a report on Thursday, July 21st. Credit Suisse Group lowered their price target on Healthcare Services Group to $15.00 in a report on Friday, July 22nd. Finally, StockNews.com raised Healthcare Services Group from a "sell" rating to a "hold" rating in a report on Tuesday, June 28th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, Healthcare Services Group currently has a consensus rating of "Hold" and an average target price of $15.88.

Healthcare Services Group Company Profile

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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.