Bank of America Corp DE Reduces Stock Position in PACS Group, Inc. $PACS

Key Points

• Bank of America reduced its PACS Group stake by 25% in the first quarter, selling 131,739 shares and retaining 395,005 shares valued at approximately $12.7 million.
• PACS Group reported quarterly earnings of $0.63 per share, exceeding analyst estimates of $0.54, while revenue of $1.43 billion also surpassed expectations.
• Analyst sentiment remains positive, with the stock holding a consensus “Buy” rating and a $56 average price target; Oppenheimer and RBC recently raised their targets to $57.

Bank of America Corp DE lowered its stake in PACS Group, Inc. (NYSE:PACS - Free Report) by 25.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 395,005 shares of the company's stock after selling 131,739 shares during the period. Bank of America Corp DE owned approximately 0.25% of PACS Group worth $12,688,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in PACS Group during the 4th quarter valued at $27,000. Quarry LP boosted its stake in shares of PACS Group by 79.5% during the 3rd quarter. Quarry LP now owns 2,388 shares of the company's stock worth $33,000 after purchasing an additional 1,058 shares during the period. Larson Financial Group LLC grew its holdings in PACS Group by 127.0% during the 4th quarter. Larson Financial Group LLC now owns 1,094 shares of the company's stock valued at $42,000 after purchasing an additional 612 shares during the last quarter. KBC Group NV bought a new position in PACS Group during the 1st quarter valued at about $42,000. Finally, Jones Financial Companies Lllp bought a new position in PACS Group during the 1st quarter valued at about $64,000.

PACS Group Trading Up 1.3%

Shares of NYSE:PACS opened at $44.13 on Friday. The company has a market capitalization of $6.98 billion, a PE ratio of 25.66, a P/E/G ratio of 1.25 and a beta of -0.08. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21. PACS Group, Inc. has a 12-month low of $7.50 and a 12-month high of $49.49. The business's fifty day simple moving average is $43.54 and its 200-day simple moving average is $38.52.

PACS Group (NYSE:PACS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.54 by $0.09. The firm had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.41 billion. PACS Group had a return on equity of 29.55% and a net margin of 4.85%. As a group, equities research analysts predict that PACS Group, Inc. will post 2.36 earnings per share for the current fiscal year.

Insider Transactions at PACS Group

In other news, COO Joshua Jergensen sold 40,000 shares of PACS Group stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $45.59, for a total value of $1,823,600.00. Following the transaction, the chief operating officer owned 2,536,320 shares of the company's stock, valued at $115,630,828.80. The trade was a 1.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jason Hulse Murray sold 84,717 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $44.26, for a total transaction of $3,749,574.42. Following the transaction, the chief executive officer owned 54,845,416 shares of the company's stock, valued at approximately $2,427,458,112.16. This trade represents a 0.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 992,488 shares of company stock valued at $40,847,862 in the last 90 days. Insiders own 70.10% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PACS. Wall Street Zen downgraded PACS Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 8th. Oppenheimer upped their price target on shares of PACS Group from $48.00 to $57.00 and gave the stock an "outperform" rating in a report on Monday, August 10th. Royal Bank Of Canada lifted their price objective on shares of PACS Group from $52.00 to $57.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Weiss Ratings lowered shares of PACS Group from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, August 5th. Finally, Zacks Research raised shares of PACS Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $56.00.

PACS Group Company Profile

PACS Group, Inc, through its subsidiaries, operates skilled nursing facilities and assisted living facilities in the United States. The company also provides senior care and independent facilities. It engages in the acquisition, ownership, and leasing of health care-related properties. The company was founded in 2013 and is based in Farmington, Utah.

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