Bank of New York Mellon Corp Takes Position in PACS Group, Inc. $PACS

Key Points

• Bank of New York Mellon initiated a PACS Group position, purchasing 192,210 shares valued at approximately $8.2 million, or about 0.12% of the company.
• PACS Group exceeded quarterly expectations, reporting earnings per share of $0.63 versus the $0.54 consensus and revenue of $1.43 billion, slightly above estimates.
• Analysts remain broadly positive, with a consensus “Buy” rating and a $56 price target, while PACS expands through acquisitions including 32 Florida nursing-facility operations and 31 completed Eduro building transactions.

Bank of New York Mellon Corp bought a new stake in PACS Group, Inc. (NYSE:PACS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 192,210 shares of the company's stock, valued at approximately $8,196,000. Bank of New York Mellon Corp owned about 0.12% of PACS Group at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Financial Management Professionals Inc. grew its stake in shares of PACS Group by 54.9% in the second quarter. Financial Management Professionals Inc. now owns 663 shares of the company's stock worth $28,000 after purchasing an additional 235 shares during the last quarter. Jacobsen Capital Management increased its holdings in PACS Group by 1.6% during the 1st quarter. Jacobsen Capital Management now owns 18,128 shares of the company's stock valued at $582,000 after purchasing an additional 294 shares during the period. Larson Financial Group LLC raised its position 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. Hollencrest Capital Management bought a new position in PACS Group during the 4th quarter valued at approximately $27,000. Finally, Strategic Advocates LLC lifted its holdings in PACS Group by 18.5% in the 4th quarter. Strategic Advocates LLC now owns 5,182 shares of the company's stock worth $203,000 after buying an additional 808 shares during the period.

PACS Group Stock Performance

PACS stock opened at $43.04 on Friday. The stock's 50 day simple moving average is $44.65 and its 200 day simple moving average is $38.89. 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 stock has a market capitalization of $6.81 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 1.22 and a beta of -0.13.

PACS Group (NYSE:PACS - Get Free Report) last issued its earnings results 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. PACS Group had a return on equity of 29.55% and a net margin of 4.85%.The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.41 billion. As a group, research analysts forecast that PACS Group, Inc. will post 2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Mark Hancock sold 153,254 shares of the company's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $36.34, for a total value of $5,569,250.36. Following the completion of the sale, the insider directly owned 54,449,343 shares in the company, valued at $1,978,689,124.62. This represents a 0.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jason Murray sold 91,306 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $43.92, for a total transaction of $4,010,159.52. Following the sale, the chief executive officer owned 54,754,110 shares in the company, valued at approximately $2,404,800,511.20. The trade was a 0.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,211,151 shares of company stock worth $50,362,653. 70.10% of the stock is currently owned by insiders.

Key Headlines Impacting PACS Group

Here are the key news stories impacting PACS Group this week:

• Positive Sentiment: Florida expansion adds significant scale. PACS plans to acquire operations of 32 nursing facilities in Florida, giving the company a new regional presence and potentially expanding revenue and operating synergies. PACS Group To Acquire Operations Of 32 Florida Facilities
• Positive Sentiment: Eduro transaction advances. PACS has closed on 31 of 34 Eduro buildings, while the remaining facilities are expected to be addressed separately. The completed transactions increase PACS’s operating footprint and support its acquisition-led growth strategy. PACS Group to enter Florida with 32 facilities; closes on 31 of 34 Eduro buildings
• Positive Sentiment: Analyst commentary was supportive. UBS said the Florida deal supports PACS’s broader market-expansion strategy, reinforcing the view that the transaction could improve the company’s long-term growth prospects. PACS' Florida Deal Supports Market Expansion, UBS Says
• Neutral Sentiment: CEO Jason Murray sold shares under a preset plan. Murray sold a combined 68,113 PACS shares for approximately $2.90 million across September 1–3. The sales reduced his ownership by only about 0.12%; because they were executed under a pre-arranged Rule 10b5-1 plan, they provide limited evidence of a change in his outlook. He continues to own roughly 54.6 million shares. PACS CEO Form 4 filing

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Truist Financial set a $62.00 price target on shares of PACS Group in a report on Wednesday. Oppenheimer raised their target price on shares of PACS Group from $48.00 to $57.00 and gave the stock an "outperform" rating in a research report on Monday, August 10th. Wall Street Zen lowered shares of PACS Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. Royal Bank Of Canada boosted their price target on shares of PACS Group from $52.00 to $57.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Finally, Weiss Ratings downgraded shares of PACS Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $56.00.

PACS Group 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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