Rhumbline Advisers Invests $870,000 in PACS Group, Inc. (NYSE:PACS)

Rhumbline Advisers purchased a new position in shares of PACS Group, Inc. (NYSE:PACS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 29,481 shares of the company’s stock, valued at approximately $870,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp acquired a new position in shares of PACS Group during the second quarter worth about $2,445,000. Allspring Global Investments Holdings LLC acquired a new position in shares of PACS Group during the second quarter worth about $7,513,000. Finally, Caas Capital Management LP acquired a new position in shares of PACS Group during the second quarter worth about $1,386,000.

PACS Group Stock Down 1.0 %

Shares of NYSE PACS opened at $40.37 on Tuesday. PACS Group, Inc. has a 12-month low of $22.61 and a 12-month high of $42.25. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.82. The firm has a 50-day simple moving average of $37.28.

PACS Group (NYSE:PACS) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.42). The business had revenue of $981.80 million for the quarter, compared to the consensus estimate of $919.22 million. The company’s quarterly revenue was up 29.1% on a year-over-year basis. As a group, equities analysts predict that PACS Group, Inc. will post 1.03 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on PACS shares. Stephens upped their target price on shares of PACS Group from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 13th. Macquarie started coverage on shares of PACS Group in a research report on Friday, June 28th. They set an “outperform” rating and a $35.00 target price on the stock. Truist Financial upped their target price on shares of PACS Group from $36.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Citigroup started coverage on shares of PACS Group in a research report on Wednesday, September 11th. They set a “buy” rating and a $45.00 target price on the stock. Finally, Oppenheimer upped their target price on shares of PACS Group from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $37.57.

About PACS Group

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.