Detecting Pan Gesture End

Pan gesture end event can be detected by checking its state with UIGestureRecognizerStateEnded.

Check with the below code .

-(void) panAnim:(UIPanGestureRecognizer*) gestureRecognizer
{
   if(gestureRecognizer.state == UIGestureRecognizerStateEnded)
   {
      //All fingers are lifted.
   }
}

From Apple documentation

A panning gesture is continuous. It begins (UIGestureRecognizerStateBegan) when the minimum number of fingers allowed (minimumNumberOfTouches) has moved enough to be considered a pan. It changes (UIGestureRecognizerStateChanged) when a finger moves while at least the minimum number of fingers are pressed down. It ends (UIGestureRecognizerStateEnded) when all fingers are lifted.

Read more about UIPanGestureRecognizer

Above answers are all correct, this is just an updated one for Swift.

Swift 3:

func panGesture(recognizer: UIPanGestureRecognizer) {
    if recognizer.state == .ended {
        // Do what you want
    }
}

Pan gesture end event can be detected by checking the it's state with UIGestureRecognizerStateEnded or UIGestureRecognizerStateCancelled or UIGestureRecognizerStateFailed

Check with the below code .

   -(void) panGesture:(UIPanGestureRecognizer*) gestureRecognizer
    {
     if(gestureRecognizer.state == UIGestureRecognizerStateEnded || gestureRecognizer.state == UIGestureRecognizerStateFailed || gestureRecognizer.state == UIGestureRecognizerStateCancelled)
             {
                //code what you want.
             }
     }

In Swift 4, use UIGestureRecognizerState.ended.

e.g.

if (gestureRecognizer.state == UIGestureRecognizerState.ended) {

        //Move label back to original position (function invoked when gesture stops)
        UIView.animate(withDuration: 0.4) {
            self.swipeLabel.center = CGPoint(x: self.view.bounds.width / 2, y: self.view.bounds.height / 2)
        }
    }

Below is all the code you need in a view controller to animate a UILabel with gesture, including when the gesture ends.

import UIKit

class ViewController: UIViewController {

@IBOutlet weak var swipeLabel: UILabel!

override func viewDidLoad() {
    super.viewDidLoad()

    //Create gesture
    let gestureRecognizer = UIPanGestureRecognizer(target: self, action: #selector(moveLabelBasedOn(gestureRecognizer:)))

    //Assign gesture to UILabel
    swipeLabel.addGestureRecognizer(gestureRecognizer)

}

//Animate Label in Resopnse to Gesture
@objc func moveLabelBasedOn(gestureRecognizer: UIPanGestureRecognizer) {

    let changeInPosition = gestureRecognizer.translation(in: view)

    //Move label in response to gesture
    swipeLabel.center = CGPoint(x: view.bounds.width / 2 + changeInPosition.x, y: view.bounds.height / 2 + changeInPosition.y)

    //Check if gesture ended
    if (gestureRecognizer.state == UIGestureRecognizerState.ended) {

        //Move label back to original position (function invoked when gesture stops)
        UIView.animate(withDuration: 0.4) {
            self.swipeLabel.center = CGPoint(x: self.view.bounds.width / 2, y: self.view.bounds.height / 2)
        }
    }
}

}

Hope this helps.