Pershing Square (NYSE:PS) Trading Down 6.5% – Here’s What Happened

Pershing Square Inc. (NYSE:PS) shares traded down 6.5% during mid-day trading on Tuesday . The company traded as low as $40.15 and last traded at $40.15. 90,486 shares changed hands during trading, a decline of 74% from the average session volume of 349,516 shares. The stock had previously closed at $42.92.

Wall Street Analyst Weigh In

PS has been the topic of several analyst reports. Zacks Research upgraded Pershing Square to a “hold” rating in a research report on Friday, May 29th. Bank of America assumed coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They set a “neutral” rating and a $42.00 price objective for the company. JonesTrading upped their target price on shares of Pershing Square from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Tigress Financial began coverage on shares of Pershing Square in a research report on Monday, July 27th. They set a “neutral” rating and a $39.00 price target for the company. Finally, Wall Street Zen downgraded Pershing Square from a “hold” rating to a “sell” rating in a research report on Sunday, June 7th. Two research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Pershing Square presently has a consensus rating of “Hold” and a consensus target price of $40.89.

Pershing Square Price Performance

The company has a market cap of $14.88 billion and a price-to-earnings ratio of 265.71. The stock’s 50-day moving average is $36.53.

Pershing Square (NYSE:PS) last issued its quarterly earnings results on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The firm had revenue of $68.03 million for the quarter. As a group, research analysts anticipate that Pershing Square Inc. will post 0.56 earnings per share for the current fiscal year.

Pershing Square Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Monday, July 13th were given a dividend of $0.122 per share. This represents a $0.49 annualized dividend and a yield of 1.3%. The ex-dividend date was Monday, July 13th. Pershing Square’s dividend payout ratio is presently 350.00%.

Institutional Trading of Pershing Square

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Ancora Advisors LLC purchased a new stake in shares of Pershing Square during the second quarter worth about $302,000. Wedbush Securities Inc. bought a new position in Pershing Square during the 2nd quarter valued at approximately $529,000. Hsbc Holdings PLC purchased a new stake in Pershing Square in the 2nd quarter worth approximately $775,000. Readystate Asset Management LP bought a new stake in shares of Pershing Square in the 2nd quarter worth approximately $822,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Pershing Square during the second quarter valued at approximately $1,459,000.

Pershing Square Company Profile

Pershing Square (NYSE: PS) is a publicly traded investment holding company managed by Pershing Square Capital Management, L.P., the investment firm founded and led by William “Bill” Ackman. The vehicle provides outside investors with exposure to the firm’s concentrated, actively managed investment program and is designed to deliver long?term capital appreciation through a portfolio of equity and related positions.

The company’s principal activities center on investing in publicly traded companies, typically through concentrated long equity positions and selectively using derivatives or other instruments for hedging or to implement investment views.