Pershing Square (NYSE:PS) Trading 5.7% Higher – What’s Next?

Pershing Square Inc. (NYSE:PS) shot up 5.7% on Tuesday . The company traded as high as $51.25 and last traded at $50.97. 170,912 shares were traded during mid-day trading, a decline of 59% from the average session volume of 418,509 shares. The stock had previously closed at $48.23.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PS. Citigroup lowered Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Wednesday, August 19th. Weiss Ratings raised Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. Jefferies Financial Group assumed coverage on Pershing Square in a research note on Monday, May 25th. They issued a “hold” rating and a $40.00 price objective on the stock. Royal Bank Of Canada cut their target price on shares of Pershing Square from $40.00 to $38.00 and set a “sector perform” rating on the stock in a research report on Monday, July 13th. Finally, Wells Fargo & Company raised their price objective on Pershing Square from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Thursday, September 3rd. Two analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $41.33.

Pershing Square Stock Performance

The firm has a market cap of $20.22 billion and a price-to-earnings ratio of 361.00. The firm has a 50 day moving average price of $38.44.

Pershing Square (NYSE:PS) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $68.03 million for the quarter. As a group, sell-side analysts forecast that Pershing Square Inc. will post 0.56 EPS for the current year.

Pershing Square Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Monday, July 13th were given a $0.122 dividend. The ex-dividend date was Monday, July 13th. This represents a $0.49 dividend on an annualized basis and a yield of 1.0%. Pershing Square’s dividend payout ratio is currently 350.00%.

Institutional Investors Weigh In On Pershing Square

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rivernorth Capital Management LLC purchased a new position in Pershing Square in the second quarter valued at $14,787,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of Pershing Square during the second quarter worth $9,858,000. Equitec Proprietary Markets LLC acquired a new stake in Pershing Square in the 2nd quarter valued at about $3,828,000. NewEdge Advisors LLC acquired a new stake in shares of Pershing Square in the second quarter valued at approximately $1,702,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Pershing Square during the 2nd quarter valued at about $1,459,000.

Pershing Square Company Profile

Pershing Square USA, Ltd. is a closed-end investment company listed on the New York Stock Exchange under the symbol PS. Rather than operating a conventional commercial business, the company invests shareholder capital in a concentrated portfolio of publicly traded companies.

The fund seeks long-term capital appreciation by investing primarily in large, established North American businesses. Its investment approach emphasizes fundamental research, a limited number of high-conviction holdings, and active engagement with portfolio companies when appropriate.

Pershing Square USA is managed by Pershing Square Capital Management, an investment management firm founded by William A.