Pershing Square (NYSE:PS) Stock Jumps 6.1% – Here’s Why

Pershing Square Inc. (NYSE:PS) shares traded up 6.1% during trading on Monday. The company traded as high as $59.94 and last traded at $59.57. Approximately 512,771 shares were traded during trading, an increase of 18% from the average daily volume of 432,729 shares. The stock had previously closed at $56.16.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citigroup lowered Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research note on Wednesday, August 19th. Weiss Ratings upgraded Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. Wells Fargo & Company upped their price target 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. JonesTrading lowered Pershing Square from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Tigress Financial boosted their target price on shares of Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.33.

Pershing Square Price Performance

The stock has a 50-day moving average of $40.68. The firm has a market cap of $21.47 billion and a price-to-earnings ratio of 383.43.

Pershing Square (NYSE:PS) last issued 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 business had revenue of $68.03 million during the quarter. Sell-side analysts anticipate that Pershing Square Inc. will post 0.56 EPS for the current fiscal year.

Pershing Square Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Monday, July 13th were given a dividend of $0.1220 per share. The ex-dividend date was Monday, July 13th. This represents a $0.49 annualized dividend and a yield of 0.9%. Pershing Square’s dividend payout ratio is 350.00%.

Institutional Investors Weigh In On Pershing Square

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC acquired a new position in shares of Pershing Square during the second quarter worth approximately $132,000. Ancora Advisors LLC bought a new stake in shares of Pershing Square during the second quarter valued at approximately $302,000. Wedbush Securities Inc. acquired a new stake in shares of Pershing Square in the second quarter valued at approximately $529,000. Hsbc Holdings PLC bought a new position in Pershing Square in the 2nd quarter worth approximately $775,000. Finally, Readystate Asset Management LP acquired a new position in Pershing Square during the 2nd quarter worth $822,000.

About Pershing Square

Pershing Square USA, Ltd. is a closed-end investment company listed on the New York Stock Exchange under the symbol PS. The company is designed to provide investors with long-term capital appreciation through a concentrated portfolio of investments in publicly traded businesses.

The fund is managed by Pershing Square Capital Management, L.P., an investment management firm founded and led by William A. Ackman. Its investment approach generally emphasizes detailed fundamental research, activist engagement when appropriate, and ownership of a limited number of companies that the manager believes have durable business models, strong management teams, and long-term growth potential.

Pershing Square USA primarily focuses on publicly traded companies in the United States and other developed markets, with investment decisions centered on individual business fundamentals rather than broad market exposure.