Pershing Square (NYSE:PS) Shares Break Below 50-Day Moving Average – Should You Sell?

Pershing Square Inc. (NYSE:PS) crossed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $47.42 and traded as low as $44.20. Pershing Square shares last traded at $44.58, with a volume of 919,083 shares trading hands.

Wall Street Analyst Weigh In

PS has been the topic of several recent research reports. Bank of America cut Pershing Square from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $54.00 to $38.00 in a report on Tuesday, October 13th. Wells Fargo & Company reduced their price objective on Pershing Square from $41.00 to $40.00 and set an “underweight” rating on the stock in a research report on Thursday, October 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Pershing Square in a research note on Wednesday, November 4th. UBS Group boosted their price objective on Pershing Square from $39.00 to $44.00 and gave the stock a “neutral” rating in a research note on Friday, October 23rd. Finally, Royal Bank Of Canada upped their target price on Pershing Square from $44.00 to $45.00 and gave the company a “sector perform” rating in a report on Wednesday, November 4th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $44.11.

Pershing Square Stock Down 14.2%

The stock has a market capitalization of $17.83 billion and a P/E ratio of 318.43. The stock has a 50 day moving average price of $47.42.

Pershing Square (NYSE:PS) last posted its quarterly earnings results on Monday, November 2nd. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). The firm had revenue of $56.60 million for the quarter. Equities research analysts anticipate that Pershing Square Inc. will post 0.50 EPS for the current fiscal year.

Pershing Square Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Monday, October 12th were issued a $0.1030 dividend. This is a drop from Pershing Square’s previous quarterly dividend of $0.1220. This represents a $0.41 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Friday, October 9th. Pershing Square’s payout ratio is currently 292.86%.

Institutional Investors Weigh In On Pershing Square

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

Pershing Square Company Profile

Pershing Square is an investment company associated with Pershing Square Capital Management, an alternative investment manager founded by Bill Ackman in 2004. The firm is based in New York and focuses on investing in a concentrated portfolio of publicly traded companies. Its investment approach combines fundamental research with active engagement with portfolio companies. Pershing Square has also operated investment vehicles that provide investors with exposure to its strategy. Bill Ackman is Pershing Square’s founder and chief executive.