Pershing Square (NYSE:PS) Trading Down 6.3% – Time to Sell?

Shares of Pershing Square Inc. (NYSE:PS) fell 6.3% on Wednesday . The stock traded as low as $38.88 and last traded at $38.88. Approximately 31,344 shares were traded during trading, a decline of 91% from the average daily volume of 347,909 shares. The stock had previously closed at $41.49.

Analyst Ratings Changes

Several analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Pershing Square from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Thursday, September 3rd. Wall Street Zen downgraded Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, June 7th. Citigroup cut Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 price target for the company. in a research note on Wednesday, August 19th. Tigress Financial raised their price target on Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. Finally, Oppenheimer initiated coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They set a “market perform” rating on the stock. Two investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $41.33.

Pershing Square Price Performance

The firm has a market cap of $14.90 billion and a price-to-earnings ratio of 266.00. The firm’s 50-day moving average is $37.11.

Pershing Square (NYSE:PS) last released its earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. The firm had revenue of $68.03 million during the quarter. On average, sell-side analysts forecast that Pershing Square Inc. will post 0.56 EPS for the current fiscal year.

Pershing Square Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Monday, July 13th were issued a $0.122 dividend. This represents a $0.49 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Monday, July 13th. Pershing Square’s dividend payout ratio is currently 350.00%.

Institutional Investors Weigh In On Pershing Square

A number of large investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new stake in shares of Pershing Square during the 2nd quarter valued at $132,000. NewEdge Advisors LLC bought a new stake in shares of Pershing Square during the second quarter valued at approximately $1,702,000. Readystate Asset Management LP acquired a new stake in shares of Pershing Square in the 2nd quarter worth about $822,000. Proficio Capital Partners LLC bought a new position in Pershing Square during the 2nd quarter valued at $1,459,000. Finally, Ancora Advisors LLC purchased a new position in shares of Pershing Square in the 2nd quarter worth approximately $302,000.

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.