Pershing Square (NYSE:PS) Shares Up 8.5% – What’s Next?

Shares of Pershing Square Inc. (NYSE:PS) shot up 8.5% during mid-day trading on Tuesday . The company traded as high as $43.61 and last traded at $42.42. 136,179 shares changed hands during trading, a decline of 60% from the average session volume of 344,548 shares. The stock had previously closed at $39.08.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PS shares. Wells Fargo & Company upped their target price on Pershing Square from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Thursday, September 3rd. Tigress Financial increased their price target on shares of Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. JonesTrading increased their target price on Pershing Square from $39.00 to $42.00 and gave the company a “buy” rating in a report on Monday, August 24th. Loop Capital initiated coverage on Pershing Square in a research report on Tuesday, May 26th. They issued a “buy” rating and a $49.00 price objective on the stock. Finally, 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 for the company in a research note on Monday, July 13th. Two analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Pershing Square has an average rating of “Hold” and a consensus target price of $41.33.

Pershing Square Stock Performance

The stock has a fifty day moving average of $37.18. The company has a market cap of $14.63 billion and a PE ratio of 261.29.

Pershing Square (NYSE:PS) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The firm had revenue of $68.03 million during the quarter. On average, equities analysts predict that Pershing Square Inc. will post 0.56 EPS for the current fiscal year.

Pershing Square Announces Dividend

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

Hedge Funds Weigh In On Pershing Square

Institutional investors have recently modified their holdings of the company. Rivernorth Capital Management LLC bought a new stake in shares of Pershing Square during the 2nd quarter worth about $14,787,000. Clal Insurance Enterprises Holdings Ltd acquired a new stake in Pershing Square during the second quarter valued at approximately $9,858,000. Equitec Proprietary Markets LLC acquired a new stake in Pershing Square during the second quarter valued at approximately $3,828,000. NewEdge Advisors LLC bought a new stake in Pershing Square during the second quarter worth approximately $1,702,000. Finally, Proficio Capital Partners LLC acquired a new position in Pershing Square in the second quarter worth approximately $1,459,000.

About Pershing Square

Pershing Square USA, Ltd. is a closed-end investment company listed on the New York Stock Exchange under the symbol PS. 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.