Pershing Square (NYSE:PS) Trading Up 5.4% – Here’s Why

Pershing Square Inc. (NYSE:PS) shares were up 5.4% during trading on Monday . The company traded as high as $40.16 and last traded at $39.70. 72,553 shares traded hands during trading, a decline of 79% from the average daily volume of 351,058 shares. The stock had previously closed at $37.67.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PS shares. Citigroup cut Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research note on Wednesday, August 19th. Weiss Ratings raised shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Oppenheimer assumed coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They issued a “market perform” rating for the company. Royal Bank Of Canada dropped their price target on shares of Pershing Square from $40.00 to $38.00 and set a “sector perform” rating on the stock in a research note on Monday, July 13th. Finally, Bank of America began coverage on Pershing Square in a report on Tuesday, May 26th. They issued a “neutral” rating and a $42.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $41.33.

Pershing Square Trading Up 5.7%

The stock has a market capitalization of $15.92 billion and a PE ratio of 284.36. The business has a fifty day moving average of $37.36.

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

Pershing Square Dividend Announcement

The company also recently announced 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 of this dividend was Monday, July 13th. This represents a $0.49 annualized dividend and a yield of 1.2%. Pershing Square’s dividend payout ratio (DPR) is currently 350.00%.

Hedge Funds Weigh In On Pershing Square

Several large investors have recently made changes to their positions in PS. Rivernorth Capital Management LLC bought a new stake in shares of Pershing Square in the 2nd quarter worth approximately $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 bought a new stake in Pershing Square during the second quarter worth approximately $3,828,000. NewEdge Advisors LLC acquired a new position in Pershing Square in 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.