Pershing Square (NYSE:PS) Stock Price Down 6.5% – Here’s Why

Shares of Pershing Square Inc. (NYSE:PS) dropped 6.5% during mid-day trading on Tuesday . The company traded as low as $40.15 and last traded at $40.15. Approximately 90,486 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 349,516 shares. The stock had previously closed at $42.92.

Analyst Upgrades and Downgrades

PS has been the subject of several recent analyst reports. Loop Capital initiated coverage on Pershing Square in a research report on Tuesday, May 26th. They set a “buy” rating and a $49.00 target price for the company. Tigress Financial assumed coverage on Pershing Square in a report on Monday, July 27th. They issued a “neutral” rating and a $39.00 price target on the stock. Oppenheimer started coverage on Pershing Square in a report on Tuesday, May 26th. They set a “market perform” rating for the company. Wall Street Zen cut shares of Pershing Square from a “hold” rating to a “sell” rating in a research report on Sunday, June 7th. Finally, Bank of America initiated coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They set a “neutral” rating and a $42.00 price objective on the stock. Two analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $40.89.

Pershing Square Stock Performance

The company has a market capitalization of $15.37 billion and a PE ratio of 274.50. The company’s 50 day moving average is $36.31.

Pershing Square (NYSE:PS) last released its quarterly earnings data 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 during the quarter. Equities analysts forecast that Pershing Square Inc. will post 0.56 earnings per share for the current year.

Pershing Square Announces Dividend

The firm 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. 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 342.86%.

Hedge Funds Weigh In On Pershing Square

Several hedge funds have recently made changes to their positions in PS. Rivernorth Capital Management LLC purchased a new stake in Pershing Square in the second quarter worth $14,787,000. Clal Insurance Enterprises Holdings Ltd purchased a new position in Pershing Square during the 2nd quarter valued at $9,858,000. Equitec Proprietary Markets LLC purchased a new position in Pershing Square during the 2nd quarter valued at $3,828,000. Proficio Capital Partners LLC bought a new position in Pershing Square in the 2nd quarter worth $1,459,000. Finally, Readystate Asset Management LP purchased a new stake in shares of Pershing Square in the 2nd quarter worth about $822,000.

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.