Pershing Square (NYSE:PS) Stock Price Up 6.1% – Should You Buy?

Shares of Pershing Square Inc. (NYSE:PS) rose 6.1% on Monday. The company traded as high as $59.94 and last traded at $59.57. Approximately 512,771 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 432,729 shares. The stock had previously closed at $56.16.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PS. JonesTrading upped their target price on Pershing Square from $39.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. Wells Fargo & Company lifted their price target on shares of Pershing Square from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Thursday, September 3rd. Tigress Financial upped their price objective on shares of Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. Royal Bank Of Canada lowered their target price 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, Citigroup lowered shares of Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 target price for the company. in a research report on Wednesday, August 19th. Two research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $41.33.

Pershing Square Stock Performance

The business’s fifty day moving average is $39.80. The firm has a market capitalization of $23.88 billion and a PE ratio of 426.36.

Pershing Square (NYSE:PS) last issued its quarterly earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $68.03 million for the quarter. Sell-side analysts predict that Pershing Square Inc. will post 0.56 earnings per share for the current year.

Pershing Square Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Monday, July 13th were issued a $0.1220 dividend. The ex-dividend date of this dividend was Monday, July 13th. This represents a $0.49 dividend on an annualized basis and a yield of 0.8%. Pershing Square’s dividend payout ratio is 350.00%.

Institutional Inflows and Outflows

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

Pershing Square Company Profile

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.