Pershing Square (NYSE:PS) Stock Jumps 6.3% – Here’s What Happened

Pershing Square Inc. (NYSE:PS)’s stock price traded up 6.3% during trading on Tuesday. The company traded as high as $58.80 and last traded at $58.33. 97,410 shares were traded during trading, a decline of 77% from the average daily volume of 422,512 shares. The stock had previously closed at $54.87.

Wall Street Analyst Weigh In

PS has been the subject of a number of research analyst reports. JonesTrading lowered shares of Pershing Square from a “buy” rating to a “hold” rating in a research note on Tuesday, September 29th. Tigress Financial boosted their price target on Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, September 3rd. Wells Fargo & Company started coverage on Pershing Square in a research report on Thursday, October 1st. They set an “underweight” rating and a $41.00 price objective for the company. Wall Street Zen upgraded Pershing Square from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd. Finally, Weiss Ratings raised Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Pershing Square currently has an average rating of “Reduce” and a consensus target price of $42.56.

Pershing Square Stock Performance

The firm has a market capitalization of $23.54 billion and a price-to-earnings ratio of 420.36. The business’s 50-day simple moving average is $43.27.

Pershing Square (NYSE:PS) last issued its quarterly earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. The business had revenue of $68.03 million for the quarter. Sell-side analysts expect that Pershing Square Inc. will post 0.55 EPS for the current fiscal year.

Pershing Square Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Investors of record on Monday, October 12th will be given a $0.1030 dividend. This is a decrease from Pershing Square’s previous quarterly dividend of $0.1220. This represents a $0.41 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, October 9th. Pershing Square’s dividend payout ratio (DPR) is presently 350.00%.

Institutional Inflows and Outflows

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

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. The company is designed to provide investors with long-term capital appreciation through a concentrated portfolio of investments in publicly traded businesses.

The fund is managed by Pershing Square Capital Management, L.P., an investment management firm founded and led by William A. Ackman. Its investment approach generally emphasizes detailed fundamental research, activist engagement when appropriate, and ownership of a limited number of companies that the manager believes have durable business models, strong management teams, and long-term growth potential.

Pershing Square USA primarily focuses on publicly traded companies in the United States and other developed markets, with investment decisions centered on individual business fundamentals rather than broad market exposure.