Pershing Square (NYSE:PS) Stock Crosses Above Fifty Day Moving Average – Here’s Why

Pershing Square Inc. (NYSE:PS)’s share price passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $46.00 and traded as high as $46.87. Pershing Square shares last traded at $46.20, with a volume of 205,971 shares trading hands.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group boosted their target price on shares of Pershing Square from $39.00 to $44.00 and gave the stock a “neutral” rating in a research note on Friday. Weiss Ratings upgraded Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Tigress Financial raised their price objective on Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, September 3rd. Wall Street Zen downgraded Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, October 11th. Finally, JonesTrading lowered Pershing Square from a “buy” rating to a “hold” rating in a research report on Tuesday, September 29th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $42.56.

Pershing Square Stock Performance

The stock’s 50-day simple moving average is $46.00.

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, topping the consensus estimate of $0.12 by $0.02. The business had revenue of $68.03 million during the quarter. Equities analysts predict that Pershing Square Inc. will post 0.54 earnings per share for the current fiscal year.

Pershing Square Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Monday, October 12th were issued a dividend of $0.1030 per share. This is a decrease from Pershing Square’s previous quarterly dividend of $0.1220. This represents a $0.41 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Friday, October 9th.

Hedge Funds Weigh In On Pershing Square

Institutional investors and hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC purchased a new stake in shares of Pershing Square in the second quarter worth approximately $132,000. NewEdge Advisors LLC bought a new position in shares of Pershing Square in the second quarter valued at approximately $1,702,000. Readystate Asset Management LP bought a new position in shares of Pershing Square in the second quarter valued at approximately $822,000. Proficio Capital Partners LLC bought a new position in shares of Pershing Square in the second quarter valued at approximately $1,459,000. Finally, Ancora Advisors LLC purchased a new position in shares of Pershing Square during the second quarter valued at approximately $302,000.

Pershing Square Company Profile

Pershing Square Holdings, Ltd. is an investment holding company that seeks long-term capital appreciation through a concentrated portfolio of investments in publicly traded companies. The company is managed by Pershing Square Capital Management, L.P., an investment management firm that typically takes significant positions in a limited number of businesses and engages with their management teams and boards.

Pershing Square’s investment approach emphasizes fundamental research, long-term ownership and active involvement with portfolio companies.