Pershing Square (NYSE:PS) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Pershing Square (NYSE:PS) from a sell rating to a hold rating in a report published on Saturday morning,Wall Street Zen reports.

A number of other analysts have also recently commented on PS. Bank of America cut shares of Pershing Square from a “neutral” rating to an “underperform” rating and cut their price target for the company from $54.00 to $38.00 in a research note on Tuesday, October 13th. 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 objective on shares of Pershing Square from $41.00 to $54.00 and gave the stock a “neutral” rating in a research note on Thursday, November 5th. Citigroup cut shares of Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 target price on the stock. in a report on Friday, October 9th. Finally, UBS Group raised their target price on shares of Pershing Square from $39.00 to $44.00 and gave the company a “neutral” rating in a research note on Friday, October 23rd. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $44.11.

Pershing Square Stock Up 1.6%

Shares of Pershing Square stock traded up $0.72 on Friday, reaching $44.73. 344,238 shares of the company were exchanged, compared to its average volume of 398,925. Pershing Square has a one year low of $22.01 and a one year high of $60.40. The firm has a market cap of $17.89 billion and a P/E ratio of 172.04. The firm’s 50-day moving average is $47.85.

Pershing Square (NYSE:PS) last released its earnings results on Monday, November 2nd. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). The company had revenue of $56.60 million for the quarter. Analysts anticipate that Pershing Square will post 0.50 EPS for the current year.

Pershing Square Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Monday, October 12th were issued a dividend of $0.1030 per share. This represents a $0.41 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Friday, October 9th. This is a negative change from Pershing Square’s previous quarterly dividend of $0.1220. Pershing Square’s payout ratio is presently 157.69%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC bought a new stake in Pershing Square in the 2nd quarter valued at $132,000. Ancora Advisors LLC bought a new position in Pershing Square in the 2nd quarter valued at about $302,000. Wedbush Securities Inc. acquired a new position in Pershing Square during the second quarter valued at approximately $529,000. Hsbc Holdings PLC bought a new stake in shares of Pershing Square during the 2nd quarter worth $775,000. Finally, Readystate Asset Management LP bought a new position in shares of Pershing Square in the second quarter worth about $822,000.

Pershing Square Company Profile

Pershing Square is an investment company associated with Pershing Square Capital Management, an alternative investment manager founded by Bill Ackman in 2004. The firm is based in New York and focuses on investing in a concentrated portfolio of publicly traded companies. Its investment approach combines fundamental research with active engagement with portfolio companies. Pershing Square has also operated investment vehicles that provide investors with exposure to its strategy. Bill Ackman is Pershing Square’s founder and chief executive.