Pershing Square (NYSE:PS) Shares Up 8.8% – Here’s Why

Shares of Pershing Square Inc. (NYSE:PS) traded up 8.8% during mid-day trading on Monday . The company traded as high as $35.31 and last traded at $35.28. 295,178 shares traded hands during trading, a decline of 44% from the average session volume of 530,400 shares. The stock had previously closed at $32.42.

Wall Street Analyst Weigh In

PS has been the topic of a number of research reports. Wall Street Zen downgraded Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, June 7th. Citigroup began coverage on Pershing Square in a report on Tuesday, May 26th. They set a “buy” rating and a $50.00 target price for the company. Oppenheimer assumed coverage on shares of Pershing Square in a report on Tuesday, May 26th. They issued a “market perform” rating on the stock. Zacks Research raised shares of Pershing Square to a “hold” rating in a research report on Friday, May 29th. Finally, Royal Bank Of Canada initiated coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They issued a “sector perform” rating and a $40.00 target price on the stock. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Pershing Square has an average rating of “Hold” and a consensus target price of $42.43.

Pershing Square Stock Up 8.7%

The firm has a market cap of $14.10 billion, a P/E ratio of -40.21 and a beta of 2.27. The firm’s 50 day moving average price is $35.82.

Pershing Square Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 21st. Shareholders of record on Monday, July 13th will be paid a dividend of $0.122 per share. This represents a $0.49 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Monday, July 13th.

Insider Activity

In other Pershing Square news, CEO William A. Ackman bought 800,000 shares of Pershing Square stock in a transaction dated Thursday, April 30th. The stock was bought at an average cost of $23.77 per share, for a total transaction of $19,016,000.00. Following the purchase, the chief executive officer owned 1,500,000 shares in the company, valued at $35,655,000. This represents a 114.29% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 21.79% of the stock is currently owned by insiders.

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.