NewEdge Advisors LLC Makes New Investment in Pershing Square Inc. $PS

Key Points

• NewEdge Advisors acquired 51,800 shares of Pershing Square, valued at approximately $1.7 million, during the second quarter. Several other institutional investors also initiated positions, including RiverNorth Capital Management with a stake worth about $14.8 million.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from MarketBeat and an average price target of $41.33. Ratings include two Buys, nine Holds, and one Sell.
• Pershing Square reported quarterly EPS of $0.14, exceeding estimates of $0.12, and maintains a quarterly dividend of $0.122 per share, equivalent to an annualized yield of about 1%.

NewEdge Advisors LLC purchased a new stake in shares of Pershing Square Inc. (NYSE:PS - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 51,800 shares of the company's stock, valued at approximately $1,702,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Readystate Asset Management LP bought a new position in Pershing Square during the second quarter valued at about $822,000. Proficio Capital Partners LLC purchased a new stake in shares of Pershing Square during the 2nd quarter worth approximately $1,459,000. Ancora Advisors LLC purchased a new position in Pershing Square in the second quarter valued at approximately $302,000. Rivernorth Capital Management LLC bought a new position in shares of Pershing Square during the 2nd quarter worth $14,787,000. Finally, Wedbush Securities Inc. bought a new stake in Pershing Square in the 2nd quarter valued at about $529,000.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Loop Capital started coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They issued a "buy" rating and a $49.00 price objective for the company. Zacks Research raised Pershing Square to a "hold" rating in a report on Friday, May 29th. Jefferies Financial Group began coverage on Pershing Square in a research report on Monday, May 25th. They set a "hold" rating and a $40.00 price target on the stock. UBS Group assumed coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They issued a "neutral" rating and a $39.00 price objective for the company. Finally, Royal Bank Of Canada cut their price target on shares of Pershing Square from $40.00 to $38.00 and set a "sector perform" rating for the company in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Pershing Square currently has a consensus rating of "Hold" and a consensus target price of $41.33.

Pershing Square Stock Performance

NYSE PS opened at $49.40 on Friday. The company has a market cap of $19.76 billion and a price-to-earnings ratio of 352.86. Pershing Square Inc. has a 1-year low of $22.01 and a 1-year high of $54.94. The firm has a 50-day moving average of $38.15.

Pershing Square (NYSE:PS - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The firm had revenue of $68.03 million during the quarter. On average, sell-side analysts anticipate that Pershing Square Inc. will post 0.56 earnings per share for the current year.

Pershing Square Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Monday, July 13th were given a dividend of $0.122 per share. This represents a $0.49 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Monday, July 13th. Pershing Square's payout ratio is presently 350.00%.

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.

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