Rivernorth Capital Management LLC Acquires New Shares in Pershing Square Inc. $PS

Key Points

• Rivernorth Capital Management acquired 450,000 shares of Pershing Square, worth approximately $14.8 million, making up 0.7% of its portfolio and representing a 0.11% stake in the company.
• Multiple institutional investors also initiated positions in Pershing Square during the second quarter, indicating increased institutional interest in the stock.
• Analysts maintain a consensus “Hold” rating with an average price target of $40.89. Shares opened at $42.37, while the company recently reported better-than-expected quarterly EPS and pays a $0.122 quarterly dividend.

Rivernorth Capital Management LLC bought a new stake in Pershing Square Inc. (NYSE:PS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 450,000 shares of the company's stock, valued at approximately $14,787,000. Pershing Square accounts for 0.7% of Rivernorth Capital Management LLC's investment portfolio, making the stock its 27th biggest position. Rivernorth Capital Management LLC owned 0.11% of Pershing Square as of its most recent SEC filing.

Several other large investors have also modified their holdings of PS. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Pershing Square in the second quarter valued at approximately $9,858,000. Equitec Proprietary Markets LLC purchased a new position in shares of Pershing Square during the second quarter worth $3,828,000. Hsbc Holdings PLC acquired a new stake in shares of Pershing Square in the second quarter valued at $775,000. Wedbush Securities Inc. purchased a new stake in Pershing Square during the second quarter worth about $529,000. Finally, Ancora Advisors LLC purchased a new stake in Pershing Square during the 2nd quarter worth approximately $302,000.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JonesTrading raised their price target on shares of Pershing Square from $39.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, August 24th. UBS Group initiated coverage on Pershing Square in a research note on Tuesday, May 26th. They set a "neutral" rating and a $39.00 target price for the company. Oppenheimer started coverage on Pershing Square in a research report on Tuesday, May 26th. They issued a "market perform" rating on the stock. Jefferies Financial Group assumed coverage on shares of Pershing Square in a research note on Monday, May 25th. They set a "hold" rating and a $40.00 target price on the stock. Finally, Tigress Financial assumed coverage on shares of Pershing Square in a research note on Monday, July 27th. They issued a "neutral" rating and a $39.00 price target for the company. Two research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $40.89.

Pershing Square Stock Up 0.5%

Shares of NYSE PS opened at $42.37 on Monday. The stock's 50-day simple moving average is $36.12. The firm has a market cap of $16.95 billion and a price-to-earnings ratio of 302.64. Pershing Square Inc. has a fifty-two week low of $22.01 and a fifty-two week high of $54.94.

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

Pershing Square Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Monday, July 13th were issued a dividend of $0.122 per share. This represents a $0.49 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Monday, July 13th. Pershing Square's dividend payout ratio is 350.00%.

About Pershing Square

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source