Pershing Square Inc. (NYSE:PS) Short Interest Up 95.2% in August

Key Points

• Short interest nearly doubled in August, rising 95.2% to 453,660 shares as of August 31. That represents about 0.1% of outstanding shares and a 2.5-day short ratio.
• Pershing Square shares traded at $39.45, with a $15.78 billion market capitalization and a 52-week range of $22.01 to $54.94. Analysts maintain a consensus “Hold” rating with a $41.33 price target.
• The company exceeded quarterly earnings expectations, reporting $0.14 in EPS versus the $0.12 consensus, and pays a quarterly dividend of $0.122 per share, equivalent to a 1.2% yield.

Pershing Square Inc. (NYSE:PS - Get Free Report) saw a significant growth in short interest in August. As of August 31st, there was short interest totaling 453,660 shares, a growth of 95.2% from the August 15th total of 232,453 shares. Based on an average daily volume of 181,306 shares, the days-to-cover ratio is currently 2.5 days. Approximately 0.1% of the company's stock are short sold.

Pershing Square Stock Performance

PS traded down $0.52 on Tuesday, reaching $39.45. The company had a trading volume of 221,273 shares, compared to its average volume of 353,851. Pershing Square has a 52-week low of $22.01 and a 52-week high of $54.94. The stock has a market capitalization of $15.78 billion and a P/E ratio of 281.79. The business has a 50 day moving average of $37.46.

Pershing Square (NYSE:PS - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. The company had revenue of $68.03 million during the quarter. On average, equities analysts expect that Pershing Square will post 0.56 EPS for the current fiscal year.

Pershing Square Dividend Announcement

The company also recently declared 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. The ex-dividend date was Monday, July 13th. This represents a $0.49 dividend on an annualized basis and a yield of 1.2%. Pershing Square's dividend payout ratio (DPR) is presently 350.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Weiss Ratings raised shares of Pershing Square from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 11th. Wells Fargo & Company boosted their price objective on Pershing Square from $34.00 to $36.00 and gave the company an "equal weight" rating in a research note on Thursday, September 3rd. UBS Group started coverage on Pershing Square in a report on Tuesday, May 26th. They issued a "neutral" rating and a $39.00 price target for the company. Loop Capital initiated coverage on Pershing Square in a research note on Tuesday, May 26th. They issued a "buy" rating and a $49.00 target price for the company. Finally, Jefferies Financial Group assumed 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. Two analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Pershing Square has a consensus rating of "Hold" and a consensus price target of $41.33.

Hedge Funds Weigh In On Pershing Square

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Rivernorth Capital Management LLC purchased a new stake in Pershing Square in the second quarter worth approximately $14,787,000. Clal Insurance Enterprises Holdings Ltd purchased a new position in shares of Pershing Square during the second quarter worth approximately $9,858,000. Equitec Proprietary Markets LLC bought a new stake in shares of Pershing Square in the 2nd quarter worth approximately $3,828,000. NewEdge Advisors LLC purchased a new stake in shares of Pershing Square in the 2nd quarter valued at $1,702,000. Finally, Proficio Capital Partners LLC bought a new position in shares of Pershing Square during the 2nd quarter valued at $1,459,000.

About Pershing Square

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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