Pershing Square (NYSE:PS) Hits New 1-Year High - Here's What Happened

Key Points

• Pershing Square shares reached a new 52-week high, trading as high as $55.68 and last changing hands at $55.25, up from a prior close of $52.28.
• Despite the rally, analysts remain cautious: the stock has an average “Hold” rating and a consensus price target of $41.33, well below its current price.
• The company reported quarterly EPS of $0.14, exceeding the $0.12 consensus estimate, and declared a quarterly dividend of $0.122, equivalent to a 0.9% annualized yield.

Pershing Square Inc. (NYSE:PS - Get Free Report)'s stock price hit a new 52-week high during trading on Friday. The stock traded as high as $55.68 and last traded at $55.25, with a volume of 109637 shares traded. The stock had previously closed at $52.28.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PS. Wall Street Zen cut shares of Pershing Square from a "hold" rating to a "sell" rating in a report on Sunday, June 7th. Zacks Research upgraded shares of Pershing Square to a "hold" rating in a research note on Friday, May 29th. Citigroup downgraded shares of Pershing Square from a "buy" rating to a "neutral" rating and set a $45.00 price objective on the stock. in a research report on Wednesday, August 19th. Wells Fargo & Company upped their target price on shares of Pershing Square from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Thursday, September 3rd. Finally, Royal Bank Of Canada decreased their price objective on Pershing Square from $40.00 to $38.00 and set a "sector perform" rating for the company in a research report on Monday, July 13th. Two research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $41.33.

Pershing Square Stock Performance

The stock has a market capitalization of $22.18 billion and a price-to-earnings ratio of 396.14. The firm's 50-day moving average is $39.36.

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

Pershing Square Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Monday, July 13th were given a $0.1220 dividend. This represents a $0.49 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Monday, July 13th. Pershing Square's dividend payout ratio is presently 350.00%.

Institutional Trading of Pershing Square

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