Pershing Square (NYSE:PS) Shares Up 6.1% - Here's What Happened

Key Points

• Pershing Square shares rose 6.1% to $59.57, reaching as high as $59.94, while trading volume increased 18% above the average session volume.
• Analyst sentiment remains mixed, with ratings concentrated on “Hold”; the consensus price target is $41.33, well below the stock’s recent trading level.
• The company exceeded quarterly earnings expectations with EPS of $0.14 versus $0.12 forecast and maintains a quarterly dividend of $0.122 per share, equivalent to a 0.8% yield.

Shares of Pershing Square Inc. (NYSE:PS - Get Free Report) were up 6.1% on Monday. The company traded as high as $59.94 and last traded at $59.57. Approximately 512,771 shares were traded during trading, an increase of 18% from the average session volume of 432,729 shares. The stock had previously closed at $56.16.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PS. Wells Fargo & Company increased their price objective on Pershing Square from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Thursday, September 3rd. Weiss Ratings raised Pershing Square from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, August 11th. Citigroup downgraded Pershing Square from a "buy" rating to a "neutral" rating and set a $45.00 target price on the stock. in a report on Wednesday, August 19th. Tigress Financial raised their price target on shares of Pershing Square from $39.00 to $41.00 and gave the stock a "neutral" rating in a report on Thursday, September 3rd. Finally, Wall Street Zen downgraded shares of Pershing Square from a "hold" rating to a "sell" rating in a research report on Sunday, June 7th. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $41.33.

Pershing Square Stock Performance

The stock's 50 day moving average price is $39.80. The stock has a market cap of $23.88 billion and a PE ratio of 426.36.

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

Pershing Square Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Monday, July 13th were given a dividend of $0.1220 per share. This represents a $0.49 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Monday, July 13th. Pershing Square's dividend payout ratio (DPR) is presently 350.00%.

Institutional Trading of Pershing Square

Several large investors have recently added to or reduced their stakes in PS. Integrated Wealth Concepts LLC bought a new position in shares of Pershing Square during the 2nd quarter valued at $132,000. Ancora Advisors LLC bought a new stake in Pershing Square in the second quarter worth $302,000. Wedbush Securities Inc. acquired a new position in Pershing Square during the second quarter worth $529,000. Hsbc Holdings PLC bought a new position in Pershing Square during the second quarter valued at about $775,000. Finally, Readystate Asset Management LP acquired a new stake in shares of Pershing Square in the second quarter worth about $822,000.

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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