Pershing Square (NYSE:PS) Stock Falls 7.7% - Here's What Happened

Key Points

• Pershing Square shares fell 7.7% to $54.64 in mid-day trading, with volume down 78% from its average. The company’s market capitalization was approximately $21.66 billion.
• Analyst sentiment remains cautious: the stock has an average “Hold” rating and a consensus price target of $41.33, below its trading price. Ratings included one Buy, ten Holds, and one Sell.
• Pershing Square reported quarterly EPS of $0.14, beating estimates by $0.02, and paid a quarterly dividend of $0.122 per share, equivalent to a 0.9% yield.

Shares of Pershing Square Inc. (NYSE:PS - Get Free Report) fell 7.7% during mid-day trading on Tuesday. The company traded as low as $54.50 and last traded at $54.64. Approximately 95,979 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 430,450 shares. The stock had previously closed at $59.17.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PS shares. JonesTrading reiterated a "hold" rating on shares of Pershing Square in a research note on Tuesday. Royal Bank Of Canada dropped their target price on Pershing Square from $40.00 to $38.00 and set a "sector perform" rating on the stock in a research report on Monday, July 13th. Wells Fargo & Company increased their price target on Pershing Square from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Thursday, September 3rd. Wall Street Zen lowered Pershing Square from a "hold" rating to a "sell" rating in a research note on Sunday, June 7th. Finally, Weiss Ratings raised Pershing Square from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Pershing Square has an average rating of "Hold" and a consensus target price of $41.33.

Pershing Square Trading Down 8.5%

The firm has a market capitalization of $21.66 billion and a price-to-earnings ratio of 386.79. The firm's 50-day moving average price is $40.32.

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

Pershing Square Announces Dividend

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

Institutional Trading of Pershing Square

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

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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