Pershing Square (NYSE:PS) Stock Price Down 6.3% - Here's What Happened

Key Points

• Pershing Square shares fell 6.3% to $38.88 in Wednesday trading, with volume plunging 91% below the average session level.
• Analyst sentiment remains cautious: the stock carries an average “Hold” rating and a $41.33 consensus price target, despite individual targets ranging from $36 to $42.
• The company recently beat quarterly earnings expectations with $0.14 EPS versus a $0.12 consensus estimate, while paying a quarterly dividend of $0.122 per share, equivalent to a 1.3% yield.

Pershing Square Inc. (NYSE:PS - Get Free Report)'s share price fell 6.3% during trading on Wednesday . The company traded as low as $38.88 and last traded at $38.88. Approximately 31,344 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 347,909 shares. The stock had previously closed at $41.49.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Royal Bank Of Canada decreased their price objective on Pershing Square from $40.00 to $38.00 and set a "sector perform" rating on the stock in a research note on Monday, July 13th. UBS Group assumed coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They issued a "neutral" rating and a $39.00 target price on the stock. Wells Fargo & Company boosted their price objective on shares of Pershing Square from $34.00 to $36.00 and gave the company an "equal weight" rating in a research report on Thursday, September 3rd. Bank of America started coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They set a "neutral" rating and a $42.00 price objective on the stock. Finally, JonesTrading lifted their price target on shares of Pershing Square from $39.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, August 24th. Two analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $41.33.

Pershing Square Price Performance

The stock has a fifty day moving average price of $37.11. The stock has a market cap of $14.90 billion and a P/E ratio of 266.00.

Pershing Square (NYSE:PS - Get Free Report) last posted 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. As a group, equities analysts expect that Pershing Square Inc. will post 0.56 earnings per share for the current fiscal year.

Pershing Square Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Stockholders of record on Monday, July 13th were given a dividend of $0.122 per share. This represents a $0.49 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, July 13th. Pershing Square's payout ratio is currently 350.00%.

Hedge Funds Weigh In On Pershing Square

Several institutional investors have recently added to or reduced their stakes in the stock. Equitec Proprietary Markets LLC purchased a new position in Pershing Square in the 2nd quarter valued at approximately $3,828,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Pershing Square in the 2nd quarter valued at $9,858,000. Proficio Capital Partners LLC acquired a new stake in Pershing Square during the 2nd quarter worth approximately $1,459,000. Rivernorth Capital Management LLC purchased a new position in Pershing Square in the second quarter valued at about $14,787,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Pershing Square during the second quarter valued at approximately $775,000.

Pershing Square Company Profile

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.

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