Pershing Square (NYSE:PS) Trading 5.7% Higher - What's Next?

Key Points

• Pershing Square shares rose 5.7% to $50.97 in mid-day trading, despite volume running 59% below the average session level.
• Analysts maintain a consensus “Hold” rating with an average price target of $41.33, well below the current share price; ratings include two Buys, nine Holds, and one Sell.
• The company reported quarterly EPS of $0.14, exceeding estimates by $0.02, and declared a $0.122 quarterly dividend, equal to a 1.0% annualized yield.

Pershing Square Inc. (NYSE:PS - Get Free Report) shot up 5.7% on Tuesday . The company traded as high as $51.25 and last traded at $50.97. 170,912 shares were traded during mid-day trading, a decline of 59% from the average session volume of 418,509 shares. The stock had previously closed at $48.23.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PS. Citigroup lowered Pershing Square from a "buy" rating to a "neutral" rating and set a $45.00 price objective for the company. in a research report on Wednesday, August 19th. Weiss Ratings raised Pershing Square from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 11th. Jefferies Financial Group assumed coverage on Pershing Square in a research note on Monday, May 25th. They issued a "hold" rating and a $40.00 price objective on the stock. Royal Bank Of Canada cut their target price on shares of 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. Finally, Wells Fargo & Company raised their price objective on Pershing Square from $34.00 to $36.00 and gave the company an "equal weight" rating in a research report on Thursday, September 3rd. Two analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $41.33.

Pershing Square Stock Performance

The firm has a market cap of $20.22 billion and a price-to-earnings ratio of 361.00. The firm has a 50 day moving average price of $38.44.

Pershing Square (NYSE:PS - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $68.03 million for the quarter. As a group, sell-side analysts forecast that Pershing Square Inc. will post 0.56 EPS for the current year.

Pershing Square Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Monday, July 13th were given a $0.122 dividend. The ex-dividend date was Monday, July 13th. This represents a $0.49 dividend on an annualized basis and a yield of 1.0%. Pershing Square's dividend payout ratio is currently 350.00%.

Institutional Investors Weigh In On Pershing Square

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rivernorth Capital Management LLC purchased a new position in Pershing Square in the second quarter valued at $14,787,000. Clal Insurance Enterprises Holdings Ltd purchased 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 Pershing Square in the 2nd quarter valued at about $3,828,000. NewEdge Advisors LLC acquired a new stake in shares of Pershing Square in the second quarter valued at approximately $1,702,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Pershing Square during the 2nd quarter valued at about $1,459,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.