Pershing Square (NYSE:PS) Hits New 12-Month High – Still a Buy?

Pershing Square Inc. (NYSE:PS)’s stock price reached 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 trading hands. The stock had previously closed at $52.28.

Analysts Set New Price Targets

PS has been the subject of several recent research reports. JonesTrading upped their price target on shares of Pershing Square from $39.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. Tigress Financial boosted their price target on shares of Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. 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 report on Monday, July 13th. Weiss Ratings raised Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen cut Pershing Square from a “hold” rating to a “sell” rating in a research report on Sunday, June 7th. Two analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Pershing Square has an average rating of “Hold” and an average price target of $41.33.

Pershing Square Stock Up 6.1%

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

Pershing Square (NYSE:PS) last announced its 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. Analysts anticipate that Pershing Square Inc. will post 0.56 earnings per share for the current fiscal year.

Pershing Square Announces Dividend

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

Institutional Trading of Pershing Square

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