Pershing Square (NYSE:PS) Shares Gap Down After Analyst Downgrade

Shares of Pershing Square Inc. (NYSE:PS) gapped down before the market opened on Friday after Citigroup downgraded the stock from a neutral rating to a sell rating. The stock had previously closed at $54.44, but opened at $52.98. Citigroup now has a $45.00 price target on the stock. Pershing Square shares last traded at $52.76, with a volume of 44,755 shares changing hands.

PS has been the subject of several other reports. Wall Street Zen upgraded Pershing Square from a “sell” rating to a “hold” rating in a research report on Saturday, October 3rd. Tigress Financial increased their price objective on Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. Weiss Ratings upgraded Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. JonesTrading cut Pershing Square from a “buy” rating to a “hold” rating in a research report on Tuesday, September 29th. Finally, Royal Bank Of Canada increased their price target on shares of Pershing Square from $41.00 to $44.00 and gave the stock a “sector perform” rating in a report on Monday. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $42.56.

Institutional Investors Weigh In On Pershing Square

Hedge funds have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC purchased a new position in Pershing Square in the 2nd quarter worth approximately $132,000. NewEdge Advisors LLC bought a new stake in shares of Pershing Square during the 2nd quarter worth $1,702,000. Readystate Asset Management LP purchased a new position in Pershing Square in the second quarter worth $822,000. Proficio Capital Partners LLC bought a new position in Pershing Square in the second quarter valued at $1,459,000. Finally, Ancora Advisors LLC purchased a new stake in Pershing Square during the second quarter valued at about $302,000.

Pershing Square Stock Performance

The business has a 50 day moving average price of $43.69. The stock has a market capitalization of $21.10 billion and a PE ratio of 376.86.

Pershing Square (NYSE:PS) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The firm had revenue of $68.03 million for the quarter. Research analysts predict that Pershing Square Inc. will post 0.55 earnings per share for the current year.

Pershing Square Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Investors of record on Monday, October 12th will be issued a dividend of $0.1030 per share. The ex-dividend date of this dividend is Friday, October 9th. This represents a $0.41 annualized dividend and a dividend yield of 0.8%. This is a decrease from Pershing Square’s previous quarterly dividend of $0.1220. Pershing Square’s payout ratio is 350.00%.

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. The company is designed to provide investors with long-term capital appreciation through a concentrated portfolio of investments in publicly traded businesses.

The fund is managed by Pershing Square Capital Management, L.P., an investment management firm founded and led by William A. Ackman. Its investment approach generally emphasizes detailed fundamental research, activist engagement when appropriate, and ownership of a limited number of companies that the manager believes have durable business models, strong management teams, and long-term growth potential.

Pershing Square USA primarily focuses on publicly traded companies in the United States and other developed markets, with investment decisions centered on individual business fundamentals rather than broad market exposure.