Pershing Square (NYSE:PS) Shares Climb 6.3% – Time to Buy?

Pershing Square Inc. (NYSE:PS)’s stock price traded up 6.3% on Tuesday. The stock traded as high as $58.80 and last traded at $58.33. 97,410 shares traded hands during trading, a decline of 77% from the average daily volume of 422,512 shares. The stock had previously closed at $54.87.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Royal Bank Of Canada increased their target price on Pershing Square from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Monday. Wells Fargo & Company initiated coverage on Pershing Square in a research note on Thursday. They issued an “underweight” rating and a $41.00 target price on the stock. Tigress Financial raised their price objective on Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. JonesTrading downgraded shares of Pershing Square from a “buy” rating to a “hold” rating in a research note on Tuesday, September 29th. Finally, Weiss Ratings raised shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $42.56.

Pershing Square Price Performance

The stock has a fifty day moving average price of $42.24. The stock has a market cap of $23.78 billion and a P/E ratio of 424.64.

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, topping the consensus estimate of $0.12 by $0.02. The business had revenue of $68.03 million for 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 Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Shareholders of record on Monday, October 12th will be issued a $0.1030 dividend. This represents a $0.41 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, October 9th. This is a decrease from Pershing Square’s previous quarterly dividend of $0.1220. Pershing Square’s dividend payout ratio (DPR) is currently 350.00%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Rivernorth Capital Management LLC acquired a new position in shares of Pershing Square in the 2nd quarter valued at $14,787,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Pershing Square in the 2nd quarter valued at about $9,858,000. Equitec Proprietary Markets LLC acquired a new position in Pershing Square in the second quarter valued at about $3,828,000. NewEdge Advisors LLC purchased a new position in Pershing Square during the second quarter worth about $1,702,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Pershing Square during the second quarter valued at about $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. 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.