Pershing Square (NYSE:PS) Stock Price Down 6.3% – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PS. UBS Group began coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They issued a “neutral” rating and a $39.00 price target on the stock. Zacks Research upgraded Pershing Square to a “hold” rating in a research report on Friday, May 29th. Wells Fargo & Company upped their target price on Pershing Square from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Thursday, September 3rd. Oppenheimer assumed coverage on Pershing Square in a report on Tuesday, May 26th. They set a “market perform” rating on the stock. Finally, Wall Street Zen downgraded Pershing Square from a “hold” rating to a “sell” rating in a research report on Sunday, June 7th. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $41.33.

Pershing Square Price Performance

The firm has a fifty day moving average price of $37.26. The company has a market cap of $14.72 billion and a price-to-earnings ratio of 262.79.

Pershing Square (NYSE:PS) last released its earnings results on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $68.03 million during the quarter. As a group, research analysts anticipate that Pershing Square Inc. will post 0.56 earnings per share for the current year.

Pershing Square Dividend Announcement

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PS. Integrated Wealth Concepts LLC acquired a new position in Pershing Square in the second quarter valued at $132,000. Ancora Advisors LLC purchased a new position in shares of Pershing Square in the 2nd quarter worth about $302,000. Wedbush Securities Inc. acquired a new position in shares of Pershing Square in the 2nd quarter valued at about $529,000. Hsbc Holdings PLC purchased a new stake in shares of Pershing Square during the 2nd quarter worth about $775,000. Finally, Readystate Asset Management LP purchased a new stake in shares of Pershing Square during the 2nd quarter worth about $822,000.

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.