Pershing Square (NYSE:PS) Trading Down 6.9% – Here’s Why

Shares of Pershing Square Inc. (NYSE:PS) traded down 6.9% on Friday . The stock traded as low as $38.30 and last traded at $38.53. 104,975 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 375,962 shares. The stock had previously closed at $41.40.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PS. Bank of America initiated coverage on Pershing Square in a research note on Tuesday, May 26th. They issued a “neutral” rating and a $42.00 price target on the stock. Tigress Financial assumed coverage on shares of Pershing Square in a report on Monday, July 27th. They issued a “neutral” rating and a $39.00 target price on the stock. 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. Citigroup cut their target price on shares of Pershing Square from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, July 13th. Finally, Zacks Research upgraded Pershing Square to a “hold” rating in a research report on Friday, May 29th. Three research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $40.56.

Pershing Square Stock Down 5.6%

The company’s fifty day moving average price is $34.54.

Pershing Square (NYSE:PS) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $68.03 million during the quarter. Equities analysts predict that Pershing Square Inc. will post 0.53 EPS for the current fiscal year.

Pershing Square Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Monday, July 13th were given a $0.122 dividend. This represents a $0.49 annualized dividend and a yield of 1.2%. The ex-dividend date was Monday, July 13th.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Pershing Square stock. Clal Insurance Enterprises Holdings Ltd bought a new stake in Pershing Square Inc. (NYSE:PS) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 300,000 shares of the company’s stock, valued at approximately $9,858,000. Clal Insurance Enterprises Holdings Ltd owned 0.08% of Pershing Square as of its most recent filing with the Securities and Exchange Commission.

Pershing Square Company Profile

Pershing Square (NYSE: PS) is a publicly traded investment holding company managed by Pershing Square Capital Management, L.P., the investment firm founded and led by William “Bill” Ackman. The vehicle provides outside investors with exposure to the firm’s concentrated, actively managed investment program and is designed to deliver long?term capital appreciation through a portfolio of equity and related positions.

The company’s principal activities center on investing in publicly traded companies, typically through concentrated long equity positions and selectively using derivatives or other instruments for hedging or to implement investment views.