Pershing Square (NYSE:PS) Trading Up 5.7% – What’s Next?

Pershing Square Inc. (NYSE:PS)’s stock price traded up 5.7% on Tuesday . The company traded as high as $51.25 and last traded at $50.97. Approximately 170,912 shares were traded during mid-day trading, a decline of 59% from the average session volume of 418,509 shares. The stock had previously closed at $48.23.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. JonesTrading boosted their target price on Pershing Square from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Wall Street Zen lowered shares of Pershing Square from a “hold” rating to a “sell” rating in a research report on Sunday, June 7th. Weiss Ratings raised shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Wells Fargo & Company raised their target price on shares of Pershing Square from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Thursday, September 3rd. Finally, Tigress Financial upped their price target on shares of Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, September 3rd. 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $41.33.

Pershing Square Stock Down 1.6%

The stock has a 50-day simple moving average of $39.01. The company has a market cap of $20.22 billion and a P/E ratio of 361.14.

Pershing Square (NYSE:PS) last released its earnings results 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. On average, sell-side analysts anticipate that Pershing Square Inc. will post 0.56 earnings per share for the current year.

Pershing Square Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Stockholders of record on Monday, July 13th were issued a dividend of $0.122 per share. This represents a $0.49 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, July 13th. Pershing Square’s dividend payout ratio (DPR) is presently 350.00%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. 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 acquired a new position in shares of Pershing Square in the 2nd quarter worth approximately $9,858,000. Equitec Proprietary Markets LLC acquired a new position in shares of Pershing Square in the 2nd quarter worth approximately $3,828,000. NewEdge Advisors LLC bought a new stake in Pershing Square in the second quarter valued at $1,702,000. Finally, Proficio Capital Partners LLC bought a new position in shares of Pershing Square during the second quarter valued at $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.