Pershing Square (NYSE:PS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Pershing Square (NYSE:PS) from a sell rating to a hold rating in a research note published on Saturday,Wall Street Zen reports.

A number of other equities analysts have also recently commented on PS. Tigress Financial lifted their price objective on shares of Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. JonesTrading lowered shares of Pershing Square from a “buy” rating to a “hold” rating in a research report on Tuesday, September 29th. Weiss Ratings raised shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Royal Bank Of Canada decreased their price target on shares of Pershing Square from $40.00 to $38.00 and set a “sector perform” rating on the stock in a research note on Monday, July 13th. Finally, Wells Fargo & Company started coverage on shares of Pershing Square in a report on Thursday. They issued an “underweight” rating and a $41.00 price target on the stock. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $42.56.

Pershing Square Stock Up 3.9%

NYSE:PS opened at $54.81 on Friday. The company has a 50 day simple moving average of $42.24. The company has a market capitalization of $21.92 billion and a price-to-earnings ratio of 391.50. Pershing Square has a 12-month low of $22.01 and a 12-month high of $59.94.

Pershing Square (NYSE:PS) last issued its earnings results on Wednesday, August 12th. The company reported $0.14 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. On average, equities research analysts forecast that Pershing Square will post 0.56 earnings per share for the current fiscal year.

Pershing Square Cuts Dividend

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

Institutional Trading of Pershing Square

A number of institutional investors have recently modified their holdings of PS. Integrated Wealth Concepts LLC acquired a new position in Pershing Square during the second quarter valued at approximately $132,000. Ancora Advisors LLC acquired a new stake in shares of Pershing Square in the 2nd quarter valued at $302,000. Wedbush Securities Inc. acquired a new stake in shares of Pershing Square in the 2nd quarter valued at $529,000. Hsbc Holdings PLC bought a new position in shares of Pershing Square in the 2nd quarter valued at $775,000. Finally, Readystate Asset Management LP bought a new position in shares of Pershing Square in the 2nd quarter valued at $822,000.

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.