Pershing Square (NYSE:PS) Price Target Raised to $42.00

Pershing Square (NYSE:PS) had its target price upped by JonesTrading from $39.00 to $42.00 in a research report released on Monday,Benzinga reports. JonesTrading currently has a buy rating on the stock.

Several other equities research analysts have also commented on PS. Oppenheimer began coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They issued a “market perform” rating on the stock. Jefferies Financial Group began coverage on shares of Pershing Square in a research report on Monday, May 25th. They set a “hold” rating and a $40.00 target price for the company. Bank of America started coverage on shares of Pershing Square in a report on Tuesday, May 26th. They issued a “neutral” rating and a $42.00 price target on the stock. Wall Street Zen cut shares of Pershing Square from a “hold” rating to a “sell” rating in a research note on Sunday, June 7th. Finally, Loop Capital assumed coverage on Pershing Square in a research report on Tuesday, May 26th. They set a “buy” rating and a $49.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $40.89.

Pershing Square Stock Performance

Shares of PS stock opened at $42.58 on Monday. The business’s fifty day moving average price is $35.77. The firm has a market capitalization of $17.03 billion and a PE ratio of 304.14. Pershing Square has a 1 year low of $22.01 and a 1 year high of $54.94.

Pershing Square (NYSE:PS) last posted 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 firm had revenue of $68.03 million during the quarter. As a group, sell-side analysts anticipate that Pershing Square will post 0.56 EPS for the current year.

Pershing Square Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Monday, July 13th were paid a $0.122 dividend. The ex-dividend date of this dividend was Monday, July 13th. This represents a $0.49 annualized dividend and a yield of 1.1%. Pershing Square’s payout ratio is presently 350.00%.

Institutional Investors Weigh In On Pershing Square

Several hedge funds have recently modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of Pershing Square during the second quarter worth about $9,858,000. Ancora Advisors LLC purchased a new position in shares of Pershing Square during the second quarter valued at approximately $302,000. Hsbc Holdings PLC acquired a new stake in Pershing Square during the second quarter worth approximately $775,000. Equitec Proprietary Markets LLC acquired a new stake in Pershing Square during the second quarter worth approximately $3,828,000. Finally, Wedbush Securities Inc. purchased a new stake in Pershing Square in the 2nd quarter worth approximately $529,000.

About Pershing Square

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.