Pershing Square (NYSE:PS) Stock Price Up 8.5% – Here’s Why

Pershing Square Inc. (NYSE:PS)’s stock price shot up 8.5% on Tuesday . The company traded as high as $43.61 and last traded at $42.42. Approximately 136,179 shares were traded during trading, a decline of 60% from the average session volume of 344,548 shares. The stock had previously closed at $39.08.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Citigroup lowered shares of Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 price target for the company. in a research note on Wednesday, August 19th. Zacks Research upgraded shares of Pershing Square to a “hold” rating in a report on Friday, May 29th. JonesTrading upped their target price on shares of Pershing Square from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Bank of America began coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They issued a “neutral” rating and a $42.00 price target on the stock. Finally, Tigress Financial boosted their price objective on Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $41.33.

Pershing Square Trading Up 10.8%

The company has a market capitalization of $17.32 billion and a P/E ratio of 309.36. The firm has a fifty day moving average of $36.94.

Pershing Square (NYSE:PS) last announced 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 firm had revenue of $68.03 million for the quarter. Equities research analysts expect that Pershing Square Inc. will post 0.56 earnings per share for the current fiscal year.

Pershing Square Dividend Announcement

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

Institutional Investors Weigh In On Pershing Square

Several institutional investors have recently added to or reduced their stakes in the business. Rivernorth Capital Management LLC bought a new position in Pershing Square during the second quarter worth about $14,787,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of Pershing Square during the 2nd quarter valued at approximately $9,858,000. Equitec Proprietary Markets LLC purchased a new stake in shares of Pershing Square during the 2nd quarter valued at approximately $3,828,000. Proficio Capital Partners LLC bought a new position in Pershing Square in the 2nd quarter worth approximately $1,459,000. Finally, Readystate Asset Management LP purchased a new position in Pershing Square in the 2nd quarter valued at approximately $822,000.

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.