Pershing Square (NYSE:PS) Share Price Crosses Below Fifty Day Moving Average – Should You Sell?

Pershing Square Inc. (NYSE:PS)’s share price passed below its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $47.42 and traded as low as $44.20. Pershing Square shares last traded at $44.58, with a volume of 919,083 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Tigress Financial upped their price objective on shares of Pershing Square from $41.00 to $54.00 and gave the stock a “neutral” rating in a research report on Thursday, November 5th. Bank of America cut shares of Pershing Square from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $54.00 to $38.00 in a research note on Tuesday, October 13th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Pershing Square in a report on Wednesday, November 4th. Citigroup downgraded shares of Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 price target for the company. in a report on Friday, October 9th. Finally, Royal Bank Of Canada increased their price target on Pershing Square from $44.00 to $45.00 and gave the company a “sector perform” rating in a research note on Wednesday, November 4th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $44.11.

Pershing Square Price Performance

The company’s 50-day moving average price is $47.69.

Pershing Square (NYSE:PS) last issued its quarterly earnings results on Monday, November 2nd. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). The firm had revenue of $56.60 million during the quarter. As a group, equities analysts expect that Pershing Square Inc. will post 0.50 earnings per share for the current year.

Pershing Square Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Monday, October 12th were given a dividend of $0.1030 per share. The ex-dividend date of this dividend was Friday, October 9th. This represents a $0.41 dividend on an annualized basis and a yield of 0.9%. This is a drop from Pershing Square’s previous quarterly dividend of $0.1220. Pershing Square’s payout ratio is currently 292.86%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC bought a new position in Pershing Square during the second quarter worth $132,000. Ancora Advisors LLC acquired a new stake in Pershing Square during the 2nd quarter worth about $302,000. Wedbush Securities Inc. acquired a new stake in Pershing Square during the 2nd quarter worth about $529,000. Hsbc Holdings PLC bought a new position in shares of Pershing Square in the 2nd quarter worth about $775,000. Finally, Readystate Asset Management LP bought a new position in shares of Pershing Square in the 2nd quarter worth about $822,000.

About Pershing Square

Pershing Square is an investment company associated with Pershing Square Capital Management, an alternative investment manager founded by Bill Ackman in 2004. The firm is based in New York and focuses on investing in a concentrated portfolio of publicly traded companies. Its investment approach combines fundamental research with active engagement with portfolio companies. Pershing Square has also operated investment vehicles that provide investors with exposure to its strategy. Bill Ackman is Pershing Square’s founder and chief executive.