Pershing Square Inc. (NYSE:PS) Receives Average Rating of “Reduce” from Analysts

Shares of Pershing Square Inc. (NYSE:PS) have been given an average recommendation of “Reduce” by the twelve research firms that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $41.89.

PS has been the subject of several research analyst reports. Royal Bank Of Canada dropped their target price on shares of Pershing Square from $40.00 to $38.00 and set a “sector perform” rating for the company in a research report on Monday, July 13th. JonesTrading lowered shares of Pershing Square from a “buy” rating to a “hold” rating in a report on Tuesday, September 29th. Wall Street Zen upgraded shares of Pershing Square from a “sell” rating to a “hold” rating in a research report on Saturday. Wells Fargo & Company began coverage on shares of Pershing Square in a report on Thursday. They set an “underweight” rating and a $41.00 price objective for the company. Finally, 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 report on Thursday, September 3rd.

Pershing Square Stock Performance

Pershing Square stock opened at $52.68 on Monday. The stock has a market capitalization of $21.07 billion and a PE ratio of 376.29. The business’s 50-day simple moving average is $41.84. Pershing Square has a 52 week low of $22.01 and a 52 week high of $59.94.

Pershing Square (NYSE:PS) last released its quarterly 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 business had revenue of $68.03 million during the quarter. Equities research analysts predict that Pershing Square will post 0.56 EPS for the current year.

Pershing Square Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 20th. Shareholders of record on Monday, October 12th will be given a dividend of $0.1030 per share. The ex-dividend date is Monday, October 12th. This is a negative change from Pershing Square’s previous quarterly dividend of $0.1220. This represents a $0.41 dividend on an annualized basis and a yield of 0.8%. Pershing Square’s dividend payout ratio (DPR) is 350.00%.

Hedge Funds Weigh In On Pershing Square

A number of hedge funds and other institutional investors have recently modified their holdings of PS. Rivernorth Capital Management LLC purchased a new position in shares of Pershing Square during the 2nd quarter valued at about $14,787,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Pershing Square in the second quarter worth approximately $9,858,000. Equitec Proprietary Markets LLC purchased a new stake in Pershing Square in the second quarter worth approximately $3,828,000. NewEdge Advisors LLC bought a new position in Pershing Square during the second quarter valued at approximately $1,702,000. Finally, Proficio Capital Partners LLC bought a new position in Pershing Square during the second quarter valued at approximately $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. 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.