Pershing Square (NYSE:PS) Price Target Raised to $36.00

Pershing Square (NYSE:PS) had its price target boosted by Wells Fargo & Company from $34.00 to $36.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other research analysts have also weighed in on the company. Citigroup lowered Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research report on Wednesday, August 19th. Tigress Financial assumed coverage on Pershing Square in a report on Monday, July 27th. They set a “neutral” rating and a $39.00 price target for the company. Zacks Research raised Pershing Square to a “hold” rating in a research note on Friday, May 29th. Wall Street Zen downgraded Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, June 7th. Finally, Weiss Ratings raised shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $41.33.

Pershing Square Stock Performance

Pershing Square stock opened at $38.62 on Thursday. The firm’s fifty day moving average is $36.82. Pershing Square has a 12 month low of $22.01 and a 12 month high of $54.94. The stock has a market cap of $15.45 billion and a PE ratio of 275.86.

Pershing Square (NYSE:PS) last posted its quarterly earnings results on Wednesday, August 12th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $68.03 million during the quarter. On average, research analysts anticipate that Pershing Square will post 0.56 earnings per share for the current year.

Pershing Square Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Monday, July 13th were given a dividend of $0.122 per share. This represents a $0.49 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, July 13th. Pershing Square’s dividend payout ratio is presently 350.00%.

Institutional Trading of Pershing Square

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rivernorth Capital Management LLC acquired a new stake in shares of Pershing Square in the second quarter worth about $14,787,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Pershing Square during the 2nd quarter valued at about $9,858,000. Equitec Proprietary Markets LLC bought a new position in shares of Pershing Square in the 2nd quarter valued at approximately $3,828,000. Proficio Capital Partners LLC bought a new position in shares of Pershing Square in the 2nd quarter valued at approximately $1,459,000. Finally, Readystate Asset Management LP acquired a new stake in Pershing Square in the 2nd quarter worth approximately $822,000.

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.