Pershing Square (NYSE:PS) Trading Down 4.7% – Here’s Why

Pershing Square Inc. (NYSE:PS)’s stock price dropped 4.7% during trading on Monday . The company traded as low as $47.39 and last traded at $47.47. Approximately 187,974 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 401,388 shares. The stock had previously closed at $49.83.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PS. Royal Bank Of Canada lowered their price objective on Pershing Square from $40.00 to $38.00 and set a “sector perform” rating for the company in a report on Monday, July 13th. Bank of America started coverage on Pershing Square in a research report on Tuesday, May 26th. They issued a “neutral” rating and a $42.00 target price for the company. Wells Fargo & Company boosted their price target on Pershing Square from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Thursday, September 3rd. Zacks Research raised Pershing Square to a “hold” rating in a research report on Friday, May 29th. Finally, Citigroup cut Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research note on Wednesday, August 19th. Two analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Pershing Square presently has a consensus rating of “Hold” and an average target price of $41.33.

Pershing Square Stock Performance

The company’s 50 day moving average is $38.74. The stock has a market cap of $20.30 billion and a P/E ratio of 362.57.

Pershing Square (NYSE:PS) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The business had revenue of $68.03 million for the quarter. As a group, analysts expect that Pershing Square Inc. will post 0.56 EPS for the current fiscal year.

Pershing Square Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Monday, July 13th. Pershing Square’s payout ratio is 350.00%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Rivernorth Capital Management LLC acquired a new stake in shares of Pershing Square in the 2nd quarter worth approximately $14,787,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Pershing Square during the second quarter valued at approximately $9,858,000. Equitec Proprietary Markets LLC bought a new stake in Pershing Square during the second quarter worth approximately $3,828,000. NewEdge Advisors LLC bought a new stake in Pershing Square during the second quarter worth approximately $1,702,000. Finally, Proficio Capital Partners LLC acquired a new stake in Pershing Square in the second quarter worth approximately $1,459,000.

Pershing Square Company Profile

Pershing Square USA, Ltd. is a closed-end investment company listed on the New York Stock Exchange under the symbol PS. Rather than operating a conventional commercial business, the company invests shareholder capital in a concentrated portfolio of publicly traded companies.

The fund seeks long-term capital appreciation by investing primarily in large, established North American businesses. Its investment approach emphasizes fundamental research, a limited number of high-conviction holdings, and active engagement with portfolio companies when appropriate.

Pershing Square USA is managed by Pershing Square Capital Management, an investment management firm founded by William A.