Pershing Square’s (PS) “Underperform” Rating Reiterated at Bank of America

Bank of America restated their underperform rating on shares of Pershing Square (NYSE:PS) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has a $38.00 target price on the stock, down from their prior target price of $54.00.

Several other brokerages have also recently issued reports on PS. Wall Street Zen cut shares of Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, October 11th. Wells Fargo & Company initiated coverage on shares of Pershing Square in a research note on Thursday, October 1st. They issued an “underweight” rating and a $41.00 target price on the stock. Royal Bank Of Canada increased their price target on shares of Pershing Square from $41.00 to $44.00 and gave the company a “sector perform” rating in a report on Monday, October 5th. JonesTrading cut shares of Pershing Square from a “buy” rating to a “hold” rating in a report on Tuesday, September 29th. 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. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, Pershing Square has an average rating of “Reduce” and a consensus target price of $42.00.

Pershing Square Stock Up 1.4%

Shares of NYSE:PS opened at $46.24 on Tuesday. The firm’s fifty day moving average is $45.07. Pershing Square has a 1-year low of $22.01 and a 1-year high of $60.40.

Pershing Square (NYSE:PS) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The firm had revenue of $68.03 million during the quarter. On average, sell-side analysts predict that Pershing Square will post 0.55 EPS for the current fiscal year.

Pershing Square Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Investors of record on Monday, October 12th will be given a dividend of $0.1030 per share. This represents a $0.41 annualized dividend and a yield of 0.9%. This is a negative change from Pershing Square’s previous quarterly dividend of $0.1220. The ex-dividend date is Friday, October 9th. Pershing Square’s dividend payout ratio (DPR) is presently 292.86%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PS. Rivernorth Capital Management LLC purchased a new position in shares of Pershing Square during the 2nd quarter worth $14,787,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Pershing Square during the 2nd quarter valued at $9,858,000. Equitec Proprietary Markets LLC purchased a new stake in shares of Pershing Square in the 2nd quarter worth $3,828,000. NewEdge Advisors LLC purchased a new stake in shares of Pershing Square in the 2nd quarter worth $1,702,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Pershing Square in the 2nd quarter worth $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.