Pershing Square Inc.’s (NYSE:PS) Lock-Up Period To Expire Tomorrow

Pershing Square’s (NYSE:PS) lock-up period is set to end on Monday, October 26th. Pershing Square had issued 40,516,960 shares in its public offering on April 29th. The total size of the offering was $2,025,848,000 based on an initial share price of $50.00. After the expiration of the company’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Citigroup lowered Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 price objective on the stock. in a report on Friday, October 9th. Tigress Financial raised their price objective on Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. Wells Fargo & Company reduced their target price on Pershing Square from $41.00 to $40.00 and set an “underweight” rating for the company in a report on Thursday, October 15th. JonesTrading cut Pershing Square from a “buy” rating to a “hold” rating in a research report on Tuesday, September 29th. Finally, UBS Group increased their price target on Pershing Square from $39.00 to $44.00 and gave the company a “neutral” rating in a report on Friday. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $42.56.

Pershing Square Trading Down 2.0%

Shares of PS stock opened at $44.14 on Friday. The company has a fifty day moving average of $45.73. Pershing Square has a one year low of $22.01 and a one year high of $60.40. The firm has a market cap of $17.66 billion and a price-to-earnings ratio of 315.29.

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, beating the consensus estimate of $0.12 by $0.02. The firm had revenue of $68.03 million for the quarter. As a group, research analysts anticipate that Pershing Square will post 0.54 EPS for the current year.

Pershing Square Cuts Dividend

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

Institutional Trading of Pershing Square

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

About Pershing Square

Pershing Square Holdings, Ltd. is an investment holding company that seeks long-term capital appreciation through a concentrated portfolio of investments in publicly traded companies. The company is managed by Pershing Square Capital Management, L.P., an investment management firm that typically takes significant positions in a limited number of businesses and engages with their management teams and boards.

Pershing Square’s investment approach emphasizes fundamental research, long-term ownership and active involvement with portfolio companies.