Pershing Square (NYSE:PS) Stock Rating Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Pershing Square (NYSE:PS) from a hold rating to a sell rating in a report published on Sunday,Wall Street Zen reports.

A number of other research analysts also recently weighed in on PS. Weiss Ratings raised Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Tigress Financial lifted their price objective on Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, September 3rd. Royal Bank Of Canada lifted their price objective on Pershing Square from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Monday, October 5th. Wells Fargo & Company assumed coverage on Pershing Square in a report on Thursday, October 1st. They issued an “underweight” rating and a $41.00 price objective for the company. Finally, Citigroup lowered Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 target price on the stock. in a research note on Friday. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $42.56.

Pershing Square Price Performance

Shares of NYSE PS opened at $54.53 on Friday. Pershing Square has a fifty-two week low of $22.01 and a fifty-two week high of $60.40. The firm has a market capitalization of $21.81 billion and a price-to-earnings ratio of 389.50. The firm has a 50 day simple moving average of $44.11.

Pershing Square (NYSE:PS) last released its earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $68.03 million for the quarter. Equities research analysts anticipate that Pershing Square will post 0.55 earnings per share for the current fiscal year.

Pershing Square Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 20th. Investors of record on Monday, October 12th will be issued a dividend of $0.1030 per share. This is a decrease 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%. The ex-dividend date is Friday, October 9th. Pershing Square’s dividend payout ratio is presently 292.86%.

Institutional Investors Weigh In On Pershing Square

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