Pershing Square (NYSE:PS) Shares Down 7.5% – Here’s What Happened

Pershing Square Inc. (NYSE:PS) shares fell 7.5% during trading on Tuesday. The stock traded as low as $49.42 and last traded at $50.15. 37,179 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 416,353 shares. The stock had previously closed at $54.22.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PS. Bank of America restated an “underperform” rating and set a $38.00 price objective (down from $54.00) on shares of Pershing Square in a report on Tuesday. Weiss Ratings upgraded shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. JonesTrading downgraded Pershing Square from a “buy” rating to a “hold” rating in a report on Tuesday, September 29th. Wall Street Zen lowered shares of Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday. Finally, Citigroup lowered shares of Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 price target for the company. in a research report on Friday, October 9th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Pershing Square presently has an average rating of “Reduce” and an average price target of $42.11.

Pershing Square Stock Performance

The business’s fifty day moving average is $44.90.

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

Pershing Square Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 20th. Investors of record on Monday, October 12th will be given a $0.1030 dividend. This represents a $0.41 dividend on an annualized basis and a yield of 0.9%. This is a drop from Pershing Square’s previous quarterly dividend of $0.1220. The ex-dividend date of this dividend is Friday, October 9th. Pershing Square’s dividend payout ratio is presently 292.86%.

Institutional Trading of Pershing Square

Several institutional investors and hedge funds have recently bought and sold shares of PS. Integrated Wealth Concepts LLC acquired a new stake in shares of Pershing Square in the 2nd quarter valued at approximately $132,000. NewEdge Advisors LLC acquired a new position in Pershing Square in the second quarter valued at $1,702,000. Readystate Asset Management LP acquired a new stake in shares of Pershing Square during the 2nd quarter worth $822,000. Proficio Capital Partners LLC purchased a new position in Pershing Square in the second quarter valued at approximately $1,459,000. Finally, Ancora Advisors LLC purchased a new stake in Pershing Square during the 2nd quarter worth $302,000.

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. 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.