Pershing Square (NYSE:PS) Trading 8.8% Higher – Still a Buy?

Pershing Square Inc. (NYSE:PS)’s share price traded up 8.8% on Monday . The stock traded as high as $35.31 and last traded at $35.28. Approximately 295,178 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 530,400 shares. The stock had previously closed at $32.42.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PS shares. Royal Bank Of Canada assumed coverage on Pershing Square in a research note on Tuesday, May 26th. They set a “sector perform” rating and a $40.00 price objective on the stock. UBS Group started coverage on Pershing Square in a research report on Tuesday, May 26th. They set a “neutral” rating and a $39.00 price target on the stock. Wells Fargo & Company initiated coverage on Pershing Square in a research note on Tuesday, May 26th. They set an “equal weight” rating and a $37.00 price objective on the stock. Zacks Research raised shares of Pershing Square to a “hold” rating in a report on Friday, May 29th. Finally, Jefferies Financial Group initiated coverage on shares of Pershing Square in a research note on Monday, May 25th. They set a “hold” rating and a $40.00 target price for the company. Two investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Pershing Square has a consensus rating of “Hold” and a consensus price target of $42.43.

Pershing Square Stock Up 8.7%

The company has a market capitalization of $14.10 billion, a P/E ratio of -40.21 and a beta of 2.27. The company’s fifty day moving average is $35.82.

Pershing Square Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 21st. Investors of record on Monday, July 13th will be paid a dividend of $0.122 per share. This represents a $0.49 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Monday, July 13th.

Insiders Place Their Bets

In related news, CEO William A. Ackman bought 800,000 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were purchased at an average cost of $23.77 per share, with a total value of $19,016,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,500,000 shares of the company’s stock, valued at approximately $35,655,000. This represents a 114.29% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 21.79% of the stock is owned by corporate insiders.

About Pershing Square

Pershing Square (NYSE: PS) is a publicly traded investment holding company managed by Pershing Square Capital Management, L.P., the investment firm founded and led by William “Bill” Ackman. The vehicle provides outside investors with exposure to the firm’s concentrated, actively managed investment program and is designed to deliver long‑term capital appreciation through a portfolio of equity and related positions.

The company’s principal activities center on investing in publicly traded companies, typically through concentrated long equity positions and selectively using derivatives or other instruments for hedging or to implement investment views.