Rivernorth Capital Management LLC Takes $14.79 Million Position in Pershing Square Inc. $PS

Rivernorth Capital Management LLC bought a new stake in Pershing Square Inc. (NYSE:PS) in the 2nd quarter, Holdings Channel.com reports. The fund bought 450,000 shares of the company’s stock, valued at approximately $14,787,000. Pershing Square accounts for about 0.7% of Rivernorth Capital Management LLC’s holdings, making the stock its 27th biggest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd acquired a new position in Pershing Square during the second quarter worth approximately $9,858,000. Equitec Proprietary Markets LLC acquired a new stake in shares of Pershing Square during the 2nd quarter worth $3,828,000. Hsbc Holdings PLC purchased a new position in shares of Pershing Square in the 2nd quarter worth $775,000. Wedbush Securities Inc. acquired a new position in Pershing Square in the second quarter valued at $529,000. Finally, Ancora Advisors LLC acquired a new stake in Pershing Square during the second quarter worth about $302,000.

Pershing Square Price Performance

Shares of NYSE:PS opened at $42.37 on Monday. Pershing Square Inc. has a 52-week low of $22.01 and a 52-week high of $54.94. The firm has a 50 day moving average price of $36.12. The firm has a market capitalization of $16.95 billion and a P/E ratio of 302.64.

Pershing Square (NYSE:PS) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $68.03 million for the quarter. On average, equities research analysts anticipate that Pershing Square Inc. will post 0.56 EPS for the current year.

Pershing Square Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Stockholders of record on Monday, July 13th were given a dividend of $0.122 per share. The ex-dividend date of this dividend was Monday, July 13th. This represents a $0.49 dividend on an annualized basis and a dividend yield of 1.2%. Pershing Square’s dividend payout ratio (DPR) is presently 350.00%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PS. JonesTrading lifted their price objective on Pershing Square from $39.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, August 24th. Tigress Financial initiated coverage on shares of Pershing Square in a report on Monday, July 27th. They issued a “neutral” rating and a $39.00 price target on the stock. Zacks Research raised shares of Pershing Square to a “hold” rating in a research report on Friday, May 29th. Royal Bank Of Canada dropped their price objective on shares of Pershing Square from $40.00 to $38.00 and set a “sector perform” rating for the company in a research report on Monday, July 13th. Finally, Jefferies Financial Group assumed coverage on shares of Pershing Square in a research note on Monday, May 25th. They issued a “hold” rating and a $40.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Pershing Square presently has an average rating of “Hold” and an average price target of $40.89.

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.