Pershing Square (NYSE:PS) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Pershing Square Inc. (NYSE:PS)’s stock price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $46.00 and traded as high as $46.87. Pershing Square shares last traded at $46.20, with a volume of 205,971 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PS shares. JonesTrading downgraded shares of Pershing Square from a “buy” rating to a “hold” rating in a report on Tuesday, September 29th. UBS Group upped their target price on shares of Pershing Square from $39.00 to $44.00 and gave the stock a “neutral” rating in a research note on Friday. Weiss Ratings upgraded shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Wells Fargo & Company dropped their price target on shares of Pershing Square from $41.00 to $40.00 and set an “underweight” rating on the stock in a research report on Thursday, October 15th. Finally, Bank of America restated an “underperform” rating and set a $38.00 price target (down from $54.00) on shares of Pershing Square in a report on Tuesday, October 13th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Pershing Square has an average rating of “Reduce” and an average target price of $42.56.

Pershing Square Stock Performance

The firm has a fifty day moving average of $46.00.

Pershing Square (NYSE:PS) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.02. The firm had revenue of $68.03 million for the quarter. On average, equities analysts predict that Pershing Square Inc. will post 0.54 earnings per share for the current year.

Pershing Square Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Monday, October 12th were paid a $0.1030 dividend. The ex-dividend date was Friday, October 9th. This is a drop from Pershing Square’s previous quarterly dividend of $0.1220. This represents a $0.41 annualized dividend and a dividend yield of 0.9%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new position in shares of Pershing Square during the 2nd quarter worth $132,000. Ancora Advisors LLC bought a new stake in Pershing Square in the 2nd quarter valued at about $302,000. Wedbush Securities Inc. bought a new stake in Pershing Square in the 2nd quarter valued at about $529,000. Hsbc Holdings PLC bought a new stake in Pershing Square in the 2nd quarter valued at about $775,000. Finally, Readystate Asset Management LP purchased a new stake in Pershing Square during the second quarter valued at about $822,000.

Pershing Square Company Profile

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.