Pershing Square (NYSE:PS) Shares Down 7.1% – Here’s What Happened

Pershing Square Inc. (NYSE:PS) shares traded down 7.1% on Tuesday. The stock traded as low as $48.14 and last traded at $48.26. Approximately 77,315 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 409,561 shares. The stock had previously closed at $51.95.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PS. UBS Group boosted their price target on shares of Pershing Square from $39.00 to $44.00 and gave the company a “neutral” rating in a research report on Friday, October 23rd. Tigress Financial raised their price objective on shares of Pershing Square from $41.00 to $54.00 and gave the stock a “neutral” rating in a report on Thursday, November 5th. Bank of America lowered shares of Pershing Square from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $54.00 to $38.00 in a research note on Tuesday, October 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of Pershing Square in a report on Wednesday, November 4th. Finally, Royal Bank Of Canada increased their target price on Pershing Square from $44.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Wednesday, November 4th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $44.11.

Pershing Square Price Performance

The business has a 50 day moving average price of $47.54.

Pershing Square (NYSE:PS) last posted its earnings results on Monday, November 2nd. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The business had revenue of $56.60 million during the quarter. Equities analysts forecast that Pershing Square Inc. will post 0.50 earnings per share for the current year.

Pershing Square Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Monday, October 12th were paid 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 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Friday, October 9th. Pershing Square’s dividend payout ratio is presently 292.86%.

Institutional Trading of Pershing Square

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

Pershing Square Company Profile

Pershing Square is an investment company associated with Pershing Square Capital Management, an alternative investment manager founded by Bill Ackman in 2004. The firm is based in New York and focuses on investing in a concentrated portfolio of publicly traded companies. Its investment approach combines fundamental research with active engagement with portfolio companies. Pershing Square has also operated investment vehicles that provide investors with exposure to its strategy. Bill Ackman is Pershing Square’s founder and chief executive.