Pershing Square (NYSE:PS) Price Target Raised to $45.00

Pershing Square (NYSE:PS) had its target price boosted by Royal Bank Of Canada from $44.00 to $45.00 in a research report released on Wednesday,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the stock.

A number of other research analysts have also issued reports on PS. JonesTrading lowered shares of Pershing Square from a “buy” rating to a “hold” rating in a research note on Tuesday, September 29th. Bank of America downgraded 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 report on Tuesday, October 13th. Weiss Ratings upgraded shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. Wells Fargo & Company lowered their price objective on Pershing Square from $41.00 to $40.00 and set an “underweight” rating on the stock in a report on Thursday, October 15th. Finally, Citigroup cut Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 target price on the stock. in a research report on Friday, October 9th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, Pershing Square currently has an average rating of “Reduce” and a consensus price target of $44.11.

Pershing Square Stock Up 3.0%

PS traded up $1.52 during trading on Wednesday, hitting $51.86. The stock had a trading volume of 431,301 shares, compared to its average volume of 306,599. The company has a market capitalization of $20.74 billion and a price-to-earnings ratio of 370.43. The business has a 50-day moving average of $47.20. Pershing Square has a twelve month low of $22.01 and a twelve month high of $60.40.

Pershing Square (NYSE:PS) last announced its quarterly earnings data on Monday, November 2nd. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The business had revenue of $56.60 million for the quarter. As a group, analysts predict that Pershing Square will post 0.50 earnings per share for the current year.

Pershing Square Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Monday, October 12th were given a dividend of $0.1030 per share. The ex-dividend date was Friday, October 9th. 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 0.8%. Pershing Square’s dividend payout ratio (DPR) is currently 292.86%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PS. Integrated Wealth Concepts LLC acquired a new stake in shares of Pershing Square during the 2nd quarter valued at approximately $132,000. Ancora Advisors LLC acquired a new stake in shares of Pershing Square in the 2nd quarter worth approximately $302,000. Wedbush Securities Inc. purchased a new position in Pershing Square in the 2nd quarter valued at approximately $529,000. Hsbc Holdings PLC purchased a new position in Pershing Square in the 2nd quarter valued at approximately $775,000. Finally, Readystate Asset Management LP purchased a new position in Pershing Square in the 2nd quarter valued at approximately $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.