Readystate Asset Management LP Takes Position in Pershing Square Inc. $PS

Readystate Asset Management LP bought a new stake in shares of Pershing Square Inc. (NYSE:PS) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 25,000 shares of the company’s stock, valued at approximately $822,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Ancora Advisors LLC bought a new position in Pershing Square during the second quarter worth about $302,000. Wedbush Securities Inc. bought a new stake in shares of Pershing Square in the 2nd quarter valued at approximately $529,000. Hsbc Holdings PLC bought a new stake in shares of Pershing Square in the 2nd quarter valued at approximately $775,000. Proficio Capital Partners LLC acquired a new position in shares of Pershing Square in the 2nd quarter worth approximately $1,459,000. Finally, Equitec Proprietary Markets LLC bought a new position in shares of Pershing Square during the 2nd quarter worth approximately $3,828,000.

Pershing Square Stock Performance

NYSE:PS opened at $38.62 on Tuesday. The stock’s fifty day moving average price is $36.94. Pershing Square Inc. has a 52-week low of $22.01 and a 52-week high of $54.94. The firm has a market cap of $15.45 billion and a P/E ratio of 275.86.

Pershing Square (NYSE:PS) last released its earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. The firm had revenue of $68.03 million during the quarter. Analysts forecast that Pershing Square Inc. will post 0.56 EPS for the current fiscal year.

Pershing Square Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Monday, July 13th were given a $0.122 dividend. This represents a $0.49 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Monday, July 13th. Pershing Square’s dividend payout ratio (DPR) is presently 350.00%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PS shares. Weiss Ratings raised Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. UBS Group initiated coverage on Pershing Square in a research note on Tuesday, May 26th. They set a “neutral” rating and a $39.00 price objective for the company. Wells Fargo & Company boosted their target price on shares of Pershing Square from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Thursday, September 3rd. JonesTrading upped their target price on shares of Pershing Square from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Finally, Bank of America assumed coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They set a “neutral” rating and a $42.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $41.33.

Pershing Square Company Profile

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.