Pershing Square (NYSE:PS) Trading Up 8.8% – Here’s Why

Shares of Pershing Square Inc. (NYSE:PS) rose 8.8% on Monday . The company traded as high as $35.31 and last traded at $35.28. Approximately 295,178 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 530,400 shares. The stock had previously closed at $32.42.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PS shares. Citigroup began coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They issued a “buy” rating and a $50.00 price objective for the company. Loop Capital began coverage on Pershing Square in a research note on Tuesday, May 26th. They set a “buy” rating and a $49.00 price objective on the stock. Royal Bank Of Canada began coverage on Pershing Square in a research note on Tuesday, May 26th. They issued a “sector perform” rating and a $40.00 target price on the stock. UBS Group initiated coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They set a “neutral” rating and a $39.00 price target for the company. Finally, Bank of America assumed coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They issued a “neutral” rating and a $42.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Pershing Square has a consensus rating of “Hold” and a consensus target price of $42.00.

Pershing Square Price Performance

The company has a market capitalization of $13.50 billion, a PE ratio of -40.21 and a beta of 2.27. The company has a fifty day simple moving average of $35.75.

Pershing Square Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 21st. Investors of record on Monday, July 13th will be paid a dividend of $0.122 per share. The ex-dividend date of this dividend is Monday, July 13th. This represents a $0.49 annualized dividend and a yield of 1.4%.

Insider Buying and Selling at Pershing Square

In other news, CEO William A. Ackman purchased 800,000 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were purchased at an average price of $23.77 per share, with a total value of $19,016,000.00. Following the completion of the acquisition, the chief executive officer owned 1,500,000 shares in the company, valued at $35,655,000. This trade represents a 114.29% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 21.79% of the company’s stock.

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.