Wedbush Securities Inc. Buys New Shares in Pershing Square Inc. $PS

Wedbush Securities Inc. bought a new position in Pershing Square Inc. (NYSE:PS) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 16,100 shares of the company’s stock, valued at approximately $529,000.

Several other large investors have also added to or reduced their stakes in PS. Equitec Proprietary Markets LLC acquired a new position in shares of Pershing Square in the second quarter valued at about $3,828,000. Hsbc Holdings PLC acquired a new stake in shares of Pershing Square during the second quarter worth about $775,000. Ancora Advisors LLC purchased a new stake in Pershing Square in the second quarter valued at approximately $302,000. Finally, Clal Insurance Enterprises Holdings Ltd purchased a new stake in Pershing Square in the second quarter valued at approximately $9,858,000.

Pershing Square Trading Down 5.2%

Pershing Square stock opened at $36.53 on Thursday. The stock has a market cap of $14.61 billion and a price-to-earnings ratio of 260.93. Pershing Square Inc. has a 12 month low of $22.01 and a 12 month high of $54.94. The stock has a 50 day moving average of $36.53.

Pershing Square (NYSE:PS) last posted its earnings results 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. As a group, sell-side analysts forecast that Pershing Square Inc. will post 0.56 earnings per share for the current fiscal year.

Pershing Square Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on PS. Wells Fargo & Company reduced their price target on shares of Pershing Square from $37.00 to $34.00 and set an “equal weight” rating for the company in a research report on Monday, July 20th. Weiss Ratings upgraded shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. UBS Group assumed coverage on shares of Pershing Square in a report on Tuesday, May 26th. They set a “neutral” rating and a $39.00 target price for the company. Bank of America started 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. Finally, Wall Street Zen lowered shares of Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, June 7th. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $40.89.

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.