Pershing Square Inc.’s (NYSE:PS) Lock-Up Period Set To End on October 26th

Pershing Square’s (NYSE:PS) lock-up period is set to expire on Monday, October 26th. Pershing Square had issued 40,516,960 shares in its public offering on April 29th. The total size of the offering was $2,025,848,000 based on an initial share price of $50.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PS. Citigroup cut Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 price objective for the company. in a research note on Friday, October 9th. Royal Bank Of Canada upped their target price on Pershing Square from $41.00 to $44.00 and gave the company a “sector perform” rating in a research report on Monday, October 5th. Wall Street Zen lowered Pershing Square from a “hold” rating to a “sell” rating in a research report on Sunday, October 11th. Tigress Financial increased their price target on shares of Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. Finally, Wells Fargo & Company reduced their price target on shares of Pershing Square from $41.00 to $40.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $42.00.

Pershing Square Stock Up 1.9%

NYSE PS opened at $45.68 on Wednesday. The company’s 50-day moving average is $45.46. Pershing Square has a fifty-two week low of $22.01 and a fifty-two week high of $60.40.

Pershing Square (NYSE:PS) last posted its earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $68.03 million for the quarter. Analysts forecast that Pershing Square will post 0.55 EPS for the current year.

Pershing Square Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Monday, October 12th were issued a dividend of $0.1030 per share. This represents a $0.41 dividend on an annualized basis and a yield of 0.9%. This is a drop from Pershing Square’s previous quarterly dividend of $0.1220. The ex-dividend date of this dividend was Friday, October 9th. Pershing Square’s payout ratio is currently 292.86%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PS. Rivernorth Capital Management LLC purchased a new stake in shares of Pershing Square during the 2nd quarter worth about $14,787,000. Clal Insurance Enterprises Holdings Ltd acquired a new stake in shares of Pershing Square during the 2nd quarter valued at about $9,858,000. Equitec Proprietary Markets LLC purchased a new position in shares of Pershing Square in the 2nd quarter valued at about $3,828,000. NewEdge Advisors LLC purchased a new position in shares of Pershing Square in the 2nd quarter valued at about $1,702,000. Finally, Proficio Capital Partners LLC acquired a new position in Pershing Square in the 2nd quarter worth about $1,459,000.

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.