Pershing Square (NYSE:PS) Shares Cross Below Fifty Day Moving Average – Here’s What Happened

Pershing Square Inc. (NYSE:PS)’s share price passed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $47.42 and traded as low as $44.20. Pershing Square shares last traded at $44.58, with a volume of 919,083 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PS. Wells Fargo & Company decreased their price objective on shares of Pershing Square from $41.00 to $40.00 and set an “underweight” rating on the stock in a report on Thursday, October 15th. Tigress Financial lifted their target price on shares of Pershing Square from $41.00 to $54.00 and gave the company a “neutral” rating in a report on Thursday, November 5th. JonesTrading lowered Pershing Square from a “buy” rating to a “hold” rating in a research report on Tuesday, September 29th. UBS Group upped their price target on Pershing Square from $39.00 to $44.00 and gave the stock a “neutral” rating in a research note on Friday, October 23rd. Finally, Citigroup lowered Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 price target for the company. in a research report on Friday, October 9th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, Pershing Square currently has a consensus rating of “Reduce” and an average price target of $44.11.

Pershing Square Price Performance

The company has a market cap of $17.83 billion and a PE ratio of 318.43. The stock’s fifty day simple moving average is $47.42.

Pershing Square (NYSE:PS) last issued its quarterly earnings results on Monday, November 2nd. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). The business had revenue of $56.60 million during the quarter. Equities analysts expect that Pershing Square Inc. will post 0.50 earnings per share for the current fiscal year.

Pershing Square Cuts Dividend

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

Institutional Trading of Pershing Square

A number of large investors have recently made changes to their positions in PS. Rivernorth Capital Management LLC acquired a new stake in Pershing Square in the second quarter valued at approximately $14,787,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in Pershing Square during the 2nd quarter worth approximately $9,858,000. Equitec Proprietary Markets LLC purchased a new stake in shares of Pershing Square in the 2nd quarter valued at approximately $3,828,000. NewEdge Advisors LLC purchased a new stake in shares of Pershing Square in the 2nd quarter valued at approximately $1,702,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Pershing Square in the 2nd quarter valued at approximately $1,459,000.

About Pershing Square

Pershing Square is an investment company associated with Pershing Square Capital Management, an alternative investment manager founded by Bill Ackman in 2004. The firm is based in New York and focuses on investing in a concentrated portfolio of publicly traded companies. Its investment approach combines fundamental research with active engagement with portfolio companies. Pershing Square has also operated investment vehicles that provide investors with exposure to its strategy. Bill Ackman is Pershing Square’s founder and chief executive.