TLDR
- Pershing Square (PS) stock climbed about 5% on September 28, closing at $59.18 and capping a rally of roughly 49% since September 15.
- The firm beat earnings estimates with EPS of $0.14 versus a forecast of $0.12, on revenue of $68.03 million.
- Pershing Square is seeding Pershing Square Ventures (PSV), a new permanent-capital fund, after drawing $30 million from its credit line.
- Firmwide assets under management reached about $33 billion as of August 31, with Q2 management fees of $54.18 million.
- Wall Street rates the stock a Hold overall, with an average price target near $41 to $42, below current trading levels.
Pershing Square (PS) stock climbed about 5% on Monday, closing at $59.18. That capped a run that has pushed the stock up nearly 49% since September 15.
Trading volume also picked up during the move. Roughly 512,771 units changed hands, about 18% above the average session.
Investors have been repricing the stock as the alternative asset manager led by Bill Ackman moves into a new phase of growth. Much of that centers on a fresh fund the firm is building.
Pershing Square topped earnings expectations last month. The company posted EPS of $0.14, beating the $0.12 forecast by two cents.
Revenue for the quarter came in at $68.03 million. Analysts expect full-year EPS of $0.56.
The firm also pays a quarterly dividend of $0.122 per unit. That works out to an annualized payout of $0.49 and a yield near 1%.
Pershing Square Ventures Takes Shape
A big piece of the current story is Pershing Square Ventures, or PSV. It’s a planned permanent-capital fund focused on late-stage private companies.
On August 12, Pershing Square drew $30 million from its revolving credit facility. That cash will help seed early investments for the new vehicle.
The logic is straightforward. Rather than pitching investors on an empty fund, the firm can show them a portfolio that already holds assets.
Firmwide assets under management stood near $33 billion as of August 31. Second-quarter management fees totaled $54.18 million.
Pershing Square already runs mostly permanent capital, with 98% of its money not subject to redemption. PSV would extend that setup into private markets.
The firm has pulled off large raises before. Pershing Square USA, its U.S. closed-end vehicle, was part of a deal that brought in $5 billion in April.
What Wall Street Is Saying
Analyst sentiment remains mixed. Ratings lean toward Hold, with one Buy and several Holds over the past three months.
The average price target sits between $41 and $42. That’s well under the current trading price and implies downside of roughly 28% if the stock returned to target levels.
Wells Fargo raised its target to $36 in September and keeps an Equal Weight rating. Citigroup cut its rating to Neutral in August with a $45 target.
Weiss Ratings nudged its score slightly higher, while Wall Street Zen downgraded the stock to Sell back in June.
PSV has not launched yet, so its eventual size and investor demand are still unclear. Results also depend heavily on Ackman’s individual investment calls.
Some institutions kept buying regardless. Ancora Advisors, Wedbush Securities, and HSBC Holdings all added new positions during the second quarter.
The stock’s 50-day moving average sits at $39.80, well under its current range. Market cap stands at $23.88 billion, with a PE ratio of 426.36.
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