Pershing Square (NYSE:PS) Stock Rating Cut to “Underweight” at Wells Fargo & Company

Pershing Square (NYSE:PS) was downgraded by investment analysts at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a report issued on Thursday, MarketBeat reports.

Other research analysts have also issued reports about the company. JonesTrading lowered Pershing Square from a “buy” rating to a “hold” rating in a research report on Tuesday, September 29th. Wall Street Zen upgraded Pershing Square from a “sell” rating to a “hold” rating in a research report on Saturday. Tigress Financial raised their price target on Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, September 3rd. Citigroup lowered Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Wednesday, August 19th. Finally, Weiss Ratings raised Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $41.89.

Pershing Square Stock Down 0.2%

PS opened at $52.68 on Thursday. Pershing Square has a 1-year low of $22.01 and a 1-year high of $59.94. The firm has a market cap of $21.07 billion and a PE ratio of 376.29. The company has a 50-day moving average of $41.84.

Pershing Square (NYSE:PS) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $68.03 million for the quarter. On average, sell-side analysts expect that Pershing Square will post 0.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Pershing Square

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

About Pershing Square

Pershing Square USA, Ltd. is a closed-end investment company listed on the New York Stock Exchange under the symbol PS. The company is designed to provide investors with long-term capital appreciation through a concentrated portfolio of investments in publicly traded businesses.

The fund is managed by Pershing Square Capital Management, L.P., an investment management firm founded and led by William A. Ackman. Its investment approach generally emphasizes detailed fundamental research, activist engagement when appropriate, and ownership of a limited number of companies that the manager believes have durable business models, strong management teams, and long-term growth potential.

Pershing Square USA primarily focuses on publicly traded companies in the United States and other developed markets, with investment decisions centered on individual business fundamentals rather than broad market exposure.