Pershing Square (NYSE:PS) Upgraded by Royal Bank Of Canada to Hold Rating

Pershing Square (NYSE:PS) was upgraded by stock analysts at Royal Bank Of Canada to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

PS has been the subject of a number of other reports. Wells Fargo & Company started coverage on Pershing Square in a research note on Tuesday. They set an “equal weight” rating and a $37.00 price target for the company. Bank of America initiated coverage on Pershing Square in a research report on Tuesday. They issued a “neutral” rating and a $42.00 target price for the company. UBS Group started coverage on Pershing Square in a research report on Tuesday. They issued a “neutral” rating and a $39.00 target price for the company. Loop Capital began coverage on Pershing Square in a report on Tuesday. They set a “buy” rating and a $49.00 price objective for the company. Finally, Jefferies Financial Group began coverage on shares of Pershing Square in a research report on Monday. They issued a “hold” rating and a $40.00 target price for the company. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $42.43.

Pershing Square Price Performance

Shares of Pershing Square stock opened at $39.08 on Tuesday. The stock has a market capitalization of $5.80 billion, a P/E ratio of -33.69 and a beta of 2.27. Pershing Square has a fifty-two week low of $22.01 and a fifty-two week high of $54.94.

Insider Activity

In related news, CEO William A. Ackman purchased 800,000 shares of Pershing Square stock in a transaction dated Thursday, April 30th. The shares were acquired at an average cost of $23.77 per share, for a total transaction of $19,016,000.00. Following the transaction, the chief executive officer directly owned 1,500,000 shares of the company’s stock, valued at approximately $35,655,000. This trade represents a 114.29% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 21.79% of the company’s stock.

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.