Pershing Square (NYSE:PS) Given New $38.00 Price Target at Royal Bank Of Canada

Pershing Square (NYSE:PS) had its price objective decreased by analysts at Royal Bank Of Canada from $40.00 to $38.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 12.33% from the stock’s current price.

A number of other research analysts have also issued reports on PS. Wells Fargo & Company assumed coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They issued an “equal weight” rating and a $37.00 target price on the stock. Loop Capital started coverage on shares of Pershing Square in a report on Tuesday, May 26th. They set a “buy” rating and a $49.00 price target for the company. Jefferies Financial Group began coverage on Pershing Square in a research report on Monday, May 25th. They issued a “hold” rating and a $40.00 price target on the stock. Oppenheimer started coverage on Pershing Square in a research note on Tuesday, May 26th. They issued a “market perform” rating on the stock. Finally, Zacks Research raised Pershing Square to a “hold” rating in a research report on Friday, May 29th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Pershing Square has a consensus rating of “Hold” and a consensus target price of $41.75.

Pershing Square Price Performance

Shares of NYSE:PS traded down $1.20 during trading on Monday, reaching $33.83. The stock had a trading volume of 57,701 shares, compared to its average volume of 493,699. The firm’s fifty day moving average is $36.09. Pershing Square has a 52 week low of $22.01 and a 52 week high of $54.94. The stock has a market capitalization of $13.53 billion, a price-to-earnings ratio of -40.21 and a beta of 2.27.

Insider Buying and Selling

In other news, CEO William A. Ackman bought 800,000 shares of Pershing Square stock in a transaction that occurred on Thursday, April 30th. The stock was purchased at an average cost of $23.77 per share, with a total value of $19,016,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,500,000 shares in the company, valued at $35,655,000. This trade represents a 114.29% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 21.79% of the stock is currently owned by company insiders.

Pershing Square Company Profile

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.