Pershing Square (NYSE:PS) Raised to Hold at Royal Bank Of Canada

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

A number of other research analysts also recently issued reports on PS. Jefferies Financial Group started coverage on Pershing Square in a report on Monday. They issued a “hold” rating and a $40.00 price target on the stock. Citigroup assumed coverage on Pershing Square in a research note on Tuesday. They set a “buy” rating and a $50.00 price target on the stock. Oppenheimer began coverage on Pershing Square in a research note on Tuesday. They set a “market perform” rating on the stock. Loop Capital began coverage on Pershing Square in a research note on Tuesday. They issued a “buy” rating and a $49.00 target price on the stock. Finally, UBS Group assumed coverage on Pershing Square in a research note on Tuesday. They issued a “neutral” rating and a $39.00 target price on the stock. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Pershing Square presently has a consensus rating of “Hold” and an average target price of $42.43.

Pershing Square Stock Performance

Shares of Pershing Square stock opened at $39.08 on Tuesday. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of -33.69 and a beta of 2.27. Pershing Square has a 52 week low of $22.01 and a 52 week high of $54.94.

Insider Transactions at Pershing Square

In other Pershing Square news, CEO William A. Ackman purchased 800,000 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was bought at an average cost of $23.77 per share, with a total value of $19,016,000.00. Following the acquisition, the chief executive officer directly owned 1,500,000 shares of the company’s stock, valued at approximately $35,655,000. This represents a 114.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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.