Bank of America Reaffirms “Underperform” Rating for Pershing Square (NYSE:PS)

Pershing Square (NYSE:PS)‘s stock had its “underperform” rating restated by equities researchers at Bank of America in a research report issued on Tuesday, MarketBeat Ratings reports. They currently have a $38.00 price objective on the stock, down from their prior price objective of $54.00. Bank of America‘s target price would indicate a potential downside of 15.91% from the company’s previous close.

PS has been the subject of a number of other research reports. JonesTrading cut Pershing Square from a “buy” rating to a “hold” rating in a report on Tuesday, September 29th. Tigress Financial boosted their price target on Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. Wells Fargo & Company began coverage on Pershing Square in a research note on Thursday, October 1st. They issued an “underweight” rating and a $41.00 price objective on the stock. Weiss Ratings upgraded Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen cut Pershing Square from a “hold” rating to a “sell” rating in a research report on Sunday. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $42.11.

Pershing Square Stock Down 5.2%

Shares of PS stock opened at $45.19 on Tuesday. The company has a fifty day moving average price of $44.90. Pershing Square has a one year low of $22.01 and a one year high of $60.40.

Pershing Square (NYSE:PS) last released its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. The firm had revenue of $68.03 million for the quarter. As a group, equities research analysts predict that Pershing Square will post 0.55 earnings per share for the current fiscal year.

Institutional Trading of Pershing Square

Several hedge funds and other institutional investors have recently modified their holdings of PS. Rivernorth Capital Management LLC acquired a new position in Pershing Square in the 2nd quarter valued at about $14,787,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Pershing Square during the second quarter worth approximately $9,858,000. Equitec Proprietary Markets LLC acquired a new position in shares of Pershing Square in the second quarter valued at approximately $3,828,000. NewEdge Advisors LLC acquired a new position in shares of Pershing Square in the second quarter valued at approximately $1,702,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Pershing Square in the second quarter valued at approximately $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.