Pershing Square (NYSE:PS) Upgraded to “Hold” at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of Pershing Square (NYSE:PS) to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

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

Pershing Square Stock Up 5.4%

NYSE PS opened at $39.08 on Tuesday. Pershing Square has a 12-month low of $22.01 and a 12-month high of $54.94. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of -33.69 and a beta of 2.27.

Insider Activity at Pershing Square

In other news, CEO William A. Ackman acquired 800,000 shares of the stock in a transaction dated 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 purchase, the chief executive officer owned 1,500,000 shares in the company, valued at approximately $35,655,000. The trade was a 114.29% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 21.79% of the company’s stock.

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.