Equities research analysts at Bank of America began coverage on shares of Pershing Square (NYSE:PS – Get Free Report) in a research report issued to clients and investors on Tuesday. The firm set a “neutral” rating and a $42.00 price target on the stock. Bank of America‘s price objective would suggest a potential upside of 18.31% from the company’s previous close.
Several other brokerages have also weighed in on PS. Citigroup assumed coverage on shares of Pershing Square in a report on Tuesday. They set a “buy” rating on the stock. Oppenheimer began coverage on Pershing Square in a report on Tuesday. They set a “market perform” rating for the company. Jefferies Financial Group began coverage on Pershing Square in a report on Monday. They issued a “hold” rating and a $40.00 target price on the stock. UBS Group began coverage on Pershing Square in a report on Tuesday. They issued a “neutral” rating and a $39.00 target price on the stock. Finally, Wells Fargo & Company set a $37.00 target price on Pershing Square in a report on Tuesday. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Pershing Square currently has a consensus rating of “Hold” and a consensus target price of $39.60.
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Pershing Square Stock Performance
Insiders Place Their Bets
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 shares were purchased at an average price of $23.77 per share, for a total transaction of $19,016,000.00. Following the completion of the acquisition, the chief executive officer owned 1,500,000 shares of the company’s stock, valued at $35,655,000. The trade was a 114.29% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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.
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