Wells Fargo & Company downgraded shares of Pershing Square (NYSE:PS – Free Report) from a hold rating to a strong sell rating in a report issued on Thursday,Zacks reports.
A number of other brokerages have also weighed in on PS. Royal Bank Of Canada decreased their price target on shares of Pershing Square from $40.00 to $38.00 and set a “sector perform” rating on the stock in a report on Monday, July 13th. Wall Street Zen upgraded Pershing Square from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings raised Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. Citigroup cut Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 target price on the stock. in a report on Wednesday, August 19th. Finally, Tigress Financial boosted their price target on Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Pershing Square has a consensus rating of “Reduce” and a consensus price target of $41.89.
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Pershing Square Stock Performance
Pershing Square (NYSE:PS – Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $68.03 million during the quarter. On average, analysts expect that Pershing Square will post 0.56 EPS for the current fiscal year.
Institutional Investors Weigh In On Pershing Square
Several large investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC acquired a new position in shares of Pershing Square during the 2nd quarter valued at $132,000. Ancora Advisors LLC acquired a new stake in Pershing Square in the 2nd quarter valued at $302,000. Wedbush Securities Inc. purchased a new position in Pershing Square in the second quarter valued at about $529,000. Hsbc Holdings PLC purchased a new position in Pershing Square in the second quarter valued at about $775,000. Finally, Readystate Asset Management LP acquired a new position in shares of Pershing Square during the second quarter worth about $822,000.
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.
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