Wells Fargo & Company Upgrades Pershing Square (NYSE:PS) to “Hold”

Pershing Square (NYSE:PS) was upgraded by investment analysts at Wells Fargo & Company to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Bank of America began coverage on Pershing Square in a research note on Tuesday. They set a “neutral” rating and a $42.00 price target for the company. Loop Capital initiated coverage on Pershing Square in a research report on Tuesday. They set a “buy” rating and a $49.00 price target for the company. UBS Group initiated coverage on Pershing Square in a report on Tuesday. They set a “neutral” rating and a $39.00 price objective on the stock. Oppenheimer assumed coverage on Pershing Square in a report on Tuesday. They set a “market perform” rating on the stock. Finally, Citigroup assumed coverage on Pershing Square in a research note on Tuesday. They issued a “buy” rating and a $50.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus 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 firm has a market capitalization of $5.80 billion, a P/E ratio of -33.69 and a beta of 2.27.

Insider Buying and Selling

In other news, CEO William A. Ackman acquired 800,000 shares of Pershing Square stock in a transaction that occurred on Thursday, April 30th. The stock was bought at an average price of $23.77 per share, for a total transaction of $19,016,000.00. Following the completion of the transaction, the chief executive officer owned 1,500,000 shares in the company, valued at $35,655,000. The trade was a 114.29% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.