Pershing Square (NYSE:PS) Upgraded at Wells Fargo & Company

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

PS has been the subject of a number of other reports. Citigroup initiated coverage on shares of Pershing Square in a research note on Tuesday. They issued a “buy” rating and a $50.00 price objective for the company. Jefferies Financial Group initiated coverage on Pershing Square in a research report on Monday. They issued a “hold” rating and a $40.00 price objective for the company. Loop Capital initiated coverage on Pershing Square in a research note on Tuesday. They set a “buy” rating and a $49.00 price target on the stock. Bank of America started coverage on Pershing Square in a research note on Tuesday. They set a “neutral” rating and a $42.00 price target on the stock. Finally, Oppenheimer started coverage on Pershing Square in a report on Tuesday. They issued a “market perform” rating for the company. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Pershing Square presently has a consensus rating of “Hold” and an average price target of $42.43.

Pershing Square Price Performance

Shares of PS stock opened at $39.08 on Tuesday. Pershing Square has a 52-week low of $22.01 and a 52-week high of $54.94. The company has a market cap of $5.80 billion, a P/E ratio of -33.69 and a beta of 2.27.

Insider Buying and Selling

In related news, CEO William A. Ackman acquired 800,000 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were acquired at an average price of $23.77 per share, with a total value of $19,016,000.00. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through this hyperlink. 21.79% of the stock is owned by company insiders.

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.