Royal Bank Of Canada Has Lowered Expectations for Pershing Square (NYSE:PS) Stock Price

Key Points

• Royal Bank of Canada cut its price target on Pershing Square from $40 to $38 while maintaining a sector perform rating. The new target still implies about 12.33% upside from the prior close.
• Analyst sentiment on the stock remains mixed, with the broader consensus at Hold and an average target price of $41.75. Among recent coverage, three analysts rate it a Buy and seven rate it a Hold.
• Pershing Square shares fell 3.4% to $33.83 on the day, with trading volume below average. The stock has a $13.53 billion market cap and has traded between $22.01 and $54.94 over the past 12 months.

Pershing Square (NYSE:PS - Get Free Report) had its target price decreased by equities researchers at Royal Bank Of Canada from $40.00 to $38.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target suggests a potential upside of 12.33% from the company's previous close.

Other equities research analysts have also issued research reports about the stock. Bank of America initiated coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They set a "neutral" rating and a $42.00 target price for the company. Jefferies Financial Group initiated coverage on Pershing Square in a research report on Monday, May 25th. They set a "hold" rating and a $40.00 price objective for the company. Oppenheimer assumed coverage on Pershing Square in a research note on Tuesday, May 26th. They issued a "market perform" rating on the stock. Wells Fargo & Company initiated coverage on Pershing Square in a research report on Tuesday, May 26th. They issued an "equal weight" rating and a $37.00 target price on the stock. Finally, Loop Capital assumed coverage on Pershing Square in a research note on Tuesday, May 26th. They set a "buy" rating and a $49.00 price target for the company. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Pershing Square currently has a consensus rating of "Hold" and a consensus target price of $41.75.

Pershing Square Stock Down 3.4%

Shares of NYSE PS traded down $1.20 during mid-day trading on Monday, reaching $33.83. The company had a trading volume of 57,701 shares, compared to its average volume of 493,699. The stock has a market capitalization of $13.53 billion, a P/E ratio of -40.21 and a beta of 2.27. The business has a fifty day simple moving average of $36.09. Pershing Square has a 12-month low of $22.01 and a 12-month high of $54.94.

Insider Activity

In other Pershing Square 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 acquired at an average price of $23.77 per share, with a total value of $19,016,000.00. Following the purchase, the chief executive officer owned 1,500,000 shares in the company, valued at approximately $35,655,000. This trade represents a 114.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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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