Pershing Square (NYSE:PS) Cut to Underperform at Bank of America

Pershing Square (NYSE:PS) was downgraded by stock analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued on Tuesday, October 13th, Marketbeat reports. They presently have a $38.00 price target on the stock, down from their previous price target of $54.00. Bank of America‘s price target indicates a potential downside of 21.81% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, October 11th. Weiss Ratings upgraded shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Tigress Financial boosted their target price on Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. Citigroup cut shares of Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 target price for the company. in a research report on Friday, October 9th. Finally, Royal Bank Of Canada upped their price target on shares of Pershing Square from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Monday, October 5th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $42.56.

Pershing Square Stock Up 3.8%

Shares of NYSE PS traded up $1.80 during mid-day trading on Tuesday, hitting $48.60. The company had a trading volume of 326,085 shares, compared to its average volume of 407,392. The stock has a market cap of $19.44 billion and a P/E ratio of 347.14. Pershing Square has a 1-year low of $22.01 and a 1-year high of $60.40. The business’s 50-day moving average price is $46.17.

Pershing Square (NYSE:PS) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $68.03 million for the quarter. As a group, analysts expect that Pershing Square will post 0.54 earnings per share for the current fiscal year.

Institutional Trading of Pershing Square

Several hedge funds have recently modified their holdings of PS. Rivernorth Capital Management LLC purchased a new position in shares of Pershing Square during the 2nd quarter valued at approximately $14,787,000. Clal Insurance Enterprises Holdings Ltd acquired a new stake in shares of Pershing Square in the second quarter valued at approximately $9,858,000. Equitec Proprietary Markets LLC acquired a new stake in Pershing Square during the second quarter worth approximately $3,828,000. NewEdge Advisors LLC acquired a new position in shares of Pershing Square in the 2nd quarter worth approximately $1,702,000. Finally, Proficio Capital Partners LLC bought a new stake in Pershing Square in the 2nd quarter worth about $1,459,000.

About Pershing Square

Pershing Square Holdings, Ltd. is an investment holding company that seeks long-term capital appreciation through a concentrated portfolio of investments in publicly traded companies. The company is managed by Pershing Square Capital Management, L.P., an investment management firm that typically takes significant positions in a limited number of businesses and engages with their management teams and boards.

Pershing Square’s investment approach emphasizes fundamental research, long-term ownership and active involvement with portfolio companies.