Pershing Square (NYSE:PS) Price Target Lowered to $34.00 at Wells Fargo & Company

Pershing Square (NYSE:PS) had its price objective trimmed by Wells Fargo & Company from $37.00 to $34.00 in a research note issued to investors on Monday, MarketBeat.com reports. The firm currently has an equal weight rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. UBS Group began coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They set a “neutral” rating and a $39.00 price objective for the company. Zacks Research upgraded shares of Pershing Square to a “hold” rating in a report on Friday, May 29th. Oppenheimer assumed coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They set a “market perform” rating on the stock. JonesTrading assumed coverage on Pershing Square in a report on Wednesday, July 8th. They set a “buy” rating and a $39.00 price target for the company. Finally, Wall Street Zen lowered Pershing Square from a “hold” rating to a “sell” rating in a research report on Sunday, June 7th. Three equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $40.75.

Pershing Square Trading Down 2.2%

Pershing Square stock opened at $33.49 on Monday. The company has a market cap of $13.40 billion, a price-to-earnings ratio of -40.21 and a beta of 2.27. Pershing Square has a 52-week low of $22.01 and a 52-week high of $54.94. The stock’s 50 day moving average price is $35.63.

Pershing Square Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 21st. Investors of record on Monday, July 13th will be paid a dividend of $0.122 per share. The ex-dividend date of this dividend is Monday, July 13th. This represents a $0.49 annualized dividend and a yield of 1.5%.

Insider Buying and Selling

In related news, CEO William A. Ackman purchased 800,000 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was purchased at an average cost of $23.77 per share, with a total value of $19,016,000.00. Following the completion of 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 position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.