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

Pershing Square (NYSE:PS) had its target price decreased by Wells Fargo & Company from $37.00 to $34.00 in a research report released on Monday morning, MarketBeat.com reports. Wells Fargo & Company currently has an equal weight rating on the stock.

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

Pershing Square Trading Down 0.6%

NYSE:PS opened at $35.34 on Monday. The firm’s fifty day moving average is $35.12. The company has a market cap of $14.14 billion, a P/E ratio of -40.21 and a beta of 2.27. Pershing Square has a fifty-two week low of $22.01 and a fifty-two week high of $54.94.

Pershing Square Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Monday, July 13th were paid a dividend of $0.122 per share. The ex-dividend date of this dividend was Monday, July 13th. This represents a $0.49 annualized dividend and a yield of 1.4%.

Insider Activity at Pershing Square

In related news, CEO William A. Ackman purchased 800,000 shares of Pershing Square stock in a transaction dated Thursday, April 30th. The shares were bought at an average cost of $23.77 per share, for a total transaction 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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.