Pershing Square (PS)
Alternative asset manager built around concentrated, permanent-capital public-equity funds.
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Earns management and performance fees by running a concentrated, long-term public-equity strategy through Pershing Square funds and by advising Howard Hughes Holdings. Its fee-paying capital is almost entirely permanent, leaving revenue tied to performance, asset values, and key management agreements.
Operates Pershing Square Capital Management, an asset manager that earns management and performance fees from its funds and a services agreement with Howard Hughes Holdings. Its core program takes concentrated minority stakes in predominantly North American-listed large companies with cash-generative businesses and may use asymmetric hedges.
Runs Pershing Square Holdings, Pershing Square USA, and private funds; it advises Howard Hughes Holdings on capital allocation, transactions, fundraising, and monitoring. A lean, research-intensive one-firm model combines a single portfolio process with a shared expense pool.
Draws nearly all fee-paying capital from permanent-capital vehicles and relies on fund performance, agreements with Pershing Square Holdings, Pershing Square USA, and Howard Hughes Holdings, and a small investment team led by William A. Ackman. Its adviser activities are regulated by the SEC and CFTC, while Pershing Square USA is also governed by the Investment Company Act.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 3, 2026 | Tigress Financial | Reiterate | Rating: —Target: $39 | Target: $41 |
| Aug 19, 2026 | Citigroup | Downgrade | ||
| Jul 27, 2026 | Tigress Financial | Initiate | Rating: —Target: — | Target: $39 |
| Jul 20, 2026 | Wells Fargo | Reiterate | Rating: —Target: $37 | Target: $34 |
| May 26, 2026 | Loop Capital Markets | Target | Target: — | Target: $49 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $9.0M · Total debt $253.0M · Total assets $1.81B · Shareholders' equity $1.36B
- Revenue
- $54.2M
- Operating income
- −$64.3M
- Net income
- −$42.7M
HistoryDividendAnnual yield
| Institutions | 5.05% | 20.21M shares | |
|---|---|---|---|
| 66 holders · as of Jun 30, 2026 | |||
| Other | 94.95% | 379.79M shares | |
| remainder | |||
400.00M company shares as of Aug 21, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Consulta LtdInstitution | 2.14% | 8.56M | as of Jun 30, 2026 |
Menora Mivtachim Holdings Ltd.Institution | 0.83% | 3.32M | as of Jun 30, 2026 |
Teacher Retirement System of TexasInstitution | 0.76% | 3.05M | as of Jun 30, 2026 |
Harel Insurance Investments & Financial Services Ltd.Institution | 0.27% | 1.08M | as of Jun 30, 2026 |
Migdal Insurance & Financial Holdings Ltd.Institution | 0.11% | 450,000 | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pershing Square | $49.89 | −2.90% | $20.55B | 1,284.5 | 78.6 | 26.7 | — |
| Blackstone | $120.13 | −3.13% | $149.80B | 27.6 | 18.7 | 9.3 | +2.4% |
| KKR | $97.22 | −1.24% | $88.39B | 31.0 | 13.8 | 4.2 | −44.8% |
| Apollo Global Management | $124.89 | +0.60% | $71.51B | 27.8 | 12.7 | 2.0 | +63.7% |
| TPG | $45.73 | +0.24% | $17.49B | 52.4 | 14.3 | 3.7 | −31.8% |
| Ares Management | $122.56 | −1.73% | $40.96B | 51.8 | 18.9 | 6.4 | +5.8% |
| Median | 31.0 | 14.3 | 4.2 | +2.4% |