Pershing Square Q3 earnings helped by strong fee-related earnings growth (PS:NYSE)

Pershing Square (PS) stock rose 13.2% on November 4, 2026, following its Q3 results and earnings call. The firm reported a 3.2% increase in assets under management and plans to launch a new investment vehicle with a $500M-$1B target size. PS outperformed peers Blackstone and KKR, which gained 6.2% and 5.6% respectively. The stock remains below its October high but has gained 55.2% over six months.

PERSHING SQUARE INC. (PS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Pershing Square Inc. Reports Third Quarter 2026 Results New York, November 2, 2026 Pershing Square Inc. (NYSE:PS) (“Pershing Square” or the “Company”) today reported its third quarter 2026 results. A letter to shareholders from Pershing Square CEO Bill Ackman and CIO

Public Storage acquired National Storage Affiliates and Public Storage Canada, adding 1,100+ locations. It also raised its 2026 guidance, citing strong performance and integration of new assets. The company reported Q3 same-store revenue growth of 0.5% and raised its full-year Core FFO per share outlook by $0.10.

Pershing Square Inc. (PS) stock has fallen 25% from its October 7 peak of $60. Citi downgraded it to sell with a $45 target, citing high valuation and reduced earnings estimates. BofA also downgraded it to underperform with a $38 target. Both point to modest returns and high valuation concerns.

Pershing Square (PS) dropped 11.62% after BofA downgraded it to Underperform and lowered its price target to $38 from $54. BofA cited underperformance in 2026 and a portfolio misalignment with current market leaders. The firm's net asset value is down 8% year-to-date, underperforming the S&P 500's 15% gain. Key holdings include Uber, Brookfield, Microsoft, Amazon, and Meta.

Pershing Square (PS) shares dropped 12% after BofA downgraded it to Underperform and cut its price target to $38 from $54, citing delayed PSV launch and reduced growth expectations. Citi also downgraded the stock to Sell, noting flat earnings estimates since its April IPO. The company's flagship fund's NAV fell 12.6% in H1 2026, underperforming the S&P 500's 10.2% gain.