PJT Partners (NYSE:PJT) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded PJT Partners from “Buy” to “Hold,” bringing the overall analyst consensus to “Hold” with an average price target of $177.50.
• PJT Partners reported stronger-than-expected quarterly results, with earnings of $1.97 per share and revenue of $486.29 million, up 19.5% year over year.
• The stock opened at $183.02, near its 52-week high of $195.62. Insiders sold about $2.06 million of shares over the past three months, while institutional investors own 89.23% of the company.

PJT Partners (NYSE:PJT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

Several other research analysts also recently weighed in on the company. Zacks Research upgraded PJT Partners from a "strong sell" rating to a "hold" rating in a research note on Monday, June 29th. Keefe, Bruyette & Woods lifted their price objective on shares of PJT Partners from $185.00 to $195.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. BMO Capital Markets upped their target price on shares of PJT Partners from $183.00 to $194.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. UBS Group reaffirmed a "neutral" rating and set a $176.00 target price on shares of PJT Partners in a research note on Wednesday, July 29th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of PJT Partners in a report on Wednesday. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $177.50.

PJT Partners Stock Up 2.4%

NYSE:PJT opened at $183.02 on Friday. The business's 50-day simple moving average is $166.55 and its two-hundred day simple moving average is $155.87. The stock has a market cap of $4.68 billion, a PE ratio of 25.04 and a beta of 0.84. PJT Partners has a 52 week low of $127.73 and a 52 week high of $195.62.

PJT Partners (NYSE:PJT - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.40. PJT Partners had a return on equity of 32.66% and a net margin of 10.57%.The firm had revenue of $486.29 million during the quarter, compared to analyst estimates of $425.28 million. During the same quarter in the prior year, the company posted $1.54 earnings per share. The business's quarterly revenue was up 19.5% compared to the same quarter last year. Sell-side analysts anticipate that PJT Partners will post 8 earnings per share for the current fiscal year.

Insider Buying and Selling at PJT Partners

In other news, Director James Costos sold 1,723 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $175.00, for a total value of $301,525.00. Following the sale, the director directly owned 11,289 shares in the company, valued at $1,975,575. The trade was a 13.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Emily K. Rafferty sold 1,100 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $167.35, for a total transaction of $184,085.00. Following the completion of the sale, the director owned 9,568 shares in the company, valued at approximately $1,601,204.80. This trade represents a 10.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 11,951 shares of company stock worth $2,061,681. Company insiders own 10.98% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PJT. Royal Bank of Canada raised its position in PJT Partners by 45.7% during the first quarter. Royal Bank of Canada now owns 11,471 shares of the financial services provider's stock valued at $1,581,000 after purchasing an additional 3,596 shares during the period. AQR Capital Management LLC boosted its holdings in shares of PJT Partners by 57.7% in the 1st quarter. AQR Capital Management LLC now owns 7,330 shares of the financial services provider's stock worth $1,011,000 after purchasing an additional 2,681 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of PJT Partners by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,887 shares of the financial services provider's stock worth $1,915,000 after purchasing an additional 620 shares during the period. Millennium Management LLC raised its holdings in PJT Partners by 1,394.5% during the 1st quarter. Millennium Management LLC now owns 52,563 shares of the financial services provider's stock valued at $7,247,000 after buying an additional 49,046 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in PJT Partners by 5.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 370,536 shares of the financial services provider's stock valued at $51,090,000 after buying an additional 19,806 shares during the period. Hedge funds and other institutional investors own 89.23% of the company's stock.

PJT Partners Company Profile

PJT Partners is a global advisory-focused investment bank that delivers strategic advisory, restructuring and special situations, and capital solutions to corporations, partnerships, and governments. The firm operates through three primary business segments: Strategic Advisory, which covers mergers and acquisitions, shareholder advisory, and capital markets advisory; Restructuring and Special Situations, which provides advice on debt and liability management, distressed mergers and acquisitions, and financial restructurings; and Park Hill, the firm's dedicated capital-raising and secondary advisory business for private equity, real estate, hedge funds, and infrastructure.

The Strategic Advisory practice at PJT Partners assists clients with complex transactions such as cross-border mergers, spin-offs, divestitures, and takeover defenses, drawing on deep industry expertise and global reach.

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