Advisors Capital Management LLC Sells 2,361 Shares of PJT Partners Inc. $PJT

Key Points

• Advisors Capital Management LLC reduced its stake in PJT Partners by 3.4% during the first quarter, now holding 67,259 shares valued at approximately $9.27 million.
• PJT Partners recently reported a $1.54 EPS for the quarter, exceeding expectations with revenue of $731.09 million, a 13% increase year-over-year.
• The company declared a quarterly dividend of $0.25 per share, indicating an annualized dividend yield of 0.5%.

Advisors Capital Management LLC reduced its position in PJT Partners Inc. (NYSE:PJT - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 67,259 shares of the financial services provider's stock after selling 2,361 shares during the quarter. Advisors Capital Management LLC owned approximately 0.28% of PJT Partners worth $9,274,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PJT. Tidal Investments LLC bought a new position in shares of PJT Partners during the fourth quarter valued at $20,059,000. Nuveen LLC bought a new position in shares of PJT Partners in the first quarter valued at approximately $12,587,000. GAMMA Investing LLC raised its stake in shares of PJT Partners by 18,294.4% in the first quarter. GAMMA Investing LLC now owns 82,039 shares of the financial services provider's stock valued at $11,312,000 after acquiring an additional 81,593 shares during the last quarter. Congress Asset Management Co. raised its holdings in shares of PJT Partners by 19.7% in the first quarter. Congress Asset Management Co. now owns 485,575 shares of the financial services provider's stock valued at $66,951,000 after buying an additional 79,894 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of PJT Partners by 52.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 169,986 shares of the financial services provider's stock valued at $23,438,000 after buying an additional 58,656 shares during the last quarter. 89.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In other PJT Partners news, General Counsel David Adam Travin sold 2,288 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $178.06, for a total transaction of $407,401.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Grace Reksten Skaugen sold 1,504 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $176.89, for a total transaction of $266,042.56. Following the completion of the sale, the director owned 500 shares of the company's stock, valued at approximately $88,445. The trade was a 75.05% decrease in their position. The disclosure for this sale can be found here. Insiders own 11.75% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on PJT. Keefe, Bruyette & Woods boosted their price objective on shares of PJT Partners from $161.00 to $199.00 and gave the stock a "market perform" rating in a research report on Monday, July 14th. Wolfe Research restated an "underperform" rating on shares of PJT Partners in a research report on Thursday, July 10th. Four research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $174.67.

PJT Partners Stock Up 2.6%

PJT Partners stock traded up $4.62 during mid-day trading on Wednesday, hitting $185.12. 18,911 shares of the stock were exchanged, compared to its average volume of 263,685. PJT Partners Inc. has a 12 month low of $119.76 and a 12 month high of $190.27. The firm's fifty day simple moving average is $180.35 and its two-hundred day simple moving average is $158.02. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of 31.82 and a beta of 0.75.

PJT Partners (NYSE:PJT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.18. The firm had revenue of $731.09 billion during the quarter, compared to analyst estimates of $343.11 million. PJT Partners had a return on equity of 25.61% and a net margin of 10.45%.The business's quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the company posted $1.19 EPS. As a group, analysts forecast that PJT Partners Inc. will post 6.2 earnings per share for the current fiscal year.

PJT Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, September 3rd. PJT Partners's payout ratio is currently 17.18%.

PJT Partners Profile

PJT Partners Inc, an investment bank, provides various strategic and capital markets advisory, restructuring and special situations, and shareholder advisory services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers advisory services to clients on various transactions, including mergers and acquisitions (M&A), spin-offs, activism defense, contested M&A, joint ventures, minority investments, and divestitures.