Advisors Capital Management LLC Lowers Holdings in 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 cut its holdings in PJT Partners Inc. (NYSE:PJT - Free Report) by 3.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,259 shares of the financial services provider's stock after selling 2,361 shares during the period. Advisors Capital Management LLC owned 0.28% of PJT Partners worth $9,274,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. First Bank & Trust lifted its holdings in PJT Partners by 1.6% in the 1st quarter. First Bank & Trust now owns 5,186 shares of the financial services provider's stock worth $715,000 after purchasing an additional 80 shares in the last quarter. Crestwood Advisors Group LLC raised its holdings in shares of PJT Partners by 0.6% during the 1st quarter. Crestwood Advisors Group LLC now owns 14,314 shares of the financial services provider's stock worth $1,974,000 after acquiring an additional 83 shares in the last quarter. Xponance Inc. raised its holdings in shares of PJT Partners by 5.4% during the 1st quarter. Xponance Inc. now owns 1,749 shares of the financial services provider's stock worth $241,000 after acquiring an additional 90 shares in the last quarter. HighTower Advisors LLC raised its holdings in shares of PJT Partners by 1.6% during the 1st quarter. HighTower Advisors LLC now owns 6,166 shares of the financial services provider's stock worth $850,000 after acquiring an additional 96 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in shares of PJT Partners by 2.3% during the 1st quarter. AlphaQuest LLC now owns 6,361 shares of the financial services provider's stock worth $877,000 after acquiring an additional 142 shares in the last quarter. 89.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, General Counsel David Adam Travin sold 2,288 shares of the stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $178.06, for a total transaction of $407,401.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Grace Reksten Skaugen sold 1,504 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $176.89, for a total value of $266,042.56. Following the transaction, the director directly owned 500 shares in the company, valued at $88,445. The trade was a 75.05% decrease in their position. The disclosure for this sale can be found here. 11.75% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

PJT Partners Stock Up 4.0%

Shares of PJT Partners stock opened at $186.92 on Friday. The stock's fifty day moving average is $179.66 and its two-hundred day moving average is $157.52. The company has a market capitalization of $4.54 billion, a PE ratio of 32.12 and a beta of 0.75. PJT Partners Inc. has a 52 week low of $117.64 and a 52 week high of $190.27.

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

PJT Partners Dividend Announcement

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

PJT Partners Company 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.

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