Alliancebernstein L.P. Purchases 6,700 Shares of PJT Partners Inc. $PJT

Key Points

• Alliancebernstein L.P. increased its stake in PJT Partners by 1.4%, acquiring 6,700 shares to reach a total of 481,410 shares, valued at approximately $66.4 million.
• PJT Partners reported earnings of $1.54 per share, exceeding analyst estimates and marking a 13% revenue increase compared to the previous year.
• A quarterly dividend of $0.25 per share has been declared by PJT Partners, with an annualized yield of 0.6% and a payout ratio of 17.18%.

Alliancebernstein L.P. grew its position in shares of PJT Partners Inc. (NYSE:PJT - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 481,410 shares of the financial services provider's stock after buying an additional 6,700 shares during the quarter. Alliancebernstein L.P. owned 2.07% of PJT Partners worth $66,377,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PJT. Versant Capital Management Inc bought a new position in shares of PJT Partners during the 1st quarter worth approximately $30,000. Opal Wealth Advisors LLC bought a new position in shares of PJT Partners during the 1st quarter worth approximately $39,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of PJT Partners during the 1st quarter worth approximately $45,000. Quarry LP bought a new position in shares of PJT Partners during the 1st quarter worth approximately $45,000. Finally, Morse Asset Management Inc lifted its position in shares of PJT Partners by 1,640.0% during the 1st quarter. Morse Asset Management Inc now owns 435 shares of the financial services provider's stock worth $60,000 after buying an additional 410 shares in the last quarter. Institutional investors own 89.23% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Wolfe Research reaffirmed an "underperform" rating on shares of PJT Partners in a report on Thursday, July 10th. Keefe, Bruyette & Woods lifted their price target on shares of PJT Partners from $161.00 to $199.00 and gave the stock a "market perform" rating in a report on Monday, July 14th. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $174.67.

PJT Partners Trading Down 0.1%

PJT Partners stock opened at $179.83 on Friday. PJT Partners Inc. has a 1-year low of $116.07 and a 1-year high of $190.27. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of 30.90 and a beta of 0.75. The firm has a 50 day simple moving average of $178.44 and a 200 day simple moving average of $156.96.

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

PJT Partners Announces Dividend

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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 3rd. PJT Partners's payout ratio is 17.18%.

Insiders Place Their Bets

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

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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