Charles Schwab Investment Management Inc. Decreases Position in PJT Partners Inc. $PJT

Key Points

• Charles Schwab Investment Management Inc. owns approximately $34.47 million worth of PJT Partners after reducing its stake by 2.1% in the first quarter.
• PJT Partners recently reported earnings of $1.54 EPS, surpassing the consensus estimate of $1.36, and achieved a revenue of $731.09 million.
• The company plans to pay a $0.25 per share dividend on September 17th, 2023, translating to an annualized dividend of $1.00 and a yield of 0.6%.

Charles Schwab Investment Management Inc. trimmed its stake in PJT Partners Inc. (NYSE:PJT - Free Report) by 2.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 249,997 shares of the financial services provider's stock after selling 5,266 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.07% of PJT Partners worth $34,470,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PJT. Tidal Investments LLC acquired a new position in shares of PJT Partners in the fourth quarter worth $20,059,000. GAMMA Investing LLC raised its holdings 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 worth $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 worth $66,951,000 after acquiring an additional 79,894 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in 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 purchasing an additional 58,656 shares during the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in PJT Partners in the fourth quarter valued at $5,351,000. 89.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, General Counsel David Adam Travin sold 2,288 shares of PJT Partners stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $178.06, for a total value of $407,401.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kievdi Don Cornwell sold 10,403 shares of the company's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $150.29, for a total value of $1,563,466.87. Following the completion of the sale, the director directly owned 8,847 shares of the company's stock, valued at $1,329,615.63. The trade was a 54.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,792 shares of company stock valued at $3,686,825 in the last three months. Corporate insiders own 11.75% of the company's stock.

PJT Partners Stock Up 2.9%

Shares of NYSE PJT traded up $5.0950 during midday trading on Friday, hitting $180.3950. The stock had a trading volume of 279,914 shares, compared to its average volume of 242,778. The company has a market capitalization of $4.39 billion, a price-to-earnings ratio of 31.00 and a beta of 0.77. PJT Partners Inc. has a 1-year low of $116.07 and a 1-year high of $190.27. The company has a fifty day moving average price of $174.36 and a 200 day moving average price of $156.69.

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 the consensus estimate of $1.36 by $0.18. The business had revenue of $731.09 billion for 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 company's revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.19 EPS. On average, research analysts forecast that PJT Partners Inc. will post 6.2 EPS for the current year.

PJT Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 3rd. PJT Partners's payout ratio is currently 17.18%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PJT shares. Wolfe Research reiterated an "underperform" rating on shares of PJT Partners in a research note on Thursday, July 10th. Keefe, Bruyette & Woods upped their target price on PJT Partners from $161.00 to $199.00 and gave the company a "market perform" rating in a research note on Monday, July 14th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, PJT Partners presently has an average rating of "Reduce" and a consensus target price of $174.67.

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.