6,491 Shares in PJT Partners Inc. (NYSE:PJT) Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC acquired a new stake in PJT Partners Inc. (NYSE:PJT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,491 shares of the financial services provider's stock, valued at approximately $895,000.

A number of other hedge funds also recently made changes to their positions in PJT. Versant Capital Management Inc acquired a new stake in shares of PJT Partners in the first quarter valued at approximately $30,000. Opal Wealth Advisors LLC acquired a new stake in PJT Partners during the 1st quarter worth approximately $39,000. CIBC Private Wealth Group LLC lifted its holdings in PJT Partners by 112.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 276 shares of the financial services provider's stock worth $44,000 after purchasing an additional 146 shares during the last quarter. Morse Asset Management Inc lifted its holdings in 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 purchasing an additional 410 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in PJT Partners by 51.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 517 shares of the financial services provider's stock worth $82,000 after purchasing an additional 176 shares during the last quarter. 89.23% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other PJT Partners news, General Counsel David Adam Travin sold 5,000 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $141.74, for a total value of $708,700.00. Following the sale, the general counsel owned 2,288 shares in the company, valued at approximately $324,301.12. The trade was a 68.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 shares were 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 owned 8,847 shares in the company, valued at $1,329,615.63. This trade represents a 54.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,000 shares of company stock worth $3,722,082 in the last 90 days. 11.75% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on PJT shares. Keefe, Bruyette & Woods lifted their price target on PJT Partners from $161.00 to $199.00 and gave the stock a "market perform" rating in a report on Monday, July 14th. Wolfe Research reissued an "underperform" rating on shares of PJT Partners in a report on Thursday, July 10th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $164.00.

PJT Partners Trading Down 1.0%

NYSE PJT traded down $1.88 during midday trading on Friday, hitting $184.14. The company had a trading volume of 234,798 shares, compared to its average volume of 246,603. The company has a market capitalization of $4.50 billion, a PE ratio of 32.48 and a beta of 0.76. The firm has a 50-day moving average price of $163.06 and a 200-day moving average price of $154.35. PJT Partners Inc. has a twelve month low of $116.06 and a twelve month high of $190.27.

PJT Partners (NYSE:PJT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.11. The company had revenue of $324.50 million for the quarter, compared to analyst estimates of $361.26 million. PJT Partners had a return on equity of 23.81% and a net margin of 10.47%. The company's revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.98 EPS. On average, equities analysts anticipate that PJT Partners Inc. will post 6.2 EPS for the current year.

PJT Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.00 dividend on an annualized basis and a yield of 0.54%. PJT Partners's dividend payout ratio is currently 17.64%.

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.