Invesco Ltd. Cuts Holdings in PJT Partners Inc. $PJT

Key Points

• Invesco Ltd. reduced its holdings in PJT Partners Inc. by 12.6%, now owning 251,621 shares valued at approximately $34.7 million.
• During the first quarter, various institutional investors, including PNC Financial Services Group Inc. and Morse Asset Management Inc., increased their stakes in PJT Partners, reflecting strong institutional interest.
• PJT Partners reported earnings of $1.54 per share, exceeding analyst expectations, along with a quarterly revenue increase of 13% compared to the previous year.

Invesco Ltd. cut its holdings in PJT Partners Inc. (NYSE:PJT - Free Report) by 12.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,621 shares of the financial services provider's stock after selling 36,314 shares during the quarter. Invesco Ltd. owned 1.08% of PJT Partners worth $34,694,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc purchased a new stake in shares of PJT Partners during the 1st quarter worth $30,000. Opal Wealth Advisors LLC acquired a new stake in shares of PJT Partners in the first quarter valued at about $39,000. Morse Asset Management Inc boosted its holdings in PJT Partners by 1,640.0% during the first 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. GAMMA Investing LLC grew its position in PJT Partners by 33.4% during the first quarter. GAMMA Investing LLC now owns 595 shares of the financial services provider's stock worth $82,000 after buying an additional 149 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in PJT Partners by 72.5% in the first quarter. PNC Financial Services Group Inc. now owns 892 shares of the financial services provider's stock valued at $123,000 after buying an additional 375 shares in the last quarter. Institutional investors and hedge funds own 89.23% of the company's stock.

PJT Partners Trading Down 0.7%

Shares of PJT opened at $178.46 on Tuesday. PJT Partners Inc. has a 12-month low of $116.07 and a 12-month high of $190.27. The stock has a market cap of $4.34 billion, a P/E ratio of 30.66 and a beta of 0.77. The company has a 50-day moving average of $172.54 and a two-hundred day moving average of $156.45.

PJT Partners (NYSE:PJT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $731.09 billion during the quarter, compared to the consensus estimate of $343.11 million. During the same period in the previous year, the firm posted $1.19 EPS. The company's quarterly revenue was up 13.0% compared to the same quarter last year. As a group, analysts forecast that PJT Partners Inc. will post 6.2 EPS 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. Stockholders of record on Wednesday, September 3rd will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 3rd. PJT Partners's dividend payout ratio is currently 17.18%.

Analyst Ratings Changes

Several brokerages have recently commented on PJT. Keefe, Bruyette & Woods boosted their price target on PJT Partners from $161.00 to $199.00 and gave the stock a "market perform" rating in a research note on Monday, July 14th. Wolfe Research reiterated an "underperform" rating on shares of PJT Partners in a research report on Thursday, July 10th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $174.67.

Insider Activity

In other PJT Partners news, Director Grace Reksten Skaugen sold 1,504 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were 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 approximately $88,445. This represents a 75.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel David Adam Travin sold 2,288 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $178.06, for a total transaction of $407,401.28. The disclosure for this sale can be found here. Insiders have sold 23,792 shares of company stock worth $3,686,825 over the last three months. 11.75% of the stock is currently owned by corporate insiders.

About PJT Partners

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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