Klingman & Associates LLC Sells 31,285 Shares of PJT Partners Inc. (NYSE:PJT)

Key Points

• Klingman & Associates LLC reduced its stake in PJT Partners Inc. by 66.8%, now holding just 15,567 shares after selling 31,285 shares in Q1.
• Several institutional investors, including FMR LLC and LPL Financial LLC, increased their holdings in PJT Partners during the fourth quarter, with FMR LLC boosting its stake by 52.8%.
• PJT Partners announced a quarterly dividend of $0.25 per share, with a dividend yield of 0.5%, payable on September 17th.

Klingman & Associates LLC decreased its stake in shares of PJT Partners Inc. (NYSE:PJT - Free Report) by 66.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,567 shares of the financial services provider's stock after selling 31,285 shares during the quarter. Klingman & Associates LLC owned about 0.07% of PJT Partners worth $2,146,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its position in PJT Partners by 1,082.8% during the first quarter. Russell Investments Group Ltd. now owns 686 shares of the financial services provider's stock valued at $95,000 after acquiring an additional 628 shares during the last quarter. HighTower Advisors LLC increased its position in PJT Partners by 1.6% during the first quarter. HighTower Advisors LLC now owns 6,166 shares of the financial services provider's stock valued at $850,000 after acquiring an additional 96 shares during the last quarter. Public Sector Pension Investment Board increased its position in PJT Partners by 27.2% during the first quarter. Public Sector Pension Investment Board now owns 75,206 shares of the financial services provider's stock valued at $10,369,000 after acquiring an additional 16,105 shares during the last quarter. SouthState Corp increased its position in PJT Partners by 126.7% during the first quarter. SouthState Corp now owns 544 shares of the financial services provider's stock valued at $75,000 after acquiring an additional 304 shares during the last quarter. Finally, Nuveen LLC bought a new stake in PJT Partners during the first quarter valued at about $12,587,000. Hedge funds and other institutional investors own 89.23% of the company's stock.

Insider Buying and Selling at PJT Partners

In other PJT Partners news, Director Grace Reksten Skaugen sold 1,504 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $176.89, for a total transaction of $266,042.56. Following the sale, the director directly owned 500 shares in the company, valued at $88,445. This represents a 75.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel David Adam Travin sold 2,288 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $178.06, for a total value of $407,401.28. The disclosure for this sale can be found here. Insiders have sold a total of 23,792 shares of company stock worth $3,686,825 over the last ninety days. Company insiders own 11.75% of the company's stock.

PJT Partners Trading Down 2.2%

Shares of NYSE:PJT traded down $4.07 during mid-day trading on Friday, reaching $179.53. The stock had a trading volume of 223,002 shares, compared to its average volume of 256,335. The company has a market cap of $4.36 billion, a P/E ratio of 30.85 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 business's 50 day moving average price is $172.08 and its 200 day moving average price is $156.41.

PJT Partners (NYSE:PJT - Get Free Report) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.18. The company had revenue of $731.09 billion for the quarter, compared to the consensus estimate of $343.11 million. PJT Partners had a return on equity of 25.61% and a net margin of 10.45%. The firm's revenue for the quarter was up 13.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.19 earnings per share. Analysts predict that PJT Partners Inc. will post 6.2 earnings per share 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. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.00 dividend on an annualized basis and a yield of 0.6%. PJT Partners's dividend payout ratio is 17.18%.

Analyst Ratings Changes

PJT has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted 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. Wolfe Research reissued an "underperform" rating on shares of PJT Partners in a report on Thursday, July 10th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $174.67.

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.