Martingale Asset Management L P Decreases Holdings in PJT Partners Inc. $PJT

Key Points

• Martingale Asset Management L P reduced its holdings in PJT Partners by 8.7% to 17,842 shares, valued at approximately $2.46 million, following the sale of 1,710 shares in the first quarter.
• PJT Partners reported a net revenue of $731.09 million for the quarter, which was 13% higher year-over-year, and topped earnings expectations with $1.54 EPS against a consensus estimate of $1.36.
• Recently, the company declared a quarterly dividend of $0.25 per share, resulting in an annualized dividend of $1.00 with a yield of 0.6%.

Martingale Asset Management L P reduced its position in PJT Partners Inc. (NYSE:PJT - Free Report) by 8.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,842 shares of the financial services provider's stock after selling 1,710 shares during the period. Martingale Asset Management L P owned about 0.08% of PJT Partners worth $2,460,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Tidal Investments LLC bought a new stake in PJT Partners in the 4th quarter worth approximately $20,059,000. Nuveen LLC bought a new stake in PJT Partners in the 1st quarter worth approximately $12,587,000. GAMMA Investing LLC grew its position in PJT Partners by 18,294.4% in the 1st quarter. GAMMA Investing LLC now owns 82,039 shares of the financial services provider's stock worth $11,312,000 after purchasing an additional 81,593 shares during the period. Congress Asset Management Co. grew its position in PJT Partners by 19.7% in the 1st quarter. Congress Asset Management Co. now owns 485,575 shares of the financial services provider's stock worth $66,951,000 after purchasing an additional 79,894 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in PJT Partners by 52.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 169,986 shares of the financial services provider's stock worth $23,438,000 after purchasing an additional 58,656 shares during the period. 89.23% of the stock is currently owned by hedge funds and other institutional investors.

PJT Partners Trading Down 1.4%

PJT Partners stock traded down $2.6060 during mid-day trading on Monday, hitting $178.1240. The stock had a trading volume of 140,690 shares, compared to its average volume of 245,035. The firm has a market capitalization of $4.33 billion, a P/E ratio of 30.61 and a beta of 0.77. The firm's 50 day moving average is $174.85 and its 200 day moving average is $156.58. PJT Partners Inc. has a one year low of $116.07 and a one year high of $190.27.

PJT Partners (NYSE:PJT - Get Free Report) last issued its earnings results on Tuesday, July 29th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.18. The company had revenue of $731.09 billion during the quarter, compared to the consensus estimate of $343.11 million. PJT Partners had a net margin of 10.45% and a return on equity of 25.61%. PJT Partners's quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.19 EPS. As a group, equities research analysts forecast that PJT Partners Inc. will post 6.2 earnings per share for the current year.

PJT Partners Announces Dividend

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

Analyst Ratings Changes

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

Insiders Place Their Bets

In other PJT Partners 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 value of $407,401.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $266,042.56. Following the sale, the director owned 500 shares in the company, valued at $88,445. This represents a 75.05% decrease in their ownership of the stock. 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 in the last 90 days. 11.75% of the stock is currently owned by corporate 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.