TD Asset Management Inc Decreases Holdings in PJT Partners Inc. (NYSE:PJT)

Key Points

• TD Asset Management Inc. has reduced its holdings in PJT Partners Inc. by 17.4%, now owning 10,000 shares valued at approximately $1.38 million.
• Corporate insiders sold a total of 22,288 shares worth around $3.42 million in the last 90 days, with one director reducing their ownership by 54.04%.
• PJT Partners reported a quarterly EPS of $1.54, exceeding analysts' estimates, along with plans to distribute a quarterly dividend of $0.25 on September 17th.

TD Asset Management Inc trimmed its position in shares of PJT Partners Inc. (NYSE:PJT - Free Report) by 17.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,000 shares of the financial services provider's stock after selling 2,100 shares during the period. TD Asset Management Inc's holdings in PJT Partners were worth $1,379,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc purchased a new stake in PJT Partners in the 1st quarter valued at about $30,000. CIBC Private Wealth Group LLC lifted its position in shares of PJT Partners by 112.3% in 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 period. Opal Wealth Advisors LLC purchased a new stake in shares of PJT Partners in the 1st quarter worth approximately $39,000. Morse Asset Management Inc lifted its position in shares of PJT Partners by 1,640.0% in 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 period. Finally, GAMMA Investing LLC lifted its position in shares of PJT Partners by 33.4% in the 1st quarter. GAMMA Investing LLC now owns 595 shares of the financial services provider's stock worth $82,000 after purchasing an additional 149 shares during the period. 89.23% of the stock is currently owned by institutional investors.

PJT Partners Stock Down 0.1%

Shares of NYSE:PJT traded down $0.20 during midday trading on Tuesday, reaching $181.53. The company's stock had a trading volume of 278,370 shares, compared to its average volume of 298,153. The firm has a market capitalization of $4.43 billion, a PE ratio of 31.19 and a beta of 0.77. PJT Partners Inc. has a twelve month low of $116.07 and a twelve month high of $190.27. The stock has a fifty day moving average of $167.38 and a 200 day moving average of $155.44.

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, topping analysts' consensus estimates of $1.36 by $0.18. The firm had revenue of $731.09 billion for the quarter, compared to analyst estimates of $343.11 million. PJT Partners had a net margin of 10.45% and a return on equity of 25.61%. The business's quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.19 earnings per share. Sell-side analysts anticipate that PJT Partners Inc. will post 6.2 earnings per share for the current fiscal year.

PJT Partners Dividend Announcement

The firm 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. The ex-dividend date is Wednesday, September 3rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.6%. PJT Partners's dividend payout ratio is presently 17.18%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, Director Kievdi Don Cornwell sold 10,403 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $150.29, for a total transaction of $1,563,466.87. Following the sale, the director directly owned 8,847 shares of the company's stock, valued at approximately $1,329,615.63. This represents a 54.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel David Adam Travin sold 2,288 shares of the stock in a transaction on 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 sold 22,288 shares of company stock worth $3,420,783 in the last quarter. Company insiders own 11.75% of the company's stock.

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.