PJT Partners Inc. $PJT Holdings Lowered by Wellington Management Group LLP

Key Points

• Wellington Management reduced its PJT Partners stake by 3.2%, selling 5,919 shares and retaining 180,160 shares worth approximately $27.2 million. Institutional investors collectively own 89.23% of the company.
• PJT Partners reported strong quarterly results, with EPS of $1.97 versus the $1.57 consensus estimate and revenue of $486.29 million, up 19.5% year over year and above expectations.
• Analyst sentiment remains mixed, with three Buy, three Hold, and one Sell rating and a consensus price target of $177.50. The company also declared a quarterly dividend of $0.25 per share, representing a 0.5% yield.

Wellington Management Group LLP decreased its stake in PJT Partners Inc. (NYSE:PJT - Free Report) by 3.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 180,160 shares of the financial services provider's stock after selling 5,919 shares during the quarter. Wellington Management Group LLP owned 0.70% of PJT Partners worth $27,193,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada raised its holdings in shares of PJT Partners by 45.7% during the first quarter. Royal Bank of Canada now owns 11,471 shares of the financial services provider's stock valued at $1,581,000 after acquiring an additional 3,596 shares during the period. AQR Capital Management LLC boosted its stake in PJT Partners by 57.7% in the 1st quarter. AQR Capital Management LLC now owns 7,330 shares of the financial services provider's stock worth $1,011,000 after purchasing an additional 2,681 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in PJT Partners by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,887 shares of the financial services provider's stock worth $1,915,000 after purchasing an additional 620 shares during the period. Millennium Management LLC grew its position in PJT Partners by 1,394.5% during the 1st quarter. Millennium Management LLC now owns 52,563 shares of the financial services provider's stock worth $7,247,000 after purchasing an additional 49,046 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in PJT Partners by 5.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 370,536 shares of the financial services provider's stock worth $51,090,000 after purchasing an additional 19,806 shares in the last quarter. Hedge funds and other institutional investors own 89.23% of the company's stock.

PJT Partners Price Performance

NYSE PJT opened at $183.26 on Friday. PJT Partners Inc. has a fifty-two week low of $127.73 and a fifty-two week high of $195.62. The stock's 50-day moving average is $169.40 and its two-hundred day moving average is $156.69. The firm has a market cap of $4.69 billion, a P/E ratio of 25.07 and a beta of 0.84.

PJT Partners (NYSE:PJT - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.40. PJT Partners had a return on equity of 32.66% and a net margin of 10.57%.The company had revenue of $486.29 million during the quarter, compared to the consensus estimate of $425.28 million. During the same quarter in the prior year, the company posted $1.54 EPS. The firm's revenue was up 19.5% on a year-over-year basis. On average, equities analysts expect that PJT Partners Inc. will post 8 EPS for the current year.

PJT Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. PJT Partners's dividend payout ratio (DPR) is 13.68%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PJT shares. UBS Group restated a "neutral" rating and issued a $176.00 target price on shares of PJT Partners in a report on Wednesday, July 29th. Keefe, Bruyette & Woods upped their price target on PJT Partners from $185.00 to $195.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. Weiss Ratings restated a "hold (c)" rating on shares of PJT Partners in a research report on Wednesday, August 26th. Zacks Research raised PJT Partners from a "strong sell" rating to a "hold" rating in a research note on Monday, June 29th. Finally, BMO Capital Markets upped their target price on PJT Partners from $183.00 to $194.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $177.50.

Insider Buying and Selling

In related news, Director James Costos sold 1,723 shares of the company's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $175.00, for a total transaction of $301,525.00. Following the completion of the sale, the director directly owned 11,289 shares of the company's stock, valued at approximately $1,975,575. This represents a 13.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kievdi Cornwell sold 7,845 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $173.48, for a total transaction of $1,360,950.60. Following the completion of the transaction, the director owned 18,865 shares in the company, valued at $3,272,700.20. The trade was a 29.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 11,951 shares of company stock worth $2,061,681. 10.98% of the stock is currently owned by company insiders.

PJT Partners Company Profile

PJT Partners is a global advisory-focused investment bank that delivers strategic advisory, restructuring and special situations, and capital solutions to corporations, partnerships, and governments. The firm operates through three primary business segments: Strategic Advisory, which covers mergers and acquisitions, shareholder advisory, and capital markets advisory; Restructuring and Special Situations, which provides advice on debt and liability management, distressed mergers and acquisitions, and financial restructurings; and Park Hill, the firm's dedicated capital-raising and secondary advisory business for private equity, real estate, hedge funds, and infrastructure.

The Strategic Advisory practice at PJT Partners assists clients with complex transactions such as cross-border mergers, spin-offs, divestitures, and takeover defenses, drawing on deep industry expertise and global reach.

Want to see what other hedge funds are holding PJT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PJT Partners Inc. (NYSE:PJT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source