California State Teachers Retirement System Reduces Stake in PJT Partners Inc. $PJT

Key Points

• California State Teachers Retirement System reduced its PJT Partners stake by 8.3% in the second quarter, selling 2,306 shares and retaining 25,575 shares valued at approximately $3.86 million. Institutional investors collectively own 89.23% of the company.
• PJT Partners reported stronger-than-expected 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.
• The stock fell 3.2% to $155.63, while analysts maintained a consensus “Hold” rating with a $177.50 price target. Directors have sold shares recently, including $2.06 million worth over the past three months.

California State Teachers Retirement System cut its holdings in shares of PJT Partners Inc. (NYSE:PJT - Free Report) by 8.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,575 shares of the financial services provider's stock after selling 2,306 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of PJT Partners worth $3,860,291 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its position in shares of PJT Partners by 1.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,563 shares of the financial services provider's stock valued at $930,000 after acquiring an additional 64 shares during the period. New Age Alpha Advisors LLC raised its position in PJT Partners by 6.9% in the fourth quarter. New Age Alpha Advisors LLC now owns 1,203 shares of the financial services provider's stock valued at $201,000 after purchasing an additional 78 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of PJT Partners by 1.4% in the 4th quarter. HighTower Advisors LLC now owns 5,661 shares of the financial services provider's stock valued at $946,000 after acquiring an additional 78 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of PJT Partners by 73.3% during the 2nd quarter. Versant Capital Management Inc now owns 234 shares of the financial services provider's stock worth $35,000 after buying an additional 99 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its holdings in shares of PJT Partners by 0.7% during the 4th quarter. Gamco Investors INC. ET AL now owns 13,870 shares of the financial services provider's stock worth $2,319,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 89.23% of the company's stock.

Insider Buying and Selling

In other news, Director James Costos sold 1,723 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $175.00, for a total value of $301,525.00. Following the completion of the sale, the director owned 11,289 shares of the company's stock, valued at $1,975,575. This represents a 13.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Grace Skaugen sold 1,283 shares of the firm's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $167.67, for a total transaction of $215,120.61. Following the transaction, the director directly owned 500 shares in the company, valued at approximately $83,835. The trade was a 71.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 11,951 shares of company stock worth $2,061,681. 10.98% of the stock is currently owned by corporate insiders.

PJT Partners Stock Down 3.2%

NYSE:PJT traded down $5.16 during trading hours on Tuesday, hitting $155.63. 136,886 shares of the company's stock traded hands, compared to its average volume of 390,258. The firm has a market cap of $3.98 billion, a P/E ratio of 21.31 and a beta of 0.84. The business's fifty day simple moving average is $171.17 and its two-hundred day simple moving average is $157.63. PJT Partners Inc. has a 52 week low of $127.73 and a 52 week high of $195.62.

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

PJT Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. PJT Partners's payout ratio is currently 13.68%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of PJT Partners in a research report on Wednesday, August 26th. Wall Street Zen downgraded shares of PJT Partners from a "buy" rating to a "hold" rating in a research note on Saturday, August 29th. UBS Group reaffirmed a "neutral" rating and issued a $176.00 price target on shares of PJT Partners in a report on Wednesday, July 29th. Zacks Research upgraded shares of PJT Partners from a "strong sell" rating to a "hold" rating in a research note on Monday, June 29th. Finally, Keefe, Bruyette & Woods increased their target price on PJT Partners from $185.00 to $195.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $177.50.

PJT Partners Profile

PJT Partners, Inc is a global advisory-focused investment banking firm that provides strategic and financial advice to corporations, institutions, financial sponsors and governments. Its services include mergers and acquisitions, strategic planning, capital structure advice, capital raising, shareholder engagement and other complex financial matters.

The company operates through several specialized businesses, including strategic advisory, restructuring and special situations, private capital advisory, and shareholder advisory.

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