PJT Partners Inc. $PJT Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its PJT Partners stake by 8.3% in the first quarter, selling 28,787 shares and retaining 316,011 shares valued at approximately $44.2 million. Institutional investors collectively own 89.23% of the company.
• PJT Partners reported a strong quarter, with EPS of $1.97 versus the $1.57 consensus and revenue of $486.29 million, up 19.5% year over year and above estimates.
• Analyst sentiment improved, with BMO Capital Markets and Keefe, Bruyette & Woods raising their price targets to $194 and $195, respectively. Despite these upgrades, the overall consensus rating remains “Hold”, with an average target price of $177.50.

Bank of America Corp DE decreased its stake in PJT Partners Inc. (NYSE:PJT - Free Report) by 8.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 316,011 shares of the financial services provider's stock after selling 28,787 shares during the period. Bank of America Corp DE owned approximately 1.22% of PJT Partners worth $44,153,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Allworth Financial LP increased its position in PJT Partners by 85.8% during the 4th quarter. Allworth Financial LP now owns 288 shares of the financial services provider's stock worth $48,000 after purchasing an additional 133 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in PJT Partners during the first quarter worth approximately $50,000. State of Wyoming acquired a new position in PJT Partners in the second quarter valued at $63,000. Kestra Advisory Services LLC acquired a new position in shares of PJT Partners in the 4th quarter valued at about $65,000. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of PJT Partners by 2,338.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 512 shares of the financial services provider's stock worth $86,000 after acquiring an additional 491 shares in the last quarter. Institutional investors and hedge funds own 89.23% of the company's stock.

Insider Transactions at PJT Partners

In other PJT Partners news, Director Emily K. Rafferty sold 1,100 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $167.35, for a total transaction of $184,085.00. Following the transaction, the director owned 9,568 shares of the company's stock, valued at approximately $1,601,204.80. This trade represents a 10.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Grace Reksten Skaugen sold 1,283 shares of the company's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $167.67, for a total value of $215,120.61. Following the completion of the sale, the director owned 500 shares of the company's stock, valued at $83,835. This trade represents a 71.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 10.98% of the company's stock.

Analyst Ratings Changes

PJT has been the subject of a number of analyst reports. BMO Capital Markets upped their price objective on shares of PJT Partners from $183.00 to $194.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods boosted their target price on shares of PJT Partners from $185.00 to $195.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Wall Street Zen upgraded PJT Partners from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Weiss Ratings reissued a "hold (c)" rating on shares of PJT Partners in a report on Friday, May 29th. Finally, Zacks Research upgraded shares of PJT Partners from a "strong sell" rating to a "hold" rating in a research report on Monday, June 29th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, PJT Partners currently has a consensus rating of "Hold" and an average target price of $177.50.

PJT Partners Price Performance

PJT opened at $170.76 on Thursday. The stock's 50 day moving average price is $162.22 and its 200 day moving average price is $155.44. The stock has a market cap of $4.37 billion, a P/E ratio of 23.36 and a beta of 0.84. PJT Partners Inc. has a 12 month low of $127.73 and a 12 month high of $195.62.

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

PJT Partners Dividend Announcement

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

About PJT Partners

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.

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