PJT Partners Inc. $PJT Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP reduced its PJT Partners stake by 84% in the second quarter, selling 17,242 shares and retaining 3,285 shares valued at approximately $496,000. Institutional investors collectively own 89.23% of the company.
• PJT Partners reported quarterly earnings of $1.97 per share, beating estimates of $1.57, while revenue rose 19.5% year over year to $486.29 million, above expectations.
• The company paid a quarterly dividend of $0.25, equivalent to a $1.00 annualized dividend and a 0.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $177.50.

Engineers Gate Manager LP decreased its stake in PJT Partners Inc. (NYSE:PJT - Free Report) by 84.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,285 shares of the financial services provider's stock after selling 17,242 shares during the period. Engineers Gate Manager LP's holdings in PJT Partners were worth $496,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Compass Financial Management LLC acquired a new position in PJT Partners during the 2nd quarter worth approximately $32,000. Versant Capital Management Inc raised its stake in shares of PJT Partners by 73.3% during the second quarter. Versant Capital Management Inc now owns 234 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 99 shares during the period. Allworth Financial LP lifted its position in shares of PJT Partners by 85.8% during the fourth 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 acquired a new position in shares of PJT Partners during the first quarter worth $50,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake 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 valued at $86,000 after purchasing an additional 491 shares during the period. Institutional investors and hedge funds own 89.23% of the company's stock.

PJT Partners Stock Down 0.5%

Shares of PJT Partners stock opened at $149.51 on Thursday. The firm has a market cap of $3.82 billion, a P/E ratio of 20.45 and a beta of 0.84. PJT Partners Inc. has a fifty-two week low of $127.73 and a fifty-two week high of $195.62. The business has a 50-day moving average price of $169.77 and a 200 day moving average price of $157.79.

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

PJT Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, September 2nd. PJT Partners's payout ratio is currently 13.68%.

Insider Buying and Selling at PJT Partners

In other PJT Partners news, Director Kievdi Cornwell sold 7,845 shares of the business'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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James Costos sold 1,723 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $175.00, for a total transaction of $301,525.00. Following the sale, the director directly owned 11,289 shares in the company, valued at $1,975,575. This trade represents a 13.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 11,951 shares of company stock worth $2,061,681 in the last ninety days. 10.98% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PJT shares. Zacks Research raised shares of PJT Partners from a "strong sell" rating to a "hold" rating in a research note on Monday, June 29th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of PJT Partners in a research report on Wednesday, August 26th. UBS Group restated a "neutral" rating and set a $176.00 price objective on shares of PJT Partners in a research note on Wednesday, July 29th. 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 research report on Monday, August 3rd. 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 research note on Wednesday, July 29th. Three equities 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 company. According to MarketBeat, PJT Partners has an average 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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