Raymond James Financial Inc. Trims Stock Position in PJT Partners Inc. $PJT

Key Points

• Raymond James Financial Inc. reduced its stake in PJT Partners Inc. by 18.7%, holding approximately $63.38 million worth of shares after selling 105,478 shares in the first quarter.
• The company reported a quarterly earnings per share (EPS) of $1.54, surpassing analysts' estimates and reflecting a 13% revenue increase compared to the previous year.
• PJT Partners announced a quarterly dividend of $0.25 per share, indicating an annualized yield of 0.6%, with a payout ratio of 17.18%.

Raymond James Financial Inc. cut its position in PJT Partners Inc. (NYSE:PJT - Free Report) by 18.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 459,706 shares of the financial services provider's stock after selling 105,478 shares during the quarter. Raymond James Financial Inc. owned 1.97% of PJT Partners worth $63,384,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Versant Capital Management Inc acquired a new stake in shares of PJT Partners in the first quarter valued at $30,000. Opal Wealth Advisors LLC acquired a new stake in shares of PJT Partners in the first quarter valued at $39,000. Morse Asset Management Inc grew its stake in shares of PJT Partners by 1,640.0% in the first quarter. Morse Asset Management Inc now owns 435 shares of the financial services provider's stock valued at $60,000 after buying an additional 410 shares in the last quarter. SouthState Corp grew its stake in shares of PJT Partners by 126.7% in the first quarter. SouthState Corp now owns 544 shares of the financial services provider's stock valued at $75,000 after buying an additional 304 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of PJT Partners by 33.4% in the first quarter. GAMMA Investing LLC now owns 595 shares of the financial services provider's stock valued at $82,000 after buying an additional 149 shares in the last quarter. 89.23% of the stock is owned by institutional investors and hedge funds.

PJT Partners Trading Up 2.2%

Shares of PJT Partners stock traded up $3.85 on Tuesday, hitting $181.86. The stock had a trading volume of 174,516 shares, compared to its average volume of 235,938. PJT Partners Inc. has a 52-week low of $116.07 and a 52-week high of $190.27. The stock has a market cap of $4.42 billion, a price-to-earnings ratio of 31.25 and a beta of 0.77. The company's 50 day moving average price is $175.43 and its 200 day moving average price is $156.76.

PJT Partners (NYSE:PJT - Get Free Report) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.18. PJT Partners had a return on equity of 25.61% and a net margin of 10.45%.The business had revenue of $731.09 billion during the quarter, compared to the consensus estimate of $343.11 million. During the same period in the previous year, the business earned $1.19 EPS. The business's quarterly revenue was up 13.0% on a year-over-year basis. Analysts predict that PJT Partners Inc. will post 6.2 EPS for the current fiscal year.

PJT Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, September 3rd. PJT Partners's payout ratio is presently 17.18%.

Analyst Ratings Changes

PJT has been the subject of a number of research reports. Wolfe Research reaffirmed an "underperform" rating on shares of PJT Partners in a research note on Thursday, July 10th. Keefe, Bruyette & Woods boosted their target price on PJT Partners from $161.00 to $199.00 and gave the stock a "market perform" rating in a research note on Monday, July 14th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, PJT Partners has a consensus rating of "Reduce" and an average target price of $174.67.

Insider Activity

In other news, Director Grace Reksten Skaugen sold 1,504 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $176.89, for a total value of $266,042.56. Following the completion of the sale, the director directly owned 500 shares of the company's stock, valued at approximately $88,445. The trade was a 75.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel David Adam Travin sold 2,288 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $178.06, for a total value of $407,401.28. The disclosure for this sale can be found here. In the last three months, insiders sold 23,792 shares of company stock valued at $3,686,825. Insiders own 11.75% of the company's stock.

PJT Partners Profile

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.