PJT Partners Inc. $PJT Shares Sold by Raymond James Financial Inc.

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 holdings in shares of PJT Partners Inc. (NYSE:PJT - Free Report) by 18.7% during the first quarter, according to the company in its most recent disclosure 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 period. Raymond James Financial Inc. owned 1.97% of PJT Partners worth $63,384,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Tidal Investments LLC purchased a new stake in shares of PJT Partners during the fourth quarter valued at $20,059,000. Nuveen LLC purchased a new stake in shares of PJT Partners during the first quarter valued at $12,587,000. GAMMA Investing LLC grew its holdings in shares of PJT Partners by 18,294.4% during the first quarter. GAMMA Investing LLC now owns 82,039 shares of the financial services provider's stock valued at $11,312,000 after buying an additional 81,593 shares during the last quarter. Congress Asset Management Co. grew its holdings in shares of PJT Partners by 19.7% during the first quarter. Congress Asset Management Co. now owns 485,575 shares of the financial services provider's stock valued at $66,951,000 after buying an additional 79,894 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of PJT Partners by 52.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 169,986 shares of the financial services provider's stock valued at $23,438,000 after buying an additional 58,656 shares during the last quarter. 89.23% of the stock is owned by institutional investors and hedge funds.

PJT Partners Trading Down 0.8%

Shares of NYSE PJT traded down $1.36 during trading on Monday, reaching $179.37. 50,242 shares of the company traded hands, compared to its average volume of 275,032. The firm's fifty day simple moving average is $174.36 and its 200 day simple moving average is $156.55. The stock has a market cap of $4.36 billion, a P/E ratio of 30.84 and a beta of 0.77. PJT Partners Inc. has a 12-month low of $116.07 and a 12-month high of $190.27.

PJT Partners (NYSE:PJT - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.18. The business had revenue of $731.09 billion during the quarter, compared to analyst estimates of $343.11 million. PJT Partners had a return on equity of 25.61% and a net margin of 10.45%.The company's revenue was up 13.0% on a year-over-year basis. During the same quarter last year, the business posted $1.19 EPS. As a group, research analysts expect that PJT Partners Inc. will post 6.2 EPS for the current 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 paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 3rd. PJT Partners's dividend payout ratio is presently 17.18%.

Insider Transactions at PJT Partners

In other news, Director Kievdi Don Cornwell sold 10,403 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $150.29, for a total transaction of $1,563,466.87. Following the sale, the director directly owned 8,847 shares of the company's stock, valued at $1,329,615.63. This represents a 54.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel David Adam Travin sold 2,288 shares of the stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $178.06, for a total transaction of $407,401.28. The disclosure for this sale can be found here. Insiders have sold a total of 23,792 shares of company stock valued at $3,686,825 in the last ninety days. 11.75% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PJT shares. Wolfe Research reissued an "underperform" rating on shares of PJT Partners in a report on Thursday, July 10th. Keefe, Bruyette & Woods boosted their price objective on shares of PJT Partners from $161.00 to $199.00 and gave the company a "market perform" rating in a report on Monday, July 14th. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, PJT Partners has a consensus rating of "Reduce" and a consensus price target of $174.67.

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.