Sierra Summit Advisors LLC Purchases New Position in PJT Partners Inc. (NYSE:PJT)

Key Points

• Sierra Summit Advisors LLC has acquired a new stake in PJT Partners Inc. worth approximately $578,000 by purchasing 4,195 shares in the first quarter.
• The stock has a market capitalization of $4.31 billion and recently reported earnings of $1.54 EPS, surpassing analysts' expectations.
• PJT Partners also announced a quarterly dividend of $0.25 per share, with an ex-dividend date set for September 3rd.

Sierra Summit Advisors LLC acquired a new position in shares of PJT Partners Inc. (NYSE:PJT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,195 shares of the financial services provider's stock, valued at approximately $578,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc acquired a new stake in PJT Partners in the 1st quarter valued at $30,000. Opal Wealth Advisors LLC acquired a new stake in PJT Partners in the 1st quarter valued at $39,000. Morse Asset Management Inc increased its stake in PJT Partners by 1,640.0% in the 1st 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 during the last quarter. GAMMA Investing LLC increased its stake in PJT Partners by 33.4% in the 1st 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 during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in PJT Partners by 72.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 892 shares of the financial services provider's stock valued at $123,000 after buying an additional 375 shares during the last quarter. 89.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at PJT Partners

In related news, Director Kievdi Don Cornwell sold 10,403 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $150.29, for a total value of $1,563,466.87. Following the transaction, the director owned 8,847 shares in the company, valued at approximately $1,329,615.63. This represents a 54.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Grace Reksten Skaugen sold 1,504 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $176.89, for a total transaction of $266,042.56. Following the completion of the transaction, the director owned 500 shares in the company, valued at approximately $88,445. This trade represents a 75.05% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,792 shares of company stock worth $3,686,825. Insiders own 11.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wolfe Research restated an "underperform" rating on shares of PJT Partners in a research note 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 stock a "market perform" rating in a research note on Monday, July 14th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat, PJT Partners has an average rating of "Hold" and a consensus price target of $174.67.

PJT Partners Trading Up 2.0%

Shares of PJT Partners stock traded up $3.57 during trading on Tuesday, hitting $181.21. 548 shares of the stock were exchanged, compared to its average volume of 279,656. The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of 31.11 and a beta of 0.77. The company has a fifty day moving average price of $169.56 and a 200-day moving average price of $155.81. PJT Partners Inc. has a 1-year low of $116.07 and a 1-year 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, topping the consensus estimate of $1.36 by $0.18. The company had revenue of $731.09 billion for the quarter, compared to analyst estimates of $343.11 million. PJT Partners had a net margin of 10.45% and a return on equity of 25.61%. PJT Partners's revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.19 EPS. Equities research analysts forecast that PJT Partners Inc. will post 6.2 EPS for the current fiscal year.

PJT Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be paid a $0.25 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.00 dividend on an annualized basis and a yield of 0.6%. PJT Partners's dividend payout ratio is 17.18%.

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.