UBS Group AG Cuts Stake in PJT Partners Inc. $PJT

Key Points

• UBS Group AG sharply reduced its PJT Partners stake by 67.1% in the fourth quarter, selling 83,881 shares and leaving it with 41,158 shares valued at about $6.88 million.
• PJT Partners reported solid quarterly results, with earnings of $1.54 per share and revenue of $418.2 million, both beating analyst expectations. Revenue also rose 28.9% year over year.
• Insider selling and mixed analyst sentiment were also notable: the CFO and general counsel sold shares, while analysts currently rate the stock a consensus “Hold” with an average price target of $173.33.

UBS Group AG lowered its stake in shares of PJT Partners Inc. (NYSE:PJT - Free Report) by 67.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,158 shares of the financial services provider's stock after selling 83,881 shares during the period. UBS Group AG owned about 0.17% of PJT Partners worth $6,882,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Royal Bank of Canada boosted its position in PJT Partners by 45.7% during the first quarter. Royal Bank of Canada now owns 11,471 shares of the financial services provider's stock worth $1,581,000 after acquiring an additional 3,596 shares during the last quarter. AQR Capital Management LLC boosted its holdings in PJT Partners by 57.7% in the 1st quarter. AQR Capital Management LLC now owns 7,330 shares of the financial services provider's stock valued at $1,011,000 after purchasing an additional 2,681 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in PJT Partners by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,887 shares of the financial services provider's stock valued at $1,915,000 after purchasing an additional 620 shares during the last quarter. Millennium Management LLC boosted its holdings in PJT Partners by 1,394.5% in the 1st quarter. Millennium Management LLC now owns 52,563 shares of the financial services provider's stock valued at $7,247,000 after purchasing an additional 49,046 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in PJT Partners by 5.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 370,536 shares of the financial services provider's stock valued at $51,090,000 after purchasing an additional 19,806 shares during the last quarter. Hedge funds and other institutional investors own 89.23% of the company's stock.

Insider Activity at PJT Partners

In related news, CFO Helen T. Meates sold 8,000 shares of the company's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $153.19, for a total transaction of $1,225,520.00. Following the sale, the chief financial officer directly owned 58,466 shares of the company's stock, valued at $8,956,406.54. This represents a 12.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel David Adam Travin sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $152.43, for a total transaction of $457,290.00. Following the sale, the general counsel directly owned 2,052 shares in the company, valued at approximately $312,786.36. The trade was a 59.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 10.98% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PJT shares. UBS Group boosted their target price on shares of PJT Partners from $152.00 to $160.00 and gave the company a "neutral" rating in a report on Wednesday, April 29th. Wall Street Zen lowered shares of PJT Partners from a "buy" rating to a "hold" rating in a report on Saturday, March 7th. The Goldman Sachs Group upgraded shares of PJT Partners from a "neutral" rating to a "buy" rating and set a $170.00 target price on the stock in a report on Wednesday, April 1st. Zacks Research lowered shares of PJT Partners from a "hold" rating to a "strong sell" rating in a report on Friday, May 1st. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of PJT Partners in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $173.33.

PJT Partners Stock Down 2.0%

Shares of PJT opened at $153.79 on Wednesday. PJT Partners Inc. has a fifty-two week low of $127.73 and a fifty-two week high of $195.62. The firm's 50 day moving average price is $146.69 and its 200 day moving average price is $160.16. The company has a market cap of $3.97 billion, a P/E ratio of 22.42 and a beta of 0.86.

PJT Partners (NYSE:PJT - Get Free Report) last announced its earnings results on Tuesday, April 28th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.03. PJT Partners had a net margin of 10.32% and a return on equity of 32.00%. The firm had revenue of $418.20 million for the quarter, compared to the consensus estimate of $409.38 million. During the same period in the prior year, the firm earned $1.05 EPS. The firm's revenue for the quarter was up 28.9% on a year-over-year basis. Research analysts forecast that PJT Partners Inc. will post 7.5 earnings per share for the current year.

PJT Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Wednesday, June 3rd. PJT Partners's dividend payout ratio is presently 14.58%.

PJT Partners Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.