Wellington Management Group LLP Sells 255,910 Shares of PJT Partners Inc. $PJT

Key Points

• Wellington Management Group LLP reduced its stake in PJT Partners Inc. by 45.6% during the first quarter, now holding 305,605 shares valued at approximately $42.14 million.
• PJT Partners reported a quarterly earnings per share of $1.54, exceeding analysts' estimates of $1.36 and marking a 13% increase in revenue year-over-year.
• The company also announced a quarterly dividend of $0.25 per share, which translates to an annualized yield of 0.6%, with a payout ratio currently at 17.18%.

Wellington Management Group LLP reduced its stake in shares of PJT Partners Inc. (NYSE:PJT - Free Report) by 45.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 305,605 shares of the financial services provider's stock after selling 255,910 shares during the period. Wellington Management Group LLP owned 1.31% of PJT Partners worth $42,137,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Tidal Investments LLC bought a new position in PJT Partners in the 4th quarter valued at $20,059,000. Nuveen LLC acquired a new stake in PJT Partners during the first quarter worth about $12,587,000. GAMMA Investing LLC grew its holdings in PJT Partners by 18,294.4% in the first quarter. GAMMA Investing LLC now owns 82,039 shares of the financial services provider's stock valued at $11,312,000 after purchasing an additional 81,593 shares during the period. Congress Asset Management Co. lifted its position in 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 worth $66,951,000 after buying an additional 79,894 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in 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 worth $23,438,000 after acquiring an additional 58,656 shares during the last quarter. 89.23% of the stock is owned by hedge funds and other institutional investors.

PJT Partners Stock Performance

Shares of NYSE:PJT traded down $2.60 during midday trading on Friday, hitting $178.82. The company's stock had a trading volume of 296,246 shares, compared to its average volume of 202,151. The stock has a market capitalization of $4.35 billion, a price-to-earnings ratio of 30.73 and a beta of 0.77. The stock's 50 day simple moving average is $177.00 and its 200 day simple moving average is $157.02. PJT Partners Inc. has a fifty-two week low of $116.07 and a fifty-two week high of $190.27.

PJT Partners (NYSE:PJT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The financial services provider reported $1.54 EPS for the quarter, topping 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 for 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. PJT Partners's revenue was up 13.0% compared to the same quarter last year. As a group, analysts anticipate that PJT Partners Inc. will post 6.2 EPS for the current year.

PJT Partners Announces Dividend

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

Insider Buying and Selling

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 transaction, the director directly owned 500 shares of the company's stock, valued at $88,445. The trade was a 75.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel David Adam Travin sold 2,288 shares of the firm's stock in a transaction dated Thursday, July 31st. The shares were 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. 11.75% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

About PJT Partners

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.