Kievdi Don Cornwell Sells 7,845 Shares of PJT Partners (NYSE:PJT) Stock

Key Points

• Director Kievdi Don Cornwell sold 7,845 PJT Partners shares at an average price of $173.48, generating approximately $1.36 million and reducing his ownership by 29.37%.
• PJT Partners reported quarterly EPS of $1.97, beating estimates by $0.40, while revenue rose 19.5% year over year to $486.29 million.
• The company declared a quarterly dividend of $0.25 per share, and analysts’ consensus rating remains “Hold” with an average price target of $177.50.

PJT Partners Inc. (NYSE:PJT - Get Free Report) Director Kievdi Don Cornwell sold 7,845 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $173.48, for a total transaction of $1,360,950.60. Following the completion of the sale, the director owned 18,865 shares of the company's stock, valued at $3,272,700.20. This trade represents a 29.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

PJT Partners Stock Performance

Shares of NYSE:PJT traded up $3.65 during midday trading on Friday, hitting $174.44. The company's stock had a trading volume of 264,227 shares, compared to its average volume of 391,981. The company has a market cap of $4.46 billion, a P/E ratio of 23.86 and a beta of 0.84. PJT Partners Inc. has a 12-month low of $127.73 and a 12-month high of $195.62. The business's 50 day simple moving average is $164.02 and its 200 day simple moving average is $155.26.

PJT Partners (NYSE:PJT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.40. PJT Partners had a net margin of 10.57% and a return on equity of 32.66%. The company had revenue of $486.29 million during the quarter, compared to analysts' expectations of $425.28 million. During the same quarter in the prior year, the company earned $1.54 EPS. PJT Partners's revenue was up 19.5% compared to the same quarter last year. On average, sell-side analysts predict that PJT Partners Inc. will post 8 earnings per share for the current fiscal year.

PJT Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.00 dividend on an annualized basis and a yield of 0.6%. PJT Partners's payout ratio is 13.68%.

Analysts Set New Price Targets

PJT has been the subject of a number of recent research reports. Zacks Research raised PJT Partners from a "strong sell" rating to a "hold" rating in a research note on Monday, June 29th. Keefe, Bruyette & Woods boosted their price target on shares of PJT Partners from $185.00 to $195.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. UBS Group reissued a "neutral" rating and issued a $176.00 price objective on shares of PJT Partners in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of PJT Partners from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Finally, BMO Capital Markets raised their price objective on shares of PJT Partners from $183.00 to $194.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $177.50.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Nykredit A S acquired a new stake in PJT Partners during the second quarter worth $209,000. B. Metzler seel. Sohn & Co. AG lifted its stake in shares of PJT Partners by 247.7% in the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 13,430 shares of the financial services provider's stock valued at $2,027,000 after purchasing an additional 9,568 shares during the last quarter. Grandeur Peak Global Advisors LLC lifted its stake in shares of PJT Partners by 12.0% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 57,926 shares of the financial services provider's stock valued at $8,743,000 after purchasing an additional 6,216 shares during the last quarter. Compass Financial Management LLC purchased a new position in shares of PJT Partners during the 2nd quarter worth $36,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of PJT Partners during the 2nd quarter worth $28,397,000. 89.23% of the stock is currently owned by hedge funds and other institutional investors.

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.

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