PJT Partners (NYSE:PJT) Posts Earnings Results, Beats Expectations By $0.18 EPS

Key Points

• PJT Partners reported earnings of $1.54 per share for the quarter, exceeding the consensus estimate of $1.11 by $0.43.
• The firm declared a quarterly dividend of $0.25 per share, representing a 0.56% annual yield.
• Several large investors have increased their holdings in PJT Partners, with 89.23% of the stock now owned by institutional investors.

PJT Partners (NYSE:PJT - Get Free Report) announced its earnings results on Tuesday. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.18, Zacks reports. PJT Partners had a net margin of 10.45% and a return on equity of 25.47%. The business had revenue of $731.09 billion during the quarter, compared to the consensus estimate of $343.11 million. During the same quarter last year, the firm earned $1.19 earnings per share. The business's revenue for the quarter was up 13.0% on a year-over-year basis.

PJT Partners Stock Performance

Shares of PJT Partners stock traded up $0.47 on Friday, hitting $179.09. 314,089 shares of the company's stock were exchanged, compared to its average volume of 276,536. The company has a 50-day simple moving average of $165.43 and a 200-day simple moving average of $155.01. The stock has a market capitalization of $4.38 billion, a PE ratio of 30.77 and a beta of 0.77. PJT Partners has a 1 year low of $116.06 and a 1 year high of $190.27.

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 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 is Wednesday, September 3rd. PJT Partners's dividend payout ratio (DPR) is currently 17.18%.

Insider Buying and Selling at PJT Partners

In other news, Director Kievdi Don Cornwell sold 10,403 shares of PJT Partners stock in a transaction on 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 transaction, the director owned 8,847 shares in the company, valued at $1,329,615.63. This trade represents a 54.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel David Adam Travin sold 2,288 shares of PJT Partners stock in a transaction on 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 22,288 shares of company stock worth $3,420,783 in the last quarter. Corporate insiders own 11.75% of the company's stock.

Institutional Trading of PJT Partners

Several institutional investors and hedge funds have recently modified their holdings of PJT. Royal Bank of Canada raised its position in shares of PJT Partners by 45.7% during the 1st quarter. Royal Bank of Canada now owns 11,471 shares of the financial services provider's stock valued at $1,581,000 after purchasing an additional 3,596 shares during the period. AQR Capital Management LLC raised its position in shares of PJT Partners by 57.7% during 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of PJT Partners by 4.7% during 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 period. Millennium Management LLC lifted its stake 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 worth $7,247,000 after purchasing an additional 49,046 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of PJT Partners by 5.6% during the first 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 in the last quarter. 89.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Wolfe Research reaffirmed an "underperform" rating on shares of PJT Partners in a research note on Thursday, July 10th. Keefe, Bruyette & Woods increased their price target 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. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $174.67.

PJT Partners Company 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.