PJT Partners (NYSE:PJT) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• Q1 beat and strong cash position: PJT reported adjusted EPS of $1.54 (beat by $0.07) with revenue up ~29% to $418M and adjusted pre‑tax income up 49%; the firm repurchased ~$244M this quarter, announced an $800M buyback, declared a $0.25 quarterly dividend, and finished the quarter with ~ $388M cash and no debt.
• Business momentum: Strategic Advisory delivered record results with mandate count up ~15% year‑over‑year and a record pre‑announced revenue pipeline, while Restructuring and Park Hill saw elevated liability‑management and private capital/secondaries activity.
• Margin and cost headwinds: Management expects adjusted compensation of ~66.5% of revenue and ~12% growth in non‑comp expenses for 2026, a higher effective tax rate (~20.5%), and near‑term AI/infrastructure investments that could pressure margins.

PJT Partners (NYSE:PJT - Get Free Report) posted its earnings results on Tuesday. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts' consensus estimates of $1.47 by $0.07, FiscalAI reports. PJT Partners had a net margin of 10.51% and a return on equity of 31.69%. The firm's revenue for the quarter was up 28.9% on a year-over-year basis. During the same period last year, the firm posted $1.05 EPS.

Here are the key takeaways from PJT Partners' conference call:

• Record Q1 financials: Revenues were $418 million (+29%), adjusted pre-tax income was $84 million (+49%) and adjusted as‑converted EPS was $1.54 (+47%); the firm repurchased ~$244 million of stock in Q1, announced a new $800 million buyback program and declared a $0.25 quarterly dividend, ending the quarter with ~ $388 million cash and no debt.
• Strategic Advisory momentum: The business delivered record performance, with mandate count up ~15% year‑over‑year and pre‑announced revenue pipeline at record levels, suggesting strong deal origination despite market volatility.
• Restructuring and PJT Park Hill strength: Restructuring revenues were comfortably above last year as liability‑management demand remains elevated, while PJT Park Hill saw significant growth in Private Capital Solutions and robust secondaries activity offsetting weaker primary fundraising.
• Cost and tax headwinds: Management expects adjusted compensation at ~66.5% of revenues and non‑comp expenses to grow ~12% for 2026; the effective tax rate rose to ~20.5% and near‑term AI and infrastructure investments could further increase expenses, putting pressure on margins.

PJT Partners Trading Down 1.1%

Shares of PJT traded down $1.76 on Tuesday, reaching $154.05. 24,590 shares of the company's stock traded hands, compared to its average volume of 347,055. The stock's 50 day simple moving average is $145.35 and its two-hundred day simple moving average is $162.38. The stock has a market cap of $3.72 billion, a PE ratio of 23.20 and a beta of 0.88. PJT Partners has a 52-week low of $127.73 and a 52-week high of $195.62.

PJT Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, March 4th. PJT Partners's dividend payout ratio (DPR) is presently 15.06%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PJT. Royal Bank of Canada raised its stake 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 worth $1,581,000 after purchasing an additional 3,596 shares during the period. AQR Capital Management LLC grew its position in PJT Partners by 57.7% during the first quarter. AQR Capital Management LLC now owns 7,330 shares of the financial services provider's stock valued at $1,011,000 after buying an additional 2,681 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in PJT Partners by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,887 shares of the financial services provider's stock worth $1,915,000 after buying an additional 620 shares during the last quarter. Millennium Management LLC increased its holdings in PJT Partners by 1,394.5% during the first quarter. Millennium Management LLC now owns 52,563 shares of the financial services provider's stock worth $7,247,000 after buying an additional 49,046 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in PJT Partners by 5.6% in the first quarter. Goldman Sachs Group Inc. now owns 370,536 shares of the financial services provider's stock worth $51,090,000 after acquiring an additional 19,806 shares during the period. Institutional investors own 89.23% of the company's stock.

Analyst Ratings Changes

PJT has been the subject of a number of recent research reports. Zacks Research lowered PJT Partners from a "strong-buy" rating to a "hold" rating in a report on Monday, January 5th. Keefe, Bruyette & Woods raised PJT Partners from a "market perform" rating to an "outperform" rating and cut their target price for the company from $180.00 to $166.00 in a research report on Wednesday, April 8th. UBS Group upped their price target on PJT Partners from $151.00 to $152.00 and gave the stock a "neutral" rating in a report on Wednesday, April 8th. The Goldman Sachs Group raised PJT Partners from a "neutral" rating to a "buy" rating and set a $170.00 price target for the company in a research report on Wednesday, April 1st. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of PJT Partners in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, PJT Partners currently has an average rating of "Hold" and a consensus price target of $170.50.

About PJT Partners

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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