PJT Partners (NYSE:PJT) Issues Quarterly Earnings Results

PJT Partners (NYSE:PJT) posted its earnings results on Tuesday. The financial services provider reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.40, FiscalAI reports. The business had revenue of $486.29 million during the quarter, compared to analyst estimates of $425.28 million. PJT Partners had a return on equity of 32.00% and a net margin of 10.32%.The company’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.54 EPS.

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

• Record second-quarter and first-half results: Q2 revenue rose 20% to $486 million, adjusted pre-tax income increased 32% to $106 million, and adjusted EPS climbed 28% to $1.97. First-half revenue, adjusted pre-tax income, and EPS increased 24%, 39%, and 36%, respectively.
• Strategic advisory delivered record revenue, while mandate counts and the pre-announced pipeline reached record levels; mandates were up more than 20% year over year. Management expects strategic advisory to remain the largest dollar contributor to growth if macro conditions remain stable.
• Restructuring also posted record results, supported by sustained demand for liability management and restructuring advice. PJT ranked first in global and U.S. announced and completed restructurings, and management expects activity to remain elevated over the foreseeable future.
• PJT Park Hill revenue increased as strong growth in Private Capital Solutions, particularly secondary transactions, more than offset a challenging primary fundraising market. Management cited favorable secular trends, strong relative performance, and continued investment opportunities in PCS.
• Management expects full-year revenue growth to be below the 24% achieved in the first half, while non-compensation expense growth guidance increased to approximately 14% due to higher travel, professional fees, and AI and technology investments. The CFO transition is planned for October 1, when Arun Kalra will succeed Helen Meates.

PJT Partners Stock Up 0.8%

NYSE PJT opened at $170.18 on Tuesday. PJT Partners has a 52 week low of $127.73 and a 52 week high of $195.62. The company has a market capitalization of $4.39 billion, a P/E ratio of 24.57 and a beta of 0.85. The stock’s 50-day moving average price is $158.47 and its 200-day moving average price is $156.59.

Insider Activity at PJT Partners

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

Hedge Funds Weigh In On PJT Partners

A number of hedge funds have recently made changes to their positions in the business. State of Wyoming purchased a new stake in PJT Partners during the 2nd quarter valued at approximately $63,000. Kestra Advisory Services LLC purchased a new position in PJT Partners during the fourth quarter valued at $65,000. Quadrant Capital Group LLC bought a new stake in PJT Partners in the 3rd quarter valued at $90,000. United Services Automobile Association purchased a new stake in PJT Partners in the 1st quarter worth $212,000. Finally, Cetera Investment Advisers bought a new position in shares of PJT Partners during the 2nd quarter valued at about $239,000. Institutional investors own 89.23% of the company’s stock.

Wall Street Analyst Weigh In

PJT has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of PJT Partners in a research report on Friday, May 29th. Keefe, Bruyette & Woods boosted their price objective on shares of PJT Partners from $175.00 to $185.00 and gave the company an “outperform” rating in a report on Friday, July 10th. UBS Group boosted their target price on shares of PJT Partners from $160.00 to $162.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. The Goldman Sachs Group upgraded PJT Partners from a “neutral” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Wednesday, April 1st. Finally, Zacks Research upgraded PJT Partners from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, PJT Partners currently has an average rating of “Hold” and an average target price of $175.33.

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.