PJT Partners Inc. $PJT Position Reduced by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its position in shares of PJT Partners Inc. (NYSE:PJT) by 33.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,809 shares of the financial services provider’s stock after selling 4,329 shares during the quarter. State of Alaska Department of Revenue’s holdings in PJT Partners were worth $1,255,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. GK Wealth Management LLC acquired a new stake in shares of PJT Partners in the third quarter valued at approximately $92,000. Congress Asset Management Co. boosted its holdings in PJT Partners by 0.7% during the third quarter. Congress Asset Management Co. now owns 728,580 shares of the financial services provider’s stock worth $103,976,000 after purchasing an additional 5,106 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in PJT Partners during the second quarter worth $412,000. Tidal Investments LLC grew its position in PJT Partners by 3.6% in the second quarter. Tidal Investments LLC now owns 119,193 shares of the financial services provider’s stock valued at $17,991,000 after purchasing an additional 4,147 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new position in PJT Partners in the second quarter valued at $4,604,000. 89.23% of the stock is owned by institutional investors.

PJT Partners Stock Performance

PJT Partners stock opened at $136.78 on Wednesday. The stock has a 50-day simple moving average of $158.77 and a 200 day simple moving average of $158.40. The stock has a market capitalization of $3.50 billion, a P/E ratio of 18.71 and a beta of 0.89. PJT Partners Inc. has a 52 week low of $127.73 and a 52 week high of $195.62.

PJT Partners (NYSE:PJT) last released 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 return on equity of 32.66% and a net margin of 10.57%. The firm had revenue of $486.29 million for the quarter, compared to analyst estimates of $425.28 million. During the same quarter in the prior year, the company earned $1.54 earnings per share. The business’s revenue for the quarter was up 19.5% compared to the same quarter last year. Research analysts forecast that PJT Partners Inc. will post 7.65 earnings per share for the current year.

PJT Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.7%. PJT Partners’s payout ratio is presently 13.68%.

Analysts Set New Price Targets

Several brokerages have issued reports on PJT. BMO Capital Markets reiterated an “outperform” rating on shares of PJT Partners in a research note on Tuesday, October 6th. Wall Street Zen cut shares of PJT Partners from a “buy” rating to a “hold” rating in a research report on Saturday, August 29th. Zacks Research upgraded shares of PJT Partners from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Capital One Financial set a $160.00 price objective on PJT Partners in a report on Tuesday, October 6th. Finally, UBS Group lowered their target price on PJT Partners from $176.00 to $165.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 7th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given 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 $168.33.

Insiders Place Their Bets

In related news, Director Emily Rafferty sold 1,100 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $167.35, for a total value of $184,085.00. Following the sale, the director owned 9,568 shares in the company, valued at approximately $1,601,204.80. This represents a 10.31% 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, Director James Costos sold 1,723 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $175.00, for a total value of $301,525.00. Following the sale, the director directly owned 11,289 shares of the company’s stock, valued at $1,975,575. This represents a 13.24% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 11,951 shares of company stock valued at $2,061,681 over the last 90 days. 10.98% of the stock is owned by insiders.

PJT Partners Company Profile

PJT Partners Inc (NYSE:PJT) is a global, advisory-focused investment banking and financial services firm. The company provides strategic advice to corporations, financial sponsors, institutional investors and other clients on mergers and acquisitions, divestitures, capital raising, liability management and other complex financial matters.

Its businesses also include restructuring and special situations advisory, private capital advisory and placement services, and shareholder engagement and governance advice.