PJT Partners (NYSE:PJT) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of PJT Partners (NYSE:PJT) from a buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “PJT Partners Inc. is a financial advisory firm. The Company offers strategic advisory, restructuring and reorganization, fund placement and funds advisory services to corporations, financial sponsors, institutional investors and governments. PJT Partners Inc. is based in NEW YORK, United States. “

Other research analysts have also recently issued reports about the stock. ValuEngine raised shares of PJT Partners from a sell rating to a hold rating in a research report on Friday, March 27th. JMP Securities reduced their target price on shares of PJT Partners from $59.00 to $57.00 and set a market outperform rating on the stock in a research report on Thursday, April 9th. Finally, Piper Sandler boosted their target price on shares of PJT Partners from $56.00 to $63.00 and gave the stock an overweight rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $58.25.

NYSE PJT opened at $50.24 on Wednesday. The company’s fifty day simple moving average is $52.01 and its 200-day simple moving average is $46.48. PJT Partners has a 52 week low of $23.63 and a 52 week high of $58.00. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 0.30. The stock has a market cap of $1.21 billion, a P/E ratio of 17.69 and a beta of 0.97.

PJT Partners (NYSE:PJT) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.26. PJT Partners had a net margin of 5.99% and a return on equity of 20.97%. The business had revenue of $200.17 million for the quarter, compared to analysts’ expectations of $215.48 million. On average, research analysts expect that PJT Partners will post 2.48 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were issued a $0.05 dividend. The ex-dividend date was Tuesday, June 2nd. This represents a $0.20 annualized dividend and a yield of 0.40%. PJT Partners’s dividend payout ratio is presently 8.30%.

In related news, General Counsel James W. Cuminale sold 13,369 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $49.14, for a total value of $656,952.66. Following the sale, the general counsel now directly owns 25,855 shares of the company’s stock, valued at $1,270,514.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 9.10% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Alliancebernstein L.P. increased its stake in PJT Partners by 1,695.2% during the first quarter. Alliancebernstein L.P. now owns 732,438 shares of the financial services provider’s stock valued at $31,780,000 after purchasing an additional 691,638 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new stake in PJT Partners during the first quarter valued at $16,194,000. Clearbridge Investments LLC increased its stake in PJT Partners by 40.4% during the first quarter. Clearbridge Investments LLC now owns 795,894 shares of the financial services provider’s stock valued at $34,534,000 after purchasing an additional 228,823 shares during the last quarter. Frontier Capital Management Co. LLC increased its stake in PJT Partners by 49.4% during the first quarter. Frontier Capital Management Co. LLC now owns 440,459 shares of the financial services provider’s stock valued at $19,112,000 after purchasing an additional 145,669 shares during the last quarter. Finally, Tudor Investment Corp Et Al increased its stake in PJT Partners by 200.3% during the first quarter. Tudor Investment Corp Et Al now owns 150,148 shares of the financial services provider’s stock valued at $6,515,000 after purchasing an additional 100,148 shares during the last quarter. 64.52% of the stock is currently owned by hedge funds and other institutional investors.

About PJT Partners

PJT Partners Inc, an investment bank, provides various strategic advisory, shareholder engagement, restructuring and special situations, and private fund advisory and placement services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers a range of financial advisory and transaction execution capability, including mergers and acquisitions, joint ventures, minority investments, asset swaps, divestitures, takeover defenses, corporate finance advisory, private placements, and distressed sales.

Recommended Story: Example of operating income, EBIT and EBITDA

Get a free copy of the Zacks research report on PJT Partners (PJT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for PJT Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PJT Partners and related companies with MarketBeat.com's FREE daily email newsletter.