Bank of New York Mellon Corp Reduces Stock Position in PJT Partners Inc. (NYSE:PJT)

Bank of New York Mellon Corp decreased its holdings in PJT Partners Inc. (NYSE:PJT) by 8.3% in the 1st quarter, Holdings Channel reports. The institutional investor owned 231,080 shares of the financial services provider’s stock after selling 21,041 shares during the period. Bank of New York Mellon Corp’s holdings in PJT Partners were worth $31,861,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. raised its position in shares of PJT Partners by 51.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 517 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 176 shares in the last quarter. Amundi grew its stake in shares of PJT Partners by 194.3% in the fourth quarter. Amundi now owns 12,329 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 8,140 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of PJT Partners by 18.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,948 shares of the financial services provider’s stock valued at $939,000 after buying an additional 921 shares during the period. HighTower Advisors LLC lifted its holdings in shares of PJT Partners by 12.3% in the fourth quarter. HighTower Advisors LLC now owns 6,070 shares of the financial services provider’s stock valued at $958,000 after buying an additional 665 shares during the period. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of PJT Partners by 53.6% during the fourth quarter. Commonwealth Equity Services LLC now owns 5,769 shares of the financial services provider’s stock valued at $910,000 after purchasing an additional 2,012 shares during the last quarter. Hedge funds and other institutional investors own 89.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PJT shares. Keefe, Bruyette & Woods upped their target price on PJT Partners from $161.00 to $199.00 and gave the stock a “market perform” rating in a research report on Monday. Wolfe Research restated an “underperform” rating on shares of PJT Partners in a research report on Thursday, July 10th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, PJT Partners presently has an average rating of “Hold” and an average target price of $164.00.

PJT Partners Stock Down 0.8%

NYSE:PJT opened at $178.80 on Wednesday. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of 31.53 and a beta of 0.76. PJT Partners Inc. has a twelve month low of $115.74 and a twelve month high of $190.28. The stock’s 50 day moving average price is $157.14 and its two-hundred day moving average price is $152.81.

PJT Partners (NYSE:PJT) last released its earnings results on Tuesday, April 29th. The financial services provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.11. PJT Partners had a return on equity of 23.81% and a net margin of 10.47%. The firm had revenue of $324.50 million during the quarter, compared to the consensus estimate of $361.26 million. During the same period in the prior year, the company posted $0.98 EPS. The company’s revenue was down 1.5% compared to the same quarter last year. As a group, analysts anticipate that PJT Partners Inc. will post 6.2 earnings per share for the current year.

PJT Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.00 annualized dividend and a yield of 0.56%. PJT Partners’s dividend payout ratio is presently 17.64%.

Insider Transactions at PJT Partners

In other PJT Partners news, Director Kievdi Don Cornwell sold 10,403 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $150.29, for a total value of $1,563,466.87. Following the completion of the sale, the director owned 8,847 shares of the company’s stock, valued at approximately $1,329,615.63. This trade represents a 54.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel David Adam Travin sold 5,000 shares of PJT Partners stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $141.74, for a total value of $708,700.00. Following the transaction, the general counsel directly owned 2,288 shares in the company, valued at approximately $324,301.12. The trade was a 68.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,000 shares of company stock valued at $3,722,082 over the last 90 days. 11.75% of the stock is owned by corporate insiders.

PJT Partners 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.