Bank of New York Mellon Corp Reduces Holdings in PJT Partners Inc. $PJT

Bank of New York Mellon Corp lessened its position in shares of PJT Partners Inc. (NYSE:PJT) by 12.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 179,396 shares of the financial services provider’s stock after selling 26,221 shares during the quarter. Bank of New York Mellon Corp owned about 0.74% of PJT Partners worth $25,065,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PJT. Illinois Municipal Retirement Fund lifted its stake in shares of PJT Partners by 6.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 13,281 shares of the financial services provider’s stock valued at $1,856,000 after purchasing an additional 794 shares during the last quarter. Roberts Glore & Co. Inc. IL purchased a new stake in shares of PJT Partners in the 1st quarter valued at approximately $291,000. Calamos Wealth Management LLC purchased a new stake in shares of PJT Partners in the 1st quarter valued at approximately $450,000. Calamos Advisors LLC purchased a new stake in shares of PJT Partners in the 1st quarter valued at approximately $450,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of PJT Partners by 15.1% in the 1st quarter. Principal Financial Group Inc. now owns 188,774 shares of the financial services provider’s stock worth $26,376,000 after acquiring an additional 24,735 shares during the last quarter. 89.23% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

PJT Partners Trading Down 0.1%

NYSE:PJT opened at $168.86 on Tuesday. The firm has a market cap of $4.36 billion, a PE ratio of 24.61 and a beta of 0.85. The stock has a fifty day moving average price of $158.47 and a 200 day moving average price of $156.59. PJT Partners Inc. has a 12-month low of $127.73 and a 12-month high of $195.62.

PJT Partners (NYSE:PJT) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.03. The company had revenue of $418.20 million for the quarter, compared to the consensus estimate of $409.38 million. PJT Partners had a return on equity of 32.00% and a net margin of 10.32%.PJT Partners’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.05 EPS. Equities analysts forecast that PJT Partners Inc. will post 7.5 EPS for the current year.

Analysts Set New Price Targets

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