The Manufacturers Life Insurance Company Reduces Stake in PJT Partners Inc. (NYSE:PJT)

The Manufacturers Life Insurance Company cut its holdings in shares of PJT Partners Inc. (NYSE:PJT) by 2.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 12,846 shares of the financial services provider’s stock after selling 330 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in PJT Partners were worth $1,713,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. SouthState Corp acquired a new position in shares of PJT Partners in the 2nd quarter valued at $26,000. GAMMA Investing LLC raised its position in shares of PJT Partners by 76.4% in the third quarter. GAMMA Investing LLC now owns 337 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 146 shares during the period. KBC Group NV boosted its stake in shares of PJT Partners by 113.0% during the 3rd quarter. KBC Group NV now owns 803 shares of the financial services provider’s stock worth $107,000 after acquiring an additional 426 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of PJT Partners during the 3rd quarter valued at about $213,000. Finally, Prospera Financial Services Inc purchased a new position in shares of PJT Partners in the 3rd quarter valued at about $245,000. 89.23% of the stock is currently owned by institutional investors and hedge funds.

PJT Partners Stock Performance

Shares of PJT opened at $158.71 on Tuesday. The stock has a 50 day moving average price of $150.78 and a 200 day moving average price of $129.15. PJT Partners Inc. has a one year low of $88.51 and a one year high of $168.92. The stock has a market capitalization of $3.76 billion, a price-to-earnings ratio of 40.28 and a beta of 0.65.

PJT Partners (NYSE:PJT) last issued its earnings results on Tuesday, October 29th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. The business had revenue of $326.30 million during the quarter, compared to analysts’ expectations of $313.46 million. PJT Partners had a net margin of 8.03% and a return on equity of 18.79%. The company’s quarterly revenue was up 17.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 earnings per share. On average, analysts predict that PJT Partners Inc. will post 4.4 earnings per share for the current year.

PJT Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.00 annualized dividend and a dividend yield of 0.63%. PJT Partners’s dividend payout ratio is presently 25.38%.

Insider Activity

In other PJT Partners news, General Counsel David Adam Travin sold 1,541 shares of PJT Partners stock in a transaction on Friday, November 8th. The stock was sold at an average price of $159.18, for a total value of $245,296.38. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director James Costos sold 1,500 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $161.41, for a total value of $242,115.00. Following the sale, the director now directly owns 9,360 shares of the company’s stock, valued at $1,510,797.60. The trade was a 13.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,766 shares of company stock valued at $762,980. 11.71% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. UBS Group upgraded PJT Partners from a “sell” rating to a “neutral” rating and increased their price target for the stock from $130.00 to $175.00 in a research report on Friday. JMP Securities increased their target price on PJT Partners from $142.00 to $150.00 and gave the company a “market outperform” rating in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, PJT Partners has an average rating of “Hold” and an average price target of $134.80.

PJT Partners Company 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.