Verition Fund Management LLC Decreases Stock Holdings in PJT Partners Inc. (NYSE:PJT)

Verition Fund Management LLC trimmed its position in shares of PJT Partners Inc. (NYSE:PJT) by 35.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,342 shares of the financial services provider’s stock after selling 3,538 shares during the period. Verition Fund Management LLC’s holdings in PJT Partners were worth $846,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PJT. Point72 Asset Management L.P. bought a new position in PJT Partners during the 2nd quarter valued at approximately $13,803,000. Congress Asset Management Co. increased its stake in shares of PJT Partners by 29.6% during the third quarter. Congress Asset Management Co. now owns 317,974 shares of the financial services provider’s stock valued at $42,399,000 after buying an additional 72,582 shares during the period. Marshall Wace LLP bought a new position in shares of PJT Partners during the second quarter valued at approximately $5,801,000. Champlain Investment Partners LLC lifted its stake in PJT Partners by 7.4% in the third quarter. Champlain Investment Partners LLC now owns 594,359 shares of the financial services provider’s stock worth $79,252,000 after acquiring an additional 41,119 shares during the period. Finally, FMR LLC increased its position in PJT Partners by 10.9% during the 3rd quarter. FMR LLC now owns 417,271 shares of the financial services provider’s stock valued at $55,639,000 after purchasing an additional 41,007 shares during the period. 89.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other PJT Partners news, Director Kenneth C. Whitney sold 1,725 shares of PJT Partners stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $159.75, for a total value of $275,568.75. Following the completion of the sale, the director now owns 9,100 shares of the company’s stock, valued at approximately $1,453,725. This trade represents a 15.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Costos sold 1,500 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $161.41, for a total value of $242,115.00. Following the transaction, the director now directly owns 9,360 shares in the company, valued at approximately $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. Insiders have sold a total of 4,766 shares of company stock worth $762,980 in the last quarter. Corporate insiders own 11.71% of the company’s stock.

PJT Partners Price Performance

NYSE:PJT opened at $158.71 on Tuesday. PJT Partners Inc. has a one year low of $88.51 and a one year high of $168.92. The company’s 50-day simple moving average is $150.78 and its 200 day simple moving average is $129.15. The firm has a market capitalization of $3.76 billion, a P/E ratio of 40.28 and a beta of 0.65.

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

PJT Partners Announces Dividend

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 given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Wednesday, December 4th. PJT Partners’s dividend payout ratio is presently 25.38%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PJT. UBS Group raised shares of PJT Partners from a “sell” rating to a “neutral” rating and lifted their target price for the company from $130.00 to $175.00 in a research note on Friday. JMP Securities upped their target price on PJT Partners from $142.00 to $150.00 and gave the stock a “market outperform” rating in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $134.80.

About PJT Partners

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.