Principal Financial Group Inc. Cuts Position in PJT Partners Inc. (NYSE:PJT)

Principal Financial Group Inc. lowered its stake in shares of PJT Partners Inc. (NYSE:PJT) by 2.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,138 shares of the financial services provider’s stock after selling 2,878 shares during the quarter. Principal Financial Group Inc.’s holdings in PJT Partners were worth $14,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in shares of PJT Partners in the 2nd quarter worth $30,000. Fidelis Capital Partners LLC purchased a new stake in PJT Partners during the 1st quarter worth approximately $39,000. EntryPoint Capital LLC lifted its stake in shares of PJT Partners by 27.6% during the first quarter. EntryPoint Capital LLC now owns 1,662 shares of the financial services provider’s stock worth $157,000 after buying an additional 359 shares during the period. Shell Asset Management Co. raised its stake in PJT Partners by 41.0% in the 1st quarter. Shell Asset Management Co. now owns 2,074 shares of the financial services provider’s stock worth $195,000 after acquiring an additional 603 shares during the last quarter. Finally, OLD National Bancorp IN purchased a new stake in PJT Partners during the 2nd quarter valued at about $204,000. Hedge funds and other institutional investors own 89.23% of the company’s stock.

PJT Partners Stock Up 1.8 %

PJT opened at $118.94 on Friday. The firm’s fifty day simple moving average is $119.30 and its two-hundred day simple moving average is $106.72. PJT Partners Inc. has a 52-week low of $71.47 and a 52-week high of $136.90. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 32.77 and a beta of 0.61.

PJT Partners (NYSE:PJT) last issued its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.49. PJT Partners had a net margin of 7.96% and a return on equity of 18.04%. The firm had revenue of $360.00 million for the quarter, compared to analyst estimates of $281.93 million. During the same period last year, the company posted $0.99 EPS. PJT Partners’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, research analysts forecast that PJT Partners Inc. will post 4.35 EPS for the current year.

PJT Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.84%. The ex-dividend date is Wednesday, September 4th. PJT Partners’s payout ratio is 27.55%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PJT. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $128.00 price objective (up from $108.00) on shares of PJT Partners in a research note on Wednesday, July 31st. UBS Group lifted their price objective on shares of PJT Partners from $85.00 to $93.00 and gave the company a “sell” rating in a report on Tuesday, July 9th. The Goldman Sachs Group increased their target price on shares of PJT Partners from $115.00 to $132.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Finally, JMP Securities lifted their price target on PJT Partners from $120.00 to $142.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, PJT Partners has an average rating of “Hold” and a consensus target price of $116.80.

Insider Activity at PJT Partners

In other PJT Partners news, insider Ji-Yeun Lee sold 10,000 shares of PJT Partners stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $118.85, for a total transaction of $1,188,500.00. Following the sale, the insider now owns 61,433 shares of the company’s stock, valued at approximately $7,301,312.05. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Ji-Yeun Lee sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $118.85, for a total transaction of $1,188,500.00. Following the completion of the sale, the insider now owns 61,433 shares of the company’s stock, valued at approximately $7,301,312.05. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kievdi Don Cornwell sold 11,586 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $123.49, for a total transaction of $1,430,755.14. Following the completion of the transaction, the director now directly owns 8,339 shares in the company, valued at $1,029,783.11. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,297 shares of company stock valued at $3,092,668. 10.67% of the stock is owned by insiders.

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.