PJT Partners (PJT) Downgraded to Sell at Zacks Investment Research

PJT Partners (NYSE:PJT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

According to Zacks, “PJT Partners Inc. is a financial advisory firm. The Company offers strategic advisory, restructuring and reorganization, fund placement and funds advisory services to corporations, financial sponsors, institutional investors and governments. PJT Partners Inc. is based in NEW YORK, United States. “

A number of other analysts have also recently weighed in on the stock. Bank of America increased their price objective on shares of PJT Partners from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, April 12th. Sandler O’Neill cut shares of PJT Partners from a “buy” rating to a “hold” rating and set a $57.00 price objective on the stock. in a report on Thursday, April 12th. They noted that the move was a valuation call. Finally, ValuEngine raised shares of PJT Partners from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $54.80.

PJT stock opened at $53.88 on Tuesday. PJT Partners has a fifty-two week low of $54.00 and a fifty-two week high of $54.53. The stock has a market capitalization of $1.11 billion, a P/E ratio of 34.99 and a beta of 0.33.

PJT Partners (NYSE:PJT) last released its quarterly earnings data on Wednesday, May 2nd. The financial services provider reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.18). PJT Partners had a positive return on equity of 44.79% and a negative net margin of 5.59%. The firm had revenue of $134.04 million during the quarter. analysts expect that PJT Partners will post 2.22 earnings per share for the current year.

In related news, Chairman Paul J. Taubman bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 4th. The stock was purchased at an average price of $51.15 per share, for a total transaction of $51,150.00. Following the transaction, the chairman now directly owns 451,000 shares of the company’s stock, valued at approximately $23,068,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel James W. Cuminale sold 2,816 shares of the stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $48.05, for a total transaction of $135,308.80. Following the completion of the transaction, the general counsel now owns 49,502 shares of the company’s stock, valued at approximately $2,378,571.10. The disclosure for this sale can be found here. Corporate insiders own 8.01% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in PJT. Eagle Asset Management Inc. grew its position in PJT Partners by 149.3% in the 1st quarter. Eagle Asset Management Inc. now owns 306,386 shares of the financial services provider’s stock valued at $15,349,000 after buying an additional 183,473 shares in the last quarter. Dimensional Fund Advisors LP grew its position in PJT Partners by 45.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 342,572 shares of the financial services provider’s stock valued at $17,163,000 after buying an additional 106,287 shares in the last quarter. Monarch Partners Asset Management LLC bought a new position in PJT Partners in the 1st quarter valued at about $3,200,000. University of Notre Dame DU Lac grew its position in PJT Partners by 46.9% in the 4th quarter. University of Notre Dame DU Lac now owns 181,949 shares of the financial services provider’s stock valued at $8,297,000 after buying an additional 58,091 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. grew its position in PJT Partners by 298.2% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 65,734 shares of the financial services provider’s stock valued at $2,997,000 after buying an additional 49,225 shares in the last quarter. Hedge funds and other institutional investors own 59.98% of the company’s stock.

PJT Partners Company Profile

PJT Partners Inc provides various strategic advisory, restructuring and special situations, and private fund advisory and placement services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers a range of financial advisory and transaction execution capability, including mergers and acquisitions, joint ventures, minority investments, asset swaps, divestitures, takeover defenses, corporate finance advisory, private placements, and distressed sales.

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