PJT Partners (NYSE:PJT) Sets New 52-Week Low on Disappointing Earnings

Posted by Defense World Staff on May 4th, 2023

Shares of PJT Partners Inc. (NYSE:PJT – Get Rating) reached a new 52-week low on Wednesday following a dissappointing earnings announcement. The company traded as low as $61.51 and last traded at $62.53, with a volume of 23213 shares traded. The stock had previously closed at $64.18.

The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.21). PJT Partners had a net margin of 8.83% and a return on equity of 20.24%. The business had revenue of $200.00 million during the quarter, compared to the consensus estimate of $228.56 million. During the same quarter in the previous year, the business posted $1.00 EPS. The company’s revenue for the quarter was down 18.8% on a year-over-year basis.

PJT Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Investors of record on Wednesday, June 7th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Tuesday, June 6th. PJT Partners’s dividend payout ratio (DPR) is 28.49%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. JMP Securities lifted their target price on PJT Partners from $86.00 to $88.00 and gave the stock a “market outperform” rating in a report on Monday, April 10th. StockNews.com initiated coverage on PJT Partners in a research report on Thursday, March 16th. They issued a “hold” rating for the company.

Insider Transactions at PJT Partners

In other news, CFO Helen T. Meates sold 30,000 shares of the company’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $79.88, for a total value of $2,396,400.00. Following the transaction, the chief financial officer now owns 47,741 shares of the company’s stock, valued at $3,813,551.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its holdings in PJT Partners by 133.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 431 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 246 shares during the period. Quantbot Technologies LP bought a new position in shares of PJT Partners during the second quarter valued at $61,000. Glassy Mountain Advisors Inc. purchased a new stake in shares of PJT Partners during the 4th quarter valued at about $71,000. Great West Life Assurance Co. Can bought a new stake in PJT Partners in the 3rd quarter worth approximately $73,000. Finally, Ensign Peak Advisors Inc purchased a new stake in PJT Partners during the third quarter valued at $108,000. 70.29% of the stock is owned by institutional investors.

PJT Partners Stock Performance

The company’s 50-day moving average price is $73.29 and its 200 day moving average price is $75.55. The stock has a market cap of $1.49 billion, a PE ratio of 17.58 and a beta of 0.78.

About PJT Partners

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PJT Partners, Inc is a holding company, which engages in the provision of advisory-investment solutions. It specializes in strategic advisory, shareholder engagement, restructuring and special situations and private fund advisory and placement services to corporations, financial sponsors, institutional investors, and governments.