Goldman Sachs Group Inc. Cuts Stake in PJT Partners Inc. (PJT)
Goldman Sachs Group Inc. cut its position in PJT Partners Inc. (NYSE:PJT) by 55.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,183 shares of the financial services provider’s stock after selling 13,888 shares during the period. Goldman Sachs Group Inc. owned approximately 0.06% of PJT Partners worth $450,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Zacks Investment Management acquired a new position in shares of PJT Partners in the second quarter valued at about $447,000. Voya Investment Management LLC increased its holdings in shares of PJT Partners by 13.3% in the second quarter. Voya Investment Management LLC now owns 8,731 shares of the financial services provider’s stock valued at $351,000 after purchasing an additional 1,026 shares during the period. Dimensional Fund Advisors LP acquired a new position in shares of PJT Partners in the second quarter valued at about $4,954,000. Renaissance Technologies LLC increased its holdings in shares of PJT Partners by 33.6% in the second quarter. Renaissance Technologies LLC now owns 503,900 shares of the financial services provider’s stock valued at $20,267,000 after purchasing an additional 126,700 shares during the period. Finally, EAM Investors LLC acquired a new position in shares of PJT Partners in the second quarter valued at about $2,711,000. 59.19% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently weighed in on the company. BidaskClub lowered PJT Partners from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. JMP Securities started coverage on PJT Partners in a report on Monday, September 18th. They issued an “outperform” rating and a $45.00 price objective on the stock. Finally, Zacks Investment Research downgraded PJT Partners from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Three research analysts have rated the stock with a sell rating and two have issued a buy rating to the company. PJT Partners presently has a consensus rating of “Hold” and an average target price of $45.67.
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Shares of PJT Partners Inc. (PJT) opened at $38.54 on Tuesday. PJT Partners Inc. has a one year low of $28.84 and a one year high of $45.38. The company has a market capitalization of $709.97, a PE ratio of 26.33, a PEG ratio of 1.57 and a beta of 0.36.
PJT Partners announced that its Board of Directors has approved a share repurchase program on Tuesday, October 31st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th will be paid a $0.05 dividend. The ex-dividend date is Tuesday, December 5th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.52%. PJT Partners’s payout ratio is 33.90%.
PJT Partners Profile
PJT Partners Inc is an advisory-focused investment bank. The Company offers an array of strategic advisory, restructuring and special situations and private fund advisory and placement services to corporations, financial sponsors, institutional investors and governments. It provides, through Park Hill Group, private fund advisory and placement services for alternative investment managers, including private equity funds, real estate funds and hedge funds.
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