PJT Partners (NYSE:PJT) Downgraded by Zacks Investment Research to “Hold”

PJT Partners (NYSE:PJT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday, Zacks.com reports.

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. “

PJT has been the topic of a number of other reports. Wolfe Research started coverage on PJT Partners in a research report on Wednesday, July 22nd. They issued an “outperform” rating and a $62.00 price target on the stock. JMP Securities dropped their price target on PJT Partners from $59.00 to $57.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 9th. Piper Sandler upped their price objective on PJT Partners from $56.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday, April 29th. Finally, ValuEngine cut PJT Partners from a “hold” rating to a “sell” rating in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $58.00.

Shares of PJT opened at $53.53 on Friday. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average price is $51.46 and its 200-day moving average price is $47.48. PJT Partners has a 52 week low of $23.63 and a 52 week high of $58.00. The stock has a market cap of $1.29 billion, a P/E ratio of 20.99 and a beta of 0.97.

PJT Partners (NYSE:PJT) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.32. PJT Partners had a return on equity of 24.08% and a net margin of 7.50%. The firm had revenue of $232.56 million for the quarter, compared to analysts’ expectations of $169.70 million. On average, equities analysts anticipate that PJT Partners will post 3.21 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PJT. Alliancebernstein L.P. lifted its holdings in shares of PJT Partners by 1,695.2% during the 1st quarter. Alliancebernstein L.P. now owns 732,438 shares of the financial services provider’s stock valued at $31,780,000 after buying an additional 691,638 shares during the period. Philadelphia Financial Management of San Francisco LLC bought a new position in shares of PJT Partners during the 1st quarter valued at $16,194,000. Clearbridge Investments LLC lifted its holdings in shares of PJT Partners by 40.4% during the 1st quarter. Clearbridge Investments LLC now owns 795,894 shares of the financial services provider’s stock valued at $34,534,000 after buying an additional 228,823 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in shares of PJT Partners by 49.4% during the 1st quarter. Frontier Capital Management Co. LLC now owns 440,459 shares of the financial services provider’s stock valued at $19,112,000 after buying an additional 145,669 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in shares of PJT Partners during the 2nd quarter valued at $6,186,000. 64.49% of the stock is currently owned by hedge funds and other institutional investors.

PJT Partners Company Profile

PJT Partners Inc, an investment bank, provides various strategic advisory, shareholder engagement, 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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