Zacks Investment Research upgraded shares of PJT Partners (NYSE:PJT) from a sell rating to a hold rating in a research note released on Thursday.
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. “
Several other research firms have also recently weighed in on PJT. Buckingham Research started coverage on shares of PJT Partners in a research report on Wednesday. They set a neutral rating and a $51.00 price objective on the stock. JMP Securities started coverage on shares of PJT Partners in a research report on Monday, September 18th. They set an outperform rating and a $45.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $47.00.
PJT Partners declared that its board has authorized a stock repurchase program on Tuesday, October 31st that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 20th. Shareholders of record on Wednesday, December 6th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.43%. The ex-dividend date was Tuesday, December 5th. PJT Partners’s payout ratio is 33.90%.
Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in PJT Partners during the 3rd quarter worth approximately $168,000. Legal & General Group Plc grew its position in PJT Partners by 4.0% during the 2nd quarter. Legal & General Group Plc now owns 4,375 shares of the financial services provider’s stock worth $175,000 after purchasing an additional 169 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new position in PJT Partners during the 2nd quarter worth approximately $213,000. Trexquant Investment LP purchased a new position in PJT Partners during the 3rd quarter worth approximately $245,000. Finally, Archford Capital Strategies LLC grew its position in PJT Partners by 85,486.4% during the 2nd quarter. Archford Capital Strategies LLC now owns 18,829 shares of the financial services provider’s stock worth $300,000 after purchasing an additional 18,807 shares in the last quarter. Hedge funds and other institutional investors own 58.20% of the company’s stock.
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About PJT Partners
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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