Prudential Financial Inc. Purchases New Holdings in PJT Partners Inc. (PJT)
Prudential Financial Inc. bought a new position in PJT Partners Inc. (NYSE:PJT) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 55,420 shares of the financial services provider’s stock, valued at approximately $2,123,000. Prudential Financial Inc. owned 0.30% of PJT Partners as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. IFP Advisors Inc boosted its holdings in shares of PJT Partners by 15.7% in the 2nd quarter. IFP Advisors Inc now owns 2,688 shares of the financial services provider’s stock worth $108,000 after purchasing an additional 365 shares during the period. Legal & General Group Plc boosted its holdings in shares of PJT Partners by 4.0% in 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 during the period. Bronfman E.L. Rothschild L.P. boosted its holdings in shares of PJT Partners by 1.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,559 shares of the financial services provider’s stock worth $183,000 after purchasing an additional 59 shares during the period. UBS Asset Management Americas Inc. purchased a new position in shares of PJT Partners in the 2nd quarter worth approximately $213,000. Finally, Strs Ohio boosted its holdings in shares of PJT Partners by 6.5% in the 2nd quarter. Strs Ohio now owns 6,600 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 400 shares during the period. Hedge funds and other institutional investors own 58.20% of the company’s stock.
Shares of PJT Partners Inc. (NYSE:PJT) traded down $0.52 during mid-day trading on Wednesday, hitting $43.90. The company had a trading volume of 60,000 shares, compared to its average volume of 100,613. PJT Partners Inc. has a 52-week low of $28.84 and a 52-week high of $45.63. The company has a market cap of $826.00, a price-to-earnings ratio of 30.63, a P/E/G ratio of 1.83 and a beta of 0.46.
PJT Partners announced that its Board of Directors has initiated a share buyback program on Tuesday, October 31st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Wednesday, December 6th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Tuesday, December 5th. PJT Partners’s dividend payout ratio is currently 33.90%.
A number of equities research analysts recently issued reports on PJT shares. Zacks Investment Research lowered PJT Partners from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. BidaskClub lowered PJT Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Finally, JMP Securities started coverage on PJT Partners in a research note on Monday, September 18th. They set an “outperform” rating and a $45.00 price target for the company.
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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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