PJT Partners (NYSE:PJT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued 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 equities analysts also recently issued reports on PJT. JMP Securities initiated coverage on PJT Partners in a research report on Monday, September 18th. They issued an “outperform” rating and a $45.00 target price on the stock. Buckingham Research initiated coverage on PJT Partners in a research report on Wednesday. They issued a “neutral” rating and a $51.00 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. PJT Partners currently has a consensus rating of “Hold” and a consensus price target of $47.00.
PJT Partners declared that its board has initiated a stock repurchase plan on Tuesday, October 31st that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc increased its position 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 valued at $175,000 after acquiring an additional 169 shares during the period. SG Americas Securities LLC purchased a new stake in PJT Partners in the third quarter valued at $168,000. UBS Asset Management Americas Inc. purchased a new stake in PJT Partners in the second quarter valued at $213,000. Trexquant Investment LP purchased a new stake in PJT Partners in the third quarter valued at $245,000. Finally, Voya Investment Management LLC boosted its holdings in 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 last quarter. 58.20% of the stock is currently owned by hedge funds and other institutional investors.
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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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