NEW YORK—Travin David Adam, General Counsel at PJT Partners Inc . (NYSE:PJT), has sold a portion of his holdings in the firm. According to a recent SEC filing, Mr. Adam sold 1,541 shares of Class A common stock on November 8, 2024. The shares were sold at a weighted average price of $159.18, with individual transaction prices ranging from $159.16 to $159.26. The total value of the transaction amounted to $245,296.
Following this sale, Mr. Adam no longer holds any shares of PJT Partners. The shares sold were acquired upon the settlement of a restricted stock unit award previously granted to him.
In other recent news, PJT Partners has reported significant growth in its third-quarter revenue and earnings. The advisory-focused investment bank's Q3 revenue reached a record $326 million, marking a 17% increase compared to the same period last year, while its nine-month revenues soared by 23% to $1.016 billion. Adjusted earnings per share (EPS) for the quarter were up 19% at $0.93, with a nine-month increase of 35% to $3.10.
In addition to strong financial performance, the company's strategic acquisition of deNovo Partners is expected to enhance its Middle East operations. Despite concerns about rising structural costs and headcount growth outpacing revenue growth, PJT Partners remains optimistic about its growth prospects and the M&A environment for 2025.
These developments come alongside the company's declaration of a dividend of $0.25 per share and a strong cash position with no funded debt. With these recent developments, PJT Partners continues to build on its global operations and strategic initiatives.
InvestingPro Insights
The recent sale by PJT Partners' General Counsel comes at a time when the company's stock is performing exceptionally well. According to InvestingPro data, PJT has seen a remarkable 95.63% price total return over the past year, and is currently trading near its 52-week high at 97.46% of that peak. This strong performance is reflected in the company's robust financial metrics, with revenue growth of 21.75% in the last twelve months as of Q3 2024, reaching $1.35 billion.
InvestingPro Tips highlight that PJT has maintained dividend payments for 9 consecutive years, demonstrating a commitment to shareholder returns. The company's profitability is also noteworthy, with a gross profit margin of 95.91% in the last twelve months as of Q3 2024.
While these figures paint a positive picture, investors should note that PJT is trading at a high P/E ratio of 37.72, which may indicate the stock is priced at a premium. This valuation metric, along with 15 additional InvestingPro Tips, provides a more comprehensive view of PJT's investment profile. For those seeking a deeper analysis, InvestingPro offers a wealth of additional insights to inform investment decisions.
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