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PJT · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is PJT Partners Inc. (PJT) stock moving?
PJT reported weak third-quarter 2026 results on Nov 3: revenue fell 14% to $385.1M, adjusted EPS fell to $1.41 from $1.85, and both missed consensus estimates ($1.50 EPS, $431.5M revenue). The decline was driven by lower Strategic Advisory, Restructuring and Private Capital Solutions revenue, partly offset by higher primary fundraising. Adjusted pretax margin compressed to 18.8% from 21.0%, and the compensation ratio improved only modestly to 66.5% from 67.5%. Offsetting these points, nine-month revenue, pretax income and EPS were all records, the balance sheet holds a record $766M in cash and short-term investments with no funded debt, and about $739M remains under the buyback authorization. Management said it remains highly confident in future growth. KBW kept a Market Perform rating and trimmed its price target to $155 from $159. The stock fell 4.5% to $146.59 on Nov 3, rebounded to $158.12 on Nov 4, then eased back and closed at $154.51 on Nov 10, close to the KBW target. Volume peaked at 698K shares on Nov 2 and 519K on Nov 3, and has since trended down to about 240K to 300K shares a day, so the post-earnings move has been calmer. A senior departure to Guggenheim adds minor talent-retention noise. Overall, the quarterly miss weighs on near-term sentiment, while the strong balance sheet and record nine-month results support the longer view.
News behind the analysis
- PJT Partners Q3 Adj. EPS $1.41 Misses $1.50 Estimate, Sales $385.120M Miss $431.529M EstimateThird-quarter adjusted EPS of $1.41 and revenue of $385.1M both fell short of consensus estimates of $1.50 and $431.5M.
- PJT Partners Reports Third Quarter 2026 Financial Results and Declares Quarterly DividendQ3 revenue fell 14% to $385.1M and adjusted EPS fell 24% to $1.41, while nine-month revenue reached a record $1.29B. The company also declared a $0.25 quarterly dividend.
- Keefe, Bruyette & Woods Maintains Market Perform on PJT Partners, Lowers Price Target to $155KBW kept its Market Perform rating and cut its price target from $159 to $155 after the quarter.
- Keefe, Bruyette & Woods Lowers Price Target for PJT PartnersKBW reduced its PJT price target to $155 from $159 per share.
- Rafael Schnitzler Departs PJT Partners for Guggenheim SecuritiesFormer PJT Managing Director Rafael Schnitzler, from the Strategic Advisory Group, joined Guggenheim Securities as a Senior Managing Director.
- PJT Partners Q3 2026 Earnings Call TranscriptTranscript of the third-quarter 2026 earnings call, held on Tuesday, Nov 3.
- PJT Partners CEO Says "We Remain Highly Confident In Our Future Growth Prospects"Chairman and CEO Paul Taubman said the company is investing to expand its footprint and market share and remains confident in growth.
- PJT Partners Ends Q3 With Record $766M Cash & Short-Term Investments, No Funded DebtThe firm ended the quarter with record cash and short-term investments of $766M and no funded debt.
- PJT Partners Repurchased 0.2M Shares In Q3 At Avg $156.74; $739M Remaining Under AuthorisationPJT bought back about 0.2M shares in Q3 at an average price of $156.74, leaving $739M under its repurchase authorization.
- PJT Partners Q3 Adj. Pretax Income $72.4M, Down 23% YoY; Adj. Pretax Margin 18.8% Vs 21.0%Adjusted pretax income fell 23% year over year to $72.4M, and the adjusted pretax margin compressed to 18.8% from 21.0%.
About PJT Partners Inc.
PJT Partners is a New York-based investment bank that only gives advice. It doesn't lend money or trade securities. It was spun off from Blackstone in 2015, is led by founder Paul Taubman, and is widely ranked No. 1 for restructuring advice (helping companies in financial trouble).
How it makes money
PJT earns fees for advising clients, mostly when a deal closes. It has three main businesses: Strategic Advisory (mergers, acquisitions and capital markets advice, plus shareholder-relations advice through PJT Camberview); Restructuring & Special Situations (helping distressed companies and their lenders); and PJT Park Hill (raising money for private funds and handling deals in private capital). Revenue was about $1.7 billion in 2025, and about $1.29 billion in the first nine months of 2026. Pay for its bankers takes about two-thirds of revenue. The company has no funded debt.
What usually moves PJT
- M&A deal volumes and how quickly deals close
- Corporate defaults and demand for restructuring
- Private equity and private credit fundraising
- Hiring and keeping senior partners
- Uneven quarterly fees that depend on when deals close