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NEW YORK - PJT Partners Inc . (NYSE:PJT) reported second-quarter adjusted earnings of $1.54 per share on Tuesday, surpassing analyst expectations of $1.36 per share.
The investment bank posted record quarterly revenue of $406.9 million, exceeding the consensus estimate of $379.17 million and representing a 13% increase from the same period last year.
The company’s strong performance was driven primarily by growth in strategic advisory fees, which rose 15% YoY to $354.5 million. This increase more than offset an 8% decline in placement fees. Total (EPA:TTEF) adjusted pretax income reached $80.1 million, up 22% from the prior year.
"Our firm delivered record setting second quarter and first half results," said Paul J. Taubman, Chairman and Chief Executive Officer. "We continue to invest for the long term as we build a firm grounded in excellence, integrity, and an unwavering commitment to client service. As before, we remain highly confident in our future growth prospects."
The company maintained a strong balance sheet with $318 million in cash and short-term investments and no funded debt as of June 30. During the quarter, PJT Partners repurchased 642,000 shares and share equivalents at an average price of $136.43 per share. For the first half of 2025, the company repurchased 2.1 million shares at an average price of $154.63.
The Board of Directors declared a quarterly dividend of $0.25 per share of Class A common stock, payable on September 17 to shareholders of record as of September 3.
For the six-month period, PJT Partners reported revenue of $731.4 million, up 6% from the first half of 2024, with adjusted earnings of $2.59 per share, representing a 19% increase YoY.
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