StepStone Group (NASDAQ:STEP) Research Coverage Started at UBS Group

UBS Group assumed coverage on shares of StepStone Group (NASDAQ:STEP) in a research note released on Thursday morning, MarketBeat reports. The firm issued a buy rating and a $60.00 target price on the stock.

A number of other analysts have also weighed in on STEP. Oppenheimer dropped their price objective on StepStone Group from $105.00 to $104.00 and set an “outperform” rating for the company in a research note on Monday, February 9th. Evercore set a $73.00 target price on shares of StepStone Group in a research note on Friday, February 6th. JPMorgan Chase & Co. upped their price target on shares of StepStone Group from $84.00 to $91.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Wall Street Zen raised shares of StepStone Group from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, BMO Capital Markets cut their price target on shares of StepStone Group from $70.00 to $58.00 and set an “outperform” rating on the stock in a report on Tuesday, March 24th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.50.

StepStone Group Price Performance

Shares of STEP stock opened at $47.05 on Thursday. StepStone Group has a 52 week low of $40.07 and a 52 week high of $77.79. The firm has a 50 day moving average of $52.68 and a 200-day moving average of $60.77. The company has a market cap of $5.61 billion, a price-to-earnings ratio of -6.78 and a beta of 1.32.

StepStone Group (NASDAQ:STEP) last issued its earnings results on Thursday, February 5th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. The company had revenue of $241.13 million during the quarter, compared to analysts’ expectations of $363.92 million. StepStone Group had a positive return on equity of 31.44% and a negative net margin of 30.66%.StepStone Group’s quarterly revenue was up 102.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.44 EPS. Analysts anticipate that StepStone Group will post 1.82 earnings per share for the current year.

StepStone Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $1.12 annualized dividend and a dividend yield of 2.4%. StepStone Group’s payout ratio is -16.14%.

StepStone Group declared that its board has initiated a stock buyback plan on Monday, March 9th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 1.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at StepStone Group

In related news, CEO Scott W. Hart sold 10,000 shares of the firm’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $72.52, for a total value of $725,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 16.47% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC lifted its position in shares of StepStone Group by 105.0% in the 4th quarter. Salomon & Ludwin LLC now owns 414 shares of the company’s stock worth $28,000 after purchasing an additional 212 shares during the period. Aster Capital Management DIFC Ltd boosted its stake in shares of StepStone Group by 2,285.7% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 501 shares of the company’s stock valued at $33,000 after purchasing an additional 480 shares in the last quarter. Quarry LP increased its position in shares of StepStone Group by 155.7% during the third quarter. Quarry LP now owns 514 shares of the company’s stock valued at $34,000 after buying an additional 313 shares during the period. Fifth Third Bancorp raised its stake in StepStone Group by 58.6% in the fourth quarter. Fifth Third Bancorp now owns 544 shares of the company’s stock worth $35,000 after buying an additional 201 shares in the last quarter. Finally, Clearstead Advisors LLC raised its stake in StepStone Group by 127.8% in the third quarter. Clearstead Advisors LLC now owns 581 shares of the company’s stock worth $38,000 after buying an additional 326 shares in the last quarter. 55.54% of the stock is owned by hedge funds and other institutional investors.

About StepStone Group

StepStone Group is a global private markets investment firm that provides specialized investment solutions across private equity, private credit and real assets. The firm offers customized portfolios, secondary interests, direct co-investments and tailored advisory services to institutional investors worldwide. StepStone’s integrated research and data analytics platform supports its investment teams in sourcing opportunities and monitoring portfolio companies.

Founded in 2007 as an independent private markets specialist, the company has grown its presence through both organic expansion and strategic partnerships.