StepStone Group (NASDAQ:STEP) Sets New 12-Month Low – Here’s What Happened

Shares of StepStone Group Inc. (NASDAQ:STEP) hit a new 52-week low on Thursday . The stock traded as low as $38.85 and last traded at $39.2610, with a volume of 964163 shares traded. The stock had previously closed at $40.65.

Analysts Set New Price Targets

Several analysts recently weighed in on STEP shares. Oppenheimer decreased their price objective on StepStone Group from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, May 21st. UBS Group assumed coverage on shares of StepStone Group in a report on Thursday, April 2nd. They issued a “buy” rating and a $60.00 price target for the company. Weiss Ratings cut shares of StepStone Group from a “sell (d)” rating to a “sell (d-)” rating in a research report on Wednesday, April 22nd. Barclays increased their price objective on shares of StepStone Group from $61.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. Finally, BMO Capital Markets boosted their price objective on shares of StepStone Group from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, May 21st. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $71.88.

StepStone Group Price Performance

The firm’s fifty day simple moving average is $49.03 and its 200 day simple moving average is $54.75. The company has a market capitalization of $4.66 billion, a PE ratio of -5.74 and a beta of 1.31.

StepStone Group (NASDAQ:STEP) last announced its quarterly earnings results on Wednesday, May 20th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.06. StepStone Group had a negative net margin of 26.88% and a positive return on equity of 37.69%. The firm had revenue of $305.84 million for the quarter, compared to the consensus estimate of $292.11 million. During the same period in the prior year, the firm posted $0.68 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts anticipate that StepStone Group Inc. will post 2.57 EPS for the current fiscal year.

StepStone Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.28 per share. The ex-dividend date was Monday, June 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.9%. StepStone Group’s dividend payout ratio is currently -16.47%.

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

Insiders Place Their Bets

In other StepStone Group news, COO Jose A. Fernandez sold 2,290 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $42.64, for a total value of $97,645.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael I. Mccabe acquired 120,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was purchased at an average cost of $41.85 per share, with a total value of $5,022,000.00. Following the acquisition, the insider directly owned 433,178 shares of the company’s stock, valued at $18,128,499.30. This trade represents a 38.32% increase in their position. The SEC filing for this purchase provides additional information. 16.47% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On StepStone Group

Several large investors have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in StepStone Group by 13.1% in the 4th quarter. GAMMA Investing LLC now owns 1,413 shares of the company’s stock valued at $91,000 after buying an additional 164 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of StepStone Group by 1.2% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 16,895 shares of the company’s stock worth $806,000 after purchasing an additional 200 shares during the period. Fifth Third Bancorp lifted its stake in StepStone Group by 58.6% during the fourth quarter. Fifth Third Bancorp now owns 544 shares of the company’s stock worth $35,000 after purchasing an additional 201 shares in the last quarter. Salomon & Ludwin LLC boosted its position in shares of StepStone Group by 105.0% during the fourth quarter. Salomon & Ludwin LLC now owns 414 shares of the company’s stock worth $28,000 after buying an additional 212 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of StepStone Group by 1.2% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,234 shares of the company’s stock valued at $870,000 after buying an additional 213 shares during the period. Institutional investors and hedge funds own 55.54% of the company’s stock.

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.