Delta Global Management LP Invests $2.58 Million in StepStone Group Inc. $STEP

Key Points

• Delta Global Management LP opened a new position in StepStone Group, buying 54,000 shares worth about $2.58 million in the first quarter.
• StepStone reported better-than-expected quarterly results, with earnings of $0.57 per share versus $0.51 expected and revenue of $305.84 million versus $292.11 million expected.
• The company also paid a quarterly dividend of $0.28 per share, implying an annualized yield of about 2.6%, while analysts currently rate the stock a Moderate Buy with an average target price of $69.

Delta Global Management LP purchased a new stake in StepStone Group Inc. (NASDAQ:STEP - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 54,000 shares of the company's stock, valued at approximately $2,577,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in STEP. Salomon & Ludwin LLC boosted its holdings in shares of StepStone Group by 105.0% in the 4th quarter. Salomon & Ludwin LLC now owns 414 shares of the company's stock valued at $28,000 after buying an additional 212 shares in the last quarter. Quarry LP boosted its stake in StepStone Group by 155.7% in the third quarter. Quarry LP now owns 514 shares of the company's stock valued at $34,000 after acquiring an additional 313 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of 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 during the last quarter. Spire Wealth Management increased its position in shares of StepStone Group by 60.0% during the fourth quarter. Spire Wealth Management now owns 800 shares of the company's stock worth $51,000 after purchasing an additional 300 shares in the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in shares of StepStone Group in the 2nd quarter valued at about $46,000. Institutional investors and hedge funds own 55.54% of the company's stock.

StepStone Group Trading Up 5.0%

STEP stock opened at $42.61 on Friday. The firm has a 50 day moving average of $45.18 and a 200-day moving average of $52.19. The company has a market cap of $5.09 billion, a price-to-earnings ratio of -6.27 and a beta of 1.31. StepStone Group Inc. has a 12-month low of $38.85 and a 12-month high of $77.79.

StepStone Group (NASDAQ:STEP - Get Free Report) last released its quarterly earnings data on Wednesday, May 20th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.06. The firm had revenue of $305.84 million during the quarter, compared to the consensus estimate of $292.11 million. StepStone Group had a positive return on equity of 37.69% and a negative net margin of 26.88%.StepStone Group's quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business posted $0.68 EPS. Sell-side analysts forecast that StepStone Group Inc. will post 2.54 earnings per share for the current fiscal year.

StepStone Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.28 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.6%. StepStone Group's dividend payout ratio (DPR) is currently -16.47%.

Insider Buying and Selling at StepStone Group

In related news, COO Jose A. Fernandez sold 100,000 shares of the business's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $48.60, for a total value of $4,860,000.00. Following the sale, the chief operating officer directly owned 102,290 shares in the company, valued at $4,971,294. The trade was a 49.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael I. Mccabe acquired 120,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was acquired at an average cost of $41.85 per share, for a total transaction of $5,022,000.00. Following the completion of the purchase, the insider owned 433,178 shares in the company, valued at $18,128,499.30. The trade was a 38.32% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 16.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Evercore reiterated an "outperform" rating and issued a $60.00 price objective on shares of StepStone Group in a research note on Thursday, May 21st. Barclays lowered their target price on shares of StepStone Group from $62.00 to $60.00 and set an "overweight" rating on the stock in a research report on Thursday, July 9th. BMO Capital Markets cut their target price on shares of StepStone Group from $62.00 to $50.00 and set an "outperform" rating on the stock in a report on Monday, July 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of StepStone Group in a research report on Monday, July 20th. Finally, Morgan Stanley decreased their price target on shares of StepStone Group from $72.00 to $63.00 and set an "equal weight" rating for the company in a research note on Tuesday. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $69.00.

StepStone Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source