JPMorgan Chase & Co. Sells 112,570 Shares of StepStone Group Inc. $STEP

Key Points

• JPMorgan Chase & Co. cut its stake in StepStone by 7.6%, selling 112,570 shares and ending the quarter with 1,375,736 shares (about 1.16% of the company) worth roughly $89.85 million.
• StepStone authorized a $100 million share repurchase program (about 1.8% of shares) and recently declared a quarterly dividend of $0.28 per share (annualized $1.12, ~2.4% yield).
• In the latest quarter StepStone beat EPS estimates ($0.65 vs. $0.60) but missed revenue expectations ($241.1M vs. $363.9M) and reported a negative net margin of 30.66%, while analysts' consensus is a "Moderate Buy" with a $78.86 target.

JPMorgan Chase & Co. decreased its position in shares of StepStone Group Inc. (NASDAQ:STEP - Free Report) by 7.6% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,375,736 shares of the company's stock after selling 112,570 shares during the period. JPMorgan Chase & Co. owned about 1.16% of StepStone Group worth $89,849,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd raised its holdings in StepStone Group by 2,285.7% in the third quarter. Aster Capital Management DIFC Ltd now owns 501 shares of the company's stock worth $33,000 after purchasing an additional 480 shares in the last quarter. Quarry LP boosted its holdings in shares of StepStone Group by 155.7% during the 3rd quarter. Quarry LP now owns 514 shares of the company's stock valued at $34,000 after buying an additional 313 shares in the last quarter. Clearstead Advisors LLC grew its position in shares of StepStone Group by 127.8% in the 3rd quarter. Clearstead Advisors LLC now owns 581 shares of the company's stock worth $38,000 after buying an additional 326 shares during the period. Darwin Wealth Management LLC purchased a new stake in shares of StepStone Group in the 2nd quarter worth about $46,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of StepStone Group by 35.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 916 shares of the company's stock worth $60,000 after acquiring an additional 240 shares in the last quarter. Institutional investors own 55.54% of the company's stock.

StepStone Group Stock Up 3.8%

Shares of STEP opened at $46.59 on Wednesday. StepStone Group Inc. has a twelve month low of $40.07 and a twelve month high of $77.79. The company has a market capitalization of $5.55 billion, a P/E ratio of -6.71 and a beta of 1.39. The firm has a 50 day moving average of $59.61 and a 200 day moving average of $62.08.

StepStone Group (NASDAQ:STEP - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.05. The business had revenue of $241.13 million for 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%.The firm's quarterly revenue was up 102.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.44 EPS. On average, sell-side analysts expect that StepStone Group Inc. will post 1.82 EPS for the current year.

StepStone Group announced that its Board of Directors has approved a share repurchase program on Monday, March 9th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

StepStone Group Announces Dividend

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

Insider Activity at StepStone Group

In other StepStone Group news, CEO Scott W. Hart sold 10,000 shares of the business's stock in a transaction dated 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 accessible through the SEC website. 16.47% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on STEP. Wall Street Zen raised shares of StepStone Group from a "sell" rating to a "hold" rating in a research note on Saturday, January 10th. Zacks Research downgraded shares of StepStone Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 10th. Oppenheimer lowered their target price on shares of StepStone Group from $105.00 to $104.00 and set an "outperform" rating for the company in a report on Monday, February 9th. Barclays raised StepStone Group from an "equal weight" rating to an "overweight" rating and dropped their price target for the stock from $67.00 to $55.00 in a research report on Monday, March 2nd. Finally, Evercore set a $73.00 price target on StepStone Group in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, StepStone Group has an average rating of "Moderate Buy" and a consensus target price of $78.86.

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.

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