Massachusetts Financial Services Co. MA lessened its holdings in StepStone Group Inc. (NASDAQ:STEP - Free Report) by 52.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 461,037 shares of the company's stock after selling 506,763 shares during the period. Massachusetts Financial Services Co. MA owned 0.39% of StepStone Group worth $29,585,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of StepStone Group by 4.0% in the third quarter. Vanguard Group Inc. now owns 7,721,468 shares of the company's stock valued at $504,289,000 after purchasing an additional 296,378 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of StepStone Group by 65.2% during the third quarter. Wellington Management Group LLP now owns 5,723,073 shares of the company's stock valued at $373,774,000 after buying an additional 2,257,880 shares during the period. Invesco Ltd. lifted its stake in shares of StepStone Group by 2.4% during the third quarter. Invesco Ltd. now owns 4,138,979 shares of the company's stock valued at $270,317,000 after buying an additional 95,339 shares during the period. Capital World Investors lifted its stake in shares of StepStone Group by 3.6% during the third quarter. Capital World Investors now owns 2,961,976 shares of the company's stock valued at $193,447,000 after buying an additional 102,585 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of StepStone Group by 3.2% during the third quarter. Alliancebernstein L.P. now owns 1,217,860 shares of the company's stock valued at $79,538,000 after buying an additional 37,679 shares during the period. Hedge funds and other institutional investors own 55.54% of the company's stock.
Insider Buying and Selling
In related news, CEO Scott W. Hart sold 10,000 shares of the company's stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $72.52, for a total transaction of $725,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 16.47% of the company's stock.
StepStone Group Stock Performance
Shares of STEP stock opened at $54.58 on Thursday. StepStone Group Inc. has a one year low of $40.58 and a one year high of $77.79. The company has a 50 day moving average price of $49.35 and a 200 day moving average price of $59.87. The firm has a market capitalization of $6.50 billion, a price-to-earnings ratio of -7.86 and a beta of 1.32.
StepStone Group (NASDAQ:STEP - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.60 by $0.05. StepStone Group had a negative net margin of 30.66% and a positive return on equity of 31.44%. The firm had revenue of $241.13 million during the quarter, compared to analyst estimates of $363.92 million. During the same quarter in the prior year, the business posted $0.44 earnings per share. StepStone Group's revenue for the quarter was up 102.7% compared to the same quarter last year. As a group, equities analysts forecast that StepStone Group Inc. will post 1.82 EPS for the current fiscal year.
StepStone Group declared that its Board of Directors has approved a stock repurchase program on Monday, March 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to buy up to 1.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.
StepStone Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were given 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 yield of 2.1%. StepStone Group's dividend payout ratio is -16.14%.
Analyst Ratings Changes
Several equities analysts recently issued reports on STEP shares. Evercore set a $73.00 price objective on shares of StepStone Group in a research note on Friday, February 6th. Weiss Ratings reissued a "sell (d+)" rating on shares of StepStone Group in a research note on Thursday, January 22nd. Zacks Research downgraded shares of StepStone Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 10th. Wall Street Zen raised shares of StepStone Group from a "sell" rating to a "hold" rating in a research note on Saturday, January 10th. Finally, Barclays upped their price objective on shares of StepStone Group from $55.00 to $61.00 and gave the company an "overweight" rating in a research note on Wednesday, April 8th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, StepStone Group has a consensus rating of "Moderate Buy" and a consensus target price of $73.50.
Check Out Our Latest Report on StepStone Group
About StepStone Group
(
Free Report)
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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