StepStone Group Inc. $STEP Shares Acquired by Tidal Investments LLC

Key Points

• Tidal Investments increased its StepStone Group stake by 11.8% in the second quarter, bringing its holdings to 314,523 shares valued at approximately $13.0 million. Institutional investors and hedge funds collectively own 55.54% of the company.
• StepStone reported quarterly EPS of $0.48, below the $0.50 analyst consensus, while revenue of $300.6 million also missed estimates of $309.32 million. Shares recently opened at $48.92, within a 52-week range of $38.85 to $77.79.
• The company raised its quarterly dividend from $0.28 to $0.33 per share, implying a 2.7% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $70.56.

Tidal Investments LLC lifted its stake in shares of StepStone Group Inc. (NASDAQ:STEP - Free Report) by 11.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 314,523 shares of the company's stock after acquiring an additional 33,210 shares during the quarter. Tidal Investments LLC owned 0.26% of StepStone Group worth $13,009,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Royal Bank of Canada grew its stake in StepStone Group by 72.6% during the 1st quarter. Royal Bank of Canada now owns 9,135 shares of the company's stock worth $477,000 after purchasing an additional 3,843 shares in the last quarter. AQR Capital Management LLC raised its position in StepStone Group by 6.5% in the 1st quarter. AQR Capital Management LLC now owns 14,904 shares of the company's stock valued at $778,000 after purchasing an additional 908 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of StepStone Group by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,602 shares of the company's stock valued at $2,068,000 after buying an additional 2,238 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of StepStone Group by 21.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 357,281 shares of the company's stock valued at $18,661,000 after buying an additional 63,519 shares during the period. Finally, United Services Automobile Association acquired a new position in shares of StepStone Group during the first quarter worth about $209,000. 55.54% of the stock is currently owned by institutional investors and hedge funds.

StepStone Group Price Performance

Shares of NASDAQ STEP opened at $48.92 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.19 and a current ratio of 0.19. StepStone Group Inc. has a fifty-two week low of $38.85 and a fifty-two week high of $77.79. The firm has a market capitalization of $5.84 billion, a PE ratio of -6.34 and a beta of 1.29. The stock's 50-day simple moving average is $47.00 and its 200-day simple moving average is $47.72.

StepStone Group (NASDAQ:STEP - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.48 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.02). The business had revenue of $300.60 million during the quarter, compared to analyst estimates of $309.32 million. StepStone Group had a negative net margin of 30.53% and a positive return on equity of 43.38%. As a group, equities research analysts forecast that StepStone Group Inc. will post 2.5 EPS for the current fiscal year.

StepStone Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $0.33 per share. The ex-dividend date is Monday, August 31st. This represents a $1.32 annualized dividend and a dividend yield of 2.7%. This is a boost from StepStone Group's previous quarterly dividend of $0.28. StepStone Group's payout ratio is presently -17.10%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on STEP shares. BMO Capital Markets restated an "outperform" rating and set a $58.00 target price on shares of StepStone Group in a research note on Friday, August 7th. 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, July 21st. Barclays boosted their price target on shares of StepStone Group from $60.00 to $62.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Wall Street Zen downgraded shares of StepStone Group from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, Royal Bank Of Canada initiated coverage on shares of StepStone Group in a research report on Wednesday. They set an "outperform" rating and a $65.00 price objective for the company. Eight 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, StepStone Group presently has a consensus rating of "Moderate Buy" and an average price target of $70.56.

StepStone Group Profile

StepStone Group, Inc is a global investment firm focused on the private markets. The company designs and manages investment programs for institutional investors, family offices, private wealth clients and other organizations seeking access to private-market opportunities.

Its activities include investing in and managing portfolios of private equity, venture capital, private debt, real estate and infrastructure investments. StepStone provides customized portfolios, primary fund investments, secondary-market transactions, co-investments and advisory services across these asset classes.

Founded in 2013, StepStone serves clients through a global network of offices and investment professionals.

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