StepStone Group Inc. $STEP Shares Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth increased its StepStone Group stake by 29.5% in the second quarter, acquiring 29,984 additional shares and ending with 131,465 shares worth approximately $5.4 million. Institutional investors collectively own 55.54% of the company.
• StepStone shares were trading at $46.31, down 1.7%, after the company reported quarterly earnings of $0.48 per share, below the $0.50 analyst consensus, and revenue of $300.6 million versus expectations of $309.32 million.
• The company raised its quarterly dividend to $0.33 from $0.28, equivalent to an annualized dividend of $1.32 and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $69.00.

Corient Private Wealth LP grew its holdings in StepStone Group Inc. (NASDAQ:STEP - Free Report) by 29.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,465 shares of the company's stock after buying an additional 29,984 shares during the quarter. Corient Private Wealth LP owned about 0.11% of StepStone Group worth $5,437,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Essential Partners LLC increased its stake in StepStone Group by 17,350.0% in the 1st quarter. Essential Partners LLC now owns 698 shares of the company's stock valued at $33,000 after purchasing an additional 694 shares in the last quarter. Clearstead Advisors LLC boosted its position in shares of StepStone Group by 189.7% in the 4th quarter. Clearstead Advisors LLC now owns 1,683 shares of the company's stock worth $108,000 after buying an additional 1,102 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of StepStone Group by 14.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,790 shares of the company's stock worth $179,000 after buying an additional 347 shares in the last quarter. Nykredit A S acquired a new stake in StepStone Group in the 2nd quarter valued at about $119,000. Finally, Sanctuary Advisors LLC grew its stake in StepStone Group by 8.8% in the 1st quarter. Sanctuary Advisors LLC now owns 4,571 shares of the company's stock valued at $218,000 after acquiring an additional 368 shares during the last quarter. Institutional investors and hedge funds own 55.54% of the company's stock.

StepStone Group Trading Down 1.7%

STEP opened at $46.31 on Friday. The firm's 50 day moving average is $47.53 and its 200-day moving average is $47.83. StepStone Group Inc. has a 52-week low of $38.85 and a 52-week high of $77.79. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $5.53 billion, a P/E ratio of -6.00 and a beta of 1.29.

StepStone Group (NASDAQ:STEP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.48 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.02). The firm had revenue of $300.60 million for 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%. Analysts expect that StepStone Group Inc. will post 2.5 EPS for the current fiscal year.

StepStone Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were paid a $0.33 dividend. This is a boost from StepStone Group's previous quarterly dividend of $0.28. The ex-dividend date was Monday, August 31st. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.9%. StepStone Group's dividend payout ratio (DPR) is currently -17.10%.

Wall Street Analysts Forecast Growth

STEP has been the topic of a number of recent research reports. UBS Group upped their target price on StepStone Group from $63.00 to $69.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Morgan Stanley cut their price target on StepStone Group from $72.00 to $63.00 and set an "equal weight" rating for the company in a report on Tuesday, July 21st. BMO Capital Markets restated an "outperform" rating and issued a $58.00 price objective on shares of StepStone Group in a research report on Friday, August 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of StepStone Group in a research note on Monday, July 20th. Finally, Evercore reiterated an "outperform" rating and set a $56.00 price objective on shares of StepStone Group in a research report on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $69.00.

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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