StepStone Group Inc. $STEP Shares Sold by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC reduced its StepStone Group stake by 8.5% in the second quarter, selling 23,982 shares and retaining 258,252 shares worth approximately $10.7 million. Institutional investors collectively own 55.54% of the company.
• StepStone’s latest quarterly results fell short of expectations, with EPS of $0.48 versus a $0.50 consensus estimate and revenue of $300.6 million versus $309.32 million expected.
• The company increased its quarterly dividend from $0.28 to $0.33 per share, implying a $1.32 annualized payout and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $70.56.

Squarepoint Ops LLC lessened its holdings in shares of StepStone Group Inc. (NASDAQ:STEP - Free Report) by 8.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 258,252 shares of the company's stock after selling 23,982 shares during the period. Squarepoint Ops LLC owned 0.22% of StepStone Group worth $10,681,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Arizona State Retirement System increased its holdings in shares of StepStone Group by 2.5% in the second quarter. Arizona State Retirement System now owns 19,903 shares of the company's stock valued at $823,000 after purchasing an additional 484 shares during the last quarter. Nykredit A S acquired a new position in StepStone Group during the second quarter worth $119,000. Corient Private Wealth LP grew its holdings in StepStone Group by 29.5% in the 2nd quarter. Corient Private Wealth LP now owns 131,465 shares of the company's stock valued at $5,437,000 after buying an additional 29,984 shares in the last quarter. California State Teachers Retirement System grew its holdings in StepStone Group by 3,976.8% in the 2nd quarter. California State Teachers Retirement System now owns 3,415,757 shares of the company's stock valued at $141,276,000 after buying an additional 3,331,971 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of StepStone Group in the 2nd quarter worth $21,752,000. Institutional investors and hedge funds own 55.54% of the company's stock.

StepStone Group Price Performance

Shares of STEP opened at $49.94 on Thursday. The firm has a 50-day simple moving average of $46.68 and a two-hundred day simple moving average of $47.71. The stock has a market cap of $5.96 billion, a PE ratio of -6.47 and a beta of 1.29. StepStone Group Inc. has a 1-year low of $38.85 and a 1-year high of $77.79. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.19 and a quick ratio of 0.19.

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

StepStone Group Increases Dividend

The company also recently declared 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. This is an increase from StepStone Group's previous quarterly dividend of $0.28. This represents a $1.32 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Monday, August 31st. StepStone Group's dividend payout ratio (DPR) is -17.10%.

Wall Street Analyst Weigh In

Several research firms have recently commented on STEP. Evercore reiterated an "outperform" rating and set a $56.00 price target on shares of StepStone Group in a report on Friday, August 7th. BMO Capital Markets reissued an "outperform" rating and issued a $58.00 price objective on shares of StepStone Group in a report on Friday, August 7th. Morgan Stanley cut their price objective on shares of StepStone Group from $72.00 to $63.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 21st. UBS Group lifted their target price on shares of StepStone Group from $63.00 to $69.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Finally, Oppenheimer decreased their target price on shares of StepStone Group from $90.00 to $88.00 and set an "outperform" rating on the stock in a report on Thursday, August 27th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, StepStone Group currently has an average rating of "Moderate Buy" and an average price target of $70.56.

About StepStone Group

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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