StepStone Group Inc. $STEP Stock Holdings Lifted by Millennium Management LLC

Key Points

• Millennium Management increased its StepStone Group stake by 14.4% in the fourth quarter, adding 561,176 shares to reach 4,456,150 shares valued at about $286 million.
• StepStone reported better-than-expected quarterly earnings, with EPS of $0.57 versus the $0.51 estimate and revenue of $305.84 million, up 3.4% year over year.
• The company also announced a quarterly dividend of $0.28 per share and has an approved $100 million share buyback plan, while analysts currently rate the stock a Moderate Buy with a $71.88 average price target.

Millennium Management LLC raised its position in StepStone Group Inc. (NASDAQ:STEP - Free Report) by 14.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,456,150 shares of the company's stock after purchasing an additional 561,176 shares during the quarter. Millennium Management LLC owned approximately 3.74% of StepStone Group worth $285,951,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STEP. Royal Bank of Canada boosted its stake in shares of 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 acquiring an additional 3,843 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of StepStone Group by 6.5% during the 1st quarter. AQR Capital Management LLC now owns 14,904 shares of the company's stock worth $778,000 after acquiring 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% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,602 shares of the company's stock worth $2,068,000 after acquiring an additional 2,238 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of StepStone Group by 21.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 357,281 shares of the company's stock worth $18,661,000 after acquiring an additional 63,519 shares in the last quarter. Finally, United Services Automobile Association bought a new stake in shares of StepStone Group during the 1st quarter worth about $209,000. Hedge funds and other institutional investors own 55.54% of the company's stock.

StepStone Group Stock Down 5.1%

Shares of NASDAQ:STEP opened at $45.87 on Thursday. The business has a 50 day moving average price of $50.76 and a 200 day moving average price of $56.23. StepStone Group Inc. has a twelve month low of $40.58 and a twelve month high of $77.79. The company has a market cap of $5.47 billion, a price-to-earnings ratio of -6.75 and a beta of 1.29.

StepStone Group (NASDAQ:STEP - Get Free Report) last announced its earnings results on Wednesday, May 20th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.06. StepStone Group had a positive return on equity of 37.69% and a negative net margin of 26.88%.The firm had revenue of $305.84 million during the quarter, compared to the consensus estimate of $292.11 million. During the same quarter in the prior year, the company earned $0.68 EPS. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts anticipate that StepStone Group Inc. will post 2.57 EPS for the current year.

StepStone Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Monday, June 15th. This represents a $1.12 annualized dividend and a yield of 2.4%. StepStone Group's dividend payout ratio is presently -16.47%.

StepStone Group declared that its board has approved a stock repurchase plan on Monday, March 9th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 1.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Evercore reiterated an "outperform" rating and set a $60.00 price target on shares of StepStone Group in a research note on Thursday, May 21st. BMO Capital Markets upped their price target on StepStone Group from $54.00 to $62.00 and gave the stock an "outperform" rating in a research note on Thursday, May 21st. UBS Group assumed coverage on StepStone Group in a research note on Thursday, April 2nd. They set a "buy" rating and a $60.00 price target for the company. Barclays upped their price target on StepStone Group from $61.00 to $62.00 and gave the stock an "overweight" rating in a research note on Thursday, May 21st. Finally, Oppenheimer decreased their price target on StepStone Group from $90.00 to $85.00 and set an "outperform" rating for the company in a research note on Thursday, May 21st. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $71.88.

Insider Activity at StepStone Group

In related news, COO Jose A. Fernandez sold 2,290 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $42.64, for a total transaction of $97,645.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael I. Mccabe purchased 120,000 shares of the business's stock in a transaction on Thursday, June 11th. The stock was purchased at an average cost of $41.85 per share, with a total value of $5,022,000.00. Following the acquisition, the insider owned 433,178 shares in the company, valued at approximately $18,128,499.30. This represents a 38.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 16.47% of the stock is owned by corporate insiders.

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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