TD Asset Management Inc Buys 12,972 Shares of StepStone Group Inc. $STEP

Key Points

• TD Asset Management Inc increased its holdings in StepStone Group by 35.2%, purchasing an additional 12,972 shares in the second quarter, bringing its total to 49,784 shares valued at approximately $2.76 million.
• StepStone Group recently announced a quarterly dividend of $0.28 per share, a rise from its previous dividend of $0.24, which equates to an annualized yield of 1.8%.
• The company's stock price experienced a 4.2% increase, reaching $63.49, with a market capitalization of $7.39 billion and analysts predicting an average target price of $72.83.

TD Asset Management Inc boosted its holdings in StepStone Group Inc. (NASDAQ:STEP - Free Report) by 35.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,784 shares of the company's stock after purchasing an additional 12,972 shares during the period. TD Asset Management Inc's holdings in StepStone Group were worth $2,763,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in STEP. GAMMA Investing LLC lifted its stake in StepStone Group by 38.5% in the first quarter. GAMMA Investing LLC now owns 1,169 shares of the company's stock worth $61,000 after purchasing an additional 325 shares during the last quarter. CWM LLC increased its position in shares of StepStone Group by 14.0% during the first quarter. CWM LLC now owns 1,600 shares of the company's stock valued at $84,000 after buying an additional 196 shares during the period. Russell Investments Group Ltd. grew its holdings in StepStone Group by 943.5% in the first quarter. Russell Investments Group Ltd. now owns 1,847 shares of the company's stock worth $96,000 after purchasing an additional 1,670 shares during the period. United Services Automobile Association purchased a new stake in StepStone Group in the first quarter worth about $209,000. Finally, Revisor Wealth Management LLC purchased a new stake in StepStone Group in the second quarter worth about $212,000. 55.54% of the stock is owned by institutional investors.

StepStone Group Trading Up 4.2%

StepStone Group stock opened at $63.49 on Wednesday. The firm has a 50-day moving average price of $62.94 and a 200-day moving average price of $58.03. The firm has a market capitalization of $7.39 billion, a PE ratio of -20.61 and a beta of 1.37. StepStone Group Inc. has a 12-month low of $40.07 and a 12-month high of $70.38.

StepStone Group (NASDAQ:STEP - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.02). The firm had revenue of $237.47 million during the quarter, compared to the consensus estimate of $238.99 million. StepStone Group had a positive return on equity of 16.07% and a negative net margin of 17.10%.StepStone Group's revenue was up 95.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.48 EPS. As a group, sell-side analysts predict that StepStone Group Inc. will post 1.82 earnings per share for the current fiscal year.

StepStone Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, August 29th. This is a positive change from StepStone Group's previous quarterly dividend of $0.24. StepStone Group's dividend payout ratio (DPR) is -36.36%.

Insider Transactions at StepStone Group

In related news, CEO Scott W. Hart sold 10,000 shares of StepStone Group stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $64.70, for a total transaction of $647,000.00. Following the completion of the sale, the chief executive officer owned 40,000 shares in the company, valued at $2,588,000. This trade represents a 20.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO David Y. Park sold 1,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $63.26, for a total transaction of $63,260.00. Following the transaction, the chief financial officer directly owned 22,020 shares in the company, valued at $1,392,985.20. This trade represents a 4.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,000 shares of company stock valued at $1,937,460 in the last quarter. 16.47% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

STEP has been the topic of several analyst reports. Barclays set a $70.00 target price on shares of StepStone Group in a research note on Wednesday, October 8th. Morgan Stanley increased their price target on shares of StepStone Group from $61.00 to $66.00 and gave the stock an "equal weight" rating in a research report on Tuesday. BMO Capital Markets initiated coverage on shares of StepStone Group in a research report on Friday, October 3rd. They issued an "outperform" rating and a $74.00 price target on the stock. The Goldman Sachs Group raised shares of StepStone Group from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $64.00 to $83.00 in a research note on Wednesday, September 17th. Finally, Oppenheimer cut their target price on shares of StepStone Group from $84.00 to $83.00 and set an "outperform" rating for the company in a research note on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $72.83.

StepStone Group Company Profile

StepStone Group Inc is a private equity and venture capital firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in private debt, venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, buyout investments in mature and middle market companies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.