StepStone Group (NASDAQ:STEP) Insider Michael Mccabe Acquires 120,000 Shares

Key Points

• Insider buying: StepStone Group insider Michael Mccabe bought 120,000 shares at an average price of $41.85, a transaction worth about $5.0 million. His ownership increased to 433,178 shares, a 38.32% boost.
• Stock and earnings: The shares were up 0.4% to $42.52, near their 52-week low of $40.58 and well below the 52-week high of $77.79. StepStone recently beat quarterly EPS and revenue estimates, reporting $0.57 EPS on $305.84 million in revenue.
• Shareholder returns and outlook: The company authorized a $100 million buyback and declared a quarterly dividend of $0.28 per share, payable June 30. Analysts remain cautiously positive, with a consensus rating of Moderate Buy and an average target price of $71.88.

StepStone Group Inc. (NASDAQ:STEP - Get Free Report) insider Michael Mccabe acquired 120,000 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were 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 of the company's stock, valued at approximately $18,128,499.30. This represents a 38.32% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink.

StepStone Group Stock Up 0.4%

NASDAQ STEP traded up $0.17 during trading hours on Thursday, hitting $42.52. The company's stock had a trading volume of 1,188,628 shares, compared to its average volume of 1,178,559. StepStone Group Inc. has a twelve month low of $40.58 and a twelve month high of $77.79. The firm has a market capitalization of $5.07 billion, a P/E ratio of -6.25 and a beta of 1.29. The stock has a fifty day moving average of $50.91 and a 200 day moving average of $56.81.

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

StepStone Group announced that its board has initiated a stock buyback program 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 stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

StepStone Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Monday, June 15th. StepStone Group's payout ratio is -16.47%.

Hedge Funds Weigh In On StepStone Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position 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 raised 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 buying an additional 908 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 buying an additional 2,238 shares in the last quarter. Goldman Sachs Group Inc. raised 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 buying an additional 63,519 shares in the last quarter. Finally, United Services Automobile Association purchased a new position in StepStone Group in the 1st quarter valued at approximately $209,000. Institutional investors and hedge funds own 55.54% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. BMO Capital Markets upped their price objective on shares of StepStone Group from $54.00 to $62.00 and gave the stock an "outperform" rating in a research report on Thursday, May 21st. Oppenheimer decreased their target price on shares of StepStone Group from $90.00 to $85.00 and set an "outperform" rating for the company in a research note on Thursday, May 21st. Barclays lifted their price target on StepStone Group from $61.00 to $62.00 and gave the stock an "overweight" rating in a research report on Thursday, May 21st. UBS Group initiated coverage on StepStone Group in a research report on Thursday, April 2nd. They issued a "buy" rating and a $60.00 target price for the company. Finally, Weiss Ratings lowered StepStone Group from a "sell (d)" rating to a "sell (d-)" rating in a research report on Wednesday, April 22nd. Seven 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, the company presently has an average rating of "Moderate Buy" and a consensus target price of $71.88.

StepStone Group Company Profile

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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