StepStone Group Inc. Plans Quarterly Dividend of $0.20 (NASDAQ:STEP)

StepStone Group Inc. (NASDAQ:STEPGet Rating) declared a quarterly dividend on Thursday, August 4th, Zacks reports. Investors of record on Wednesday, August 31st will be given a dividend of 0.20 per share on Thursday, September 15th. This represents a $0.80 annualized dividend and a yield of 2.86%. The ex-dividend date is Tuesday, August 30th.

StepStone Group has a dividend payout ratio of 49.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect StepStone Group to earn $1.52 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 52.6%.

StepStone Group Trading Down 2.4 %

NASDAQ:STEP traded down $0.68 during trading hours on Friday, hitting $27.97. 426,538 shares of the company traded hands, compared to its average volume of 337,718. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of 10.03 and a beta of 1.37. StepStone Group has a twelve month low of $22.39 and a twelve month high of $55.19. The firm has a 50-day moving average of $26.42 and a 200 day moving average of $29.32.

StepStone Group (NASDAQ:STEPGet Rating) last released its earnings results on Thursday, May 26th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.03). The company had revenue of $145.11 million for the quarter, compared to analyst estimates of $164.36 million. StepStone Group had a net margin of 14.20% and a return on equity of 10.02%. StepStone Group’s revenue for the quarter was up 43.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 earnings per share. Equities research analysts predict that StepStone Group will post 1.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On StepStone Group

A number of hedge funds have recently added to or reduced their stakes in STEP. Point72 Hong Kong Ltd acquired a new position in StepStone Group during the 1st quarter valued at about $36,000. American International Group Inc. lifted its position in StepStone Group by 5.5% during the 1st quarter. American International Group Inc. now owns 22,673 shares of the company’s stock valued at $750,000 after purchasing an additional 1,179 shares during the period. PNC Financial Services Group Inc. lifted its position in StepStone Group by 21.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,535 shares of the company’s stock valued at $250,000 after purchasing an additional 1,332 shares during the period. Invesco Ltd. lifted its position in StepStone Group by 1.7% during the 1st quarter. Invesco Ltd. now owns 134,798 shares of the company’s stock valued at $4,456,000 after purchasing an additional 2,299 shares during the period. Finally, Sei Investments Co. raised its position in shares of StepStone Group by 30.6% in the 1st quarter. Sei Investments Co. now owns 14,661 shares of the company’s stock valued at $485,000 after acquiring an additional 3,432 shares during the period. Institutional investors own 95.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of StepStone Group from $42.00 to $38.00 in a report on Friday, June 10th. Morgan Stanley lowered shares of StepStone Group from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $46.00 to $30.00 in a report on Tuesday, July 19th. TheStreet lowered shares of StepStone Group from a “c-” rating to a “d+” rating in a report on Friday, April 29th. Finally, The Goldman Sachs Group lowered their price target on shares of StepStone Group from $35.00 to $31.50 and set a “neutral” rating on the stock in a report on Wednesday, June 29th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, StepStone Group currently has an average rating of “Hold” and a consensus target price of $36.88.

About StepStone Group

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

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Dividend History for StepStone Group (NASDAQ:STEP)

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