Rockefeller Capital Management L.P. Grows Position in StepStone Group Inc. $STEP

Rockefeller Capital Management L.P. increased its holdings in shares of StepStone Group Inc. (NASDAQ:STEP) by 24.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 258,448 shares of the company’s stock after purchasing an additional 51,125 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in StepStone Group were worth $16,585,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Salomon & Ludwin LLC boosted its stake in StepStone Group by 105.0% during the fourth quarter. Salomon & Ludwin LLC now owns 414 shares of the company’s stock worth $28,000 after buying an additional 212 shares during the period. Aster Capital Management DIFC Ltd raised its stake in shares of StepStone Group by 2,285.7% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 501 shares of the company’s stock valued at $33,000 after acquiring an additional 480 shares during the period. Quarry LP raised its stake in shares of StepStone Group by 155.7% in the 3rd quarter. Quarry LP now owns 514 shares of the company’s stock valued at $34,000 after acquiring an additional 313 shares during the period. Fifth Third Bancorp lifted its holdings in shares of StepStone Group by 58.6% in the 4th quarter. Fifth Third Bancorp now owns 544 shares of the company’s stock worth $35,000 after acquiring an additional 201 shares during the last quarter. Finally, Clearstead Advisors LLC lifted its holdings in shares of StepStone Group by 127.8% in the 3rd quarter. Clearstead Advisors LLC now owns 581 shares of the company’s stock worth $38,000 after acquiring an additional 326 shares during the last quarter. 55.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Evercore reiterated an “outperform” rating and issued a $60.00 target price on shares of StepStone Group in a report 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 on the stock. Barclays raised 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. Weiss Ratings cut StepStone Group from a “sell (d)” rating to a “sell (d-)” rating in a research note on Wednesday, April 22nd. Finally, BMO Capital Markets boosted their price objective on StepStone Group from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, May 21st. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $71.88.

StepStone Group Stock Performance

Shares of StepStone Group stock opened at $42.93 on Wednesday. StepStone Group Inc. has a one year low of $40.58 and a one year high of $77.79. The company has a market cap of $5.12 billion, a PE ratio of -6.31 and a beta of 1.29. The business has a 50-day simple moving average of $50.57 and a 200-day simple moving average of $55.74.

StepStone Group (NASDAQ:STEP) last issued 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 negative net margin of 26.88% and a positive return on equity of 37.69%. The firm had revenue of $305.84 million for the quarter, compared to analysts’ expectations of $292.11 million. During the same quarter last year, the company earned $0.68 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts predict that StepStone Group Inc. will post 2.57 earnings per share for the current fiscal year.

StepStone Group Announces Dividend

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

StepStone Group announced that its Board of Directors has initiated a share buyback program on Monday, March 9th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 1.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, COO Jose A. Fernandez sold 2,290 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were 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 available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael I. Mccabe bought 120,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of $41.85 per share, with a total value of $5,022,000.00. Following the purchase, 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 SEC filing for this purchase provides additional information. 16.47% of the stock is currently owned by company 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.