Thrivent Financial for Lutherans cut its holdings in StepStone Group Inc. (NASDAQ:STEP – Free Report) by 17.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,191 shares of the company’s stock after selling 13,682 shares during the period. Thrivent Financial for Lutherans’ holdings in StepStone Group were worth $4,184,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of StepStone Group by 9.4% in the 4th quarter. Vanguard Group Inc. now owns 8,449,878 shares of the company’s stock worth $542,229,000 after acquiring an additional 728,410 shares in the last quarter. Wellington Management Group LLP raised its position in shares of StepStone Group by 65.2% in the 3rd quarter. Wellington Management Group LLP now owns 5,723,073 shares of the company’s stock worth $373,774,000 after acquiring an additional 2,257,880 shares in the last quarter. Invesco Ltd. raised its position in shares of StepStone Group by 2.4% in the 3rd quarter. Invesco Ltd. now owns 4,138,979 shares of the company’s stock worth $270,317,000 after acquiring an additional 95,339 shares in the last quarter. Capital World Investors raised its position in shares of StepStone Group by 3.6% in the 3rd quarter. Capital World Investors now owns 2,961,976 shares of the company’s stock worth $193,447,000 after acquiring an additional 102,585 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of StepStone Group by 3.2% in the 3rd quarter. Alliancebernstein L.P. now owns 1,217,860 shares of the company’s stock worth $79,538,000 after acquiring an additional 37,679 shares in the last quarter. 55.54% of the stock is owned by institutional investors.
StepStone Group Stock Performance
Shares of STEP opened at $53.74 on Friday. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.28 and a quick ratio of 0.17. The stock has a 50-day moving average of $50.63 and a 200-day moving average of $58.12. The company has a market cap of $6.40 billion, a PE ratio of -7.90 and a beta of 1.34. StepStone Group Inc. has a one year low of $40.58 and a one year high of $77.79.
StepStone Group Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.28 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. StepStone Group’s dividend payout ratio (DPR) is currently -16.14%.
StepStone Group announced that its Board of Directors has approved a stock buyback plan on Monday, March 9th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on STEP shares. Zacks Research lowered StepStone Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Evercore reissued an “outperform” rating and issued a $60.00 price objective on shares of StepStone Group in a research report on Thursday. Morgan Stanley set a $72.00 price objective on StepStone Group in a research report on Tuesday, January 27th. Oppenheimer lowered their price objective on StepStone Group from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, UBS Group began coverage on StepStone Group in a research report on Thursday, April 2nd. They issued a “buy” rating and a $60.00 price objective for the company. Seven investment 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. Based on data from MarketBeat.com, StepStone Group currently has an average rating of “Moderate Buy” and a consensus price target of $71.88.
Read Our Latest Analysis on STEP
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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