StepStone Group Inc. $STEP Stock Position Lessened by TD Asset Management Inc

TD Asset Management Inc reduced its stake in shares of StepStone Group Inc. (NASDAQ:STEP) by 31.5% during the third quarter, Holdings Channel.com reports. The firm owned 34,104 shares of the company’s stock after selling 15,680 shares during the period. TD Asset Management Inc’s holdings in StepStone Group were worth $2,227,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Clearstead Advisors LLC increased its stake in StepStone Group by 127.8% during the 3rd quarter. Clearstead Advisors LLC now owns 581 shares of the company’s stock valued at $38,000 after buying an additional 326 shares during the period. Darwin Wealth Management LLC acquired a new position in shares of StepStone Group during the second quarter valued at approximately $46,000. Nisa Investment Advisors LLC raised its holdings in StepStone Group by 35.5% during the third quarter. Nisa Investment Advisors LLC now owns 916 shares of the company’s stock worth $60,000 after purchasing an additional 240 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in StepStone Group by 332.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,236 shares of the company’s stock worth $69,000 after purchasing an additional 950 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in StepStone Group by 88.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,829 shares of the company’s stock valued at $102,000 after purchasing an additional 857 shares in the last quarter. Institutional investors own 55.54% of the company’s stock.

Insiders Place Their Bets

In related news, insider Michael I. Mccabe sold 117,838 shares of StepStone Group stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $66.20, for a total value of $7,800,875.60. Following the transaction, the insider owned 306,026 shares in the company, valued at $20,258,921.20. This trade represents a 27.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Scott W. Hart sold 10,000 shares of the firm’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $72.52, for a total value of $725,200.00. The SEC filing for this sale provides additional information. Insiders sold a total of 212,052 shares of company stock worth $14,096,290 over the last quarter. 16.47% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on STEP shares. Oppenheimer decreased their target price on StepStone Group from $105.00 to $104.00 and set an “outperform” rating for the company in a research note on Monday, February 9th. Zacks Research downgraded shares of StepStone Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Barclays upgraded StepStone Group from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $67.00 to $55.00 in a research report on Monday. Morgan Stanley set a $72.00 target price on StepStone Group in a research report on Tuesday, January 27th. Finally, JPMorgan Chase & Co. boosted their price target on shares of StepStone Group from $84.00 to $91.00 and gave the company an “overweight” rating in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, StepStone Group currently has an average rating of “Moderate Buy” and an average target price of $78.86.

StepStone Group Stock Performance

Shares of NASDAQ STEP opened at $46.96 on Thursday. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of -6.77 and a beta of 1.39. The business has a 50 day simple moving average of $63.34 and a 200 day simple moving average of $63.04. StepStone Group Inc. has a 52 week low of $40.07 and a 52 week high of $77.79.

StepStone Group (NASDAQ:STEP) last announced its quarterly earnings results on Thursday, February 5th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.60 by $0.05. The company had revenue of $241.13 million for the quarter, compared to analyst estimates of $363.92 million. StepStone Group had a negative net margin of 30.66% and a positive return on equity of 31.44%. StepStone Group’s quarterly revenue was up 102.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 EPS. On average, analysts predict that StepStone Group Inc. will post 1.82 EPS for the current year.

StepStone Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, February 27th. StepStone Group’s dividend payout ratio is currently -16.14%.

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.