StepStone Group Inc. (NASDAQ:STEP) Declares Quarterly Dividend of $0.33

StepStone Group Inc. (NASDAQ:STEP) announced a quarterly dividend on Thursday, August 6th. Stockholders of record on Monday, August 31st will be given a dividend of 0.33 per share on Tuesday, September 15th. This represents a c) dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, August 31st. This is a 17.9% increase from StepStone Group’s previous quarterly dividend of $0.28.

StepStone Group has increased its dividend by an average of 0.8%annually over the last three years and has increased its dividend annually for the last 3 consecutive years. StepStone Group has a dividend payout ratio of 48.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect StepStone Group to earn $3.49 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 32.1%.

StepStone Group Price Performance

NASDAQ:STEP traded down $2.81 during mid-day trading on Friday, reaching $47.52. 3,491,675 shares of the company’s stock traded hands, compared to its average volume of 1,278,585. The company has a 50 day moving average price of $43.98 and a 200-day moving average price of $50.39. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of -6.99 and a beta of 1.27. StepStone Group has a 12-month low of $38.85 and a 12-month high of $77.79.

StepStone Group (NASDAQ:STEP) last announced its earnings results on Thursday, August 6th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.02). The firm had revenue of $300.60 million during the quarter, compared to the consensus estimate of $309.32 million. StepStone Group had a positive return on equity of 37.69% and a negative net margin of 26.88%. As a group, analysts forecast that StepStone Group will post 2.54 EPS for the current year.

Insider Activity at StepStone Group

In related news, COO Jose A. Fernandez sold 2,290 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $42.64, for a total transaction of $97,645.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael I. Mccabe purchased 120,000 shares of the stock in a transaction dated Thursday, June 11th. The shares were purchased at an average cost of $41.85 per share, for a total transaction of $5,022,000.00. Following the transaction, the insider owned 433,178 shares in the company, valued at approximately $18,128,499.30. The trade was a 38.32% increase in their position. The disclosure for this purchase is available in the SEC filing. 15.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Salomon & Ludwin LLC grew its holdings in shares of StepStone Group by 105.0% during the 4th quarter. Salomon & Ludwin LLC now owns 414 shares of the company’s stock worth $28,000 after purchasing an additional 212 shares during the period. Quarry LP increased its holdings in StepStone Group by 155.7% during the 3rd quarter. Quarry LP now owns 514 shares of the company’s stock worth $34,000 after purchasing 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 valued at $35,000 after purchasing an additional 201 shares during the last quarter. Essential Partners LLC lifted its position in StepStone Group by 17,350.0% during the 1st quarter. Essential Partners LLC now owns 698 shares of the company’s stock worth $33,000 after acquiring an additional 694 shares during the period. Finally, Darwin Wealth Management LLC purchased a new position in shares of StepStone Group in the 2nd quarter valued at approximately $46,000. 55.54% of the stock is currently owned by hedge funds and other institutional investors.

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.