StepStone Group (NASDAQ:STEP) Price Target Raised to $57.00

StepStone Group (NASDAQ:STEP) had its price target lifted by The Goldman Sachs Group from $51.50 to $57.00 in a report issued on Monday, Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also issued reports on STEP. JPMorgan Chase & Co. increased their price target on shares of StepStone Group from $51.00 to $56.00 and gave the stock an overweight rating in a research note on Monday, August 12th. Barclays raised their target price on shares of StepStone Group from $46.00 to $51.00 and gave the company an equal weight rating in a research note on Monday, August 12th. UBS Group boosted their price target on StepStone Group from $44.00 to $55.00 and gave the stock a neutral rating in a research report on Wednesday, August 21st. Morgan Stanley raised their price objective on StepStone Group from $43.00 to $52.00 and gave the company an equal weight rating in a research report on Monday, August 19th. Finally, Evercore ISI boosted their target price on StepStone Group from $41.00 to $48.00 and gave the stock an outperform rating in a report on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $47.19.

StepStone Group Stock Performance

StepStone Group stock opened at $58.97 on Monday. StepStone Group has a fifty-two week low of $25.06 and a fifty-two week high of $59.06. The stock’s 50 day simple moving average is $52.67 and its two-hundred day simple moving average is $44.67. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of 65.52 and a beta of 1.28.

StepStone Group (NASDAQ:STEP) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.13. The firm had revenue of $186.40 million during the quarter, compared to analysts’ expectations of $181.15 million. StepStone Group’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.26 earnings per share. On average, analysts predict that StepStone Group will post 1.83 earnings per share for the current year.

StepStone Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is a boost from StepStone Group’s previous quarterly dividend of $0.21. This represents a $0.96 annualized dividend and a yield of 1.63%. StepStone Group’s dividend payout ratio is 106.67%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Cim LLC purchased a new stake in shares of StepStone Group during the second quarter valued at $1,489,000. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of StepStone Group during the 2nd quarter valued at about $486,000. Creative Planning grew its stake in shares of StepStone Group by 45.0% in the second quarter. Creative Planning now owns 18,674 shares of the company’s stock worth $857,000 after acquiring an additional 5,794 shares during the period. Algert Global LLC purchased a new position in shares of StepStone Group during the second quarter valued at approximately $597,000. Finally, The Manufacturers Life Insurance Company lifted its position in StepStone Group by 3.8% during the second quarter. The Manufacturers Life Insurance Company now owns 32,068 shares of the company’s stock valued at $1,472,000 after purchasing an additional 1,181 shares during the period. Hedge funds and other institutional investors own 55.54% of the company’s stock.

StepStone Group Company Profile

StepStone Group LP. 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, private equity and buyout investments in mature and middle market companies.