StepStone Group (NASDAQ:STEP) Stock Price Target Raised at Royal Bank Of Canada

StepStone Group (NASDAQ:STEP) had its price objective raised by Royal Bank Of Canada from $65.00 to $68.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other brokerages have also recently issued reports on STEP. Wells Fargo & Company began coverage on StepStone Group in a report on Friday, October 2nd. They issued an “overweight” rating and a $55.00 target price on the stock. Evercore reiterated an “outperform” rating and issued a $56.00 price target on shares of StepStone Group in a research report on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of StepStone Group in a research report on Friday, October 16th. Wall Street Zen lowered shares of StepStone Group from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, BMO Capital Markets cut their target price on shares of StepStone Group from $58.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 27th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.78.

StepStone Group Price Performance

NASDAQ:STEP traded up $4.64 during mid-day trading on Friday, reaching $47.45. 1,926,606 shares of the stock were exchanged, compared to its average volume of 825,946. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 1.22. The business has a fifty day moving average price of $45.63 and a 200 day moving average price of $48.90. StepStone Group has a 1-year low of $38.85 and a 1-year high of $77.79. The firm has a market capitalization of $5.66 billion, a PE ratio of -12.07 and a beta of 1.28.

StepStone Group (NASDAQ:STEP) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.11. The company had revenue of $362.71 million during the quarter, compared to the consensus estimate of $324.84 million. StepStone Group had a negative net margin of 30.53% and a positive return on equity of 43.38%. Research analysts expect that StepStone Group will post 2.51 earnings per share for the current fiscal year.

StepStone Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be paid a $0.33 dividend. The ex-dividend date is Monday, November 30th. This represents a $1.32 dividend on an annualized basis and a yield of 2.8%. StepStone Group’s payout ratio is -17.10%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new position in shares of StepStone Group in the second quarter valued at approximately $21,752,000. William Blair Investment Management LLC increased its stake in shares of StepStone Group by 17.9% in the third quarter. William Blair Investment Management LLC now owns 2,276,447 shares of the company’s stock worth $98,798,000 after purchasing an additional 346,432 shares during the period. Junto Capital Management LP lifted its position in shares of StepStone Group by 26.1% during the 2nd quarter. Junto Capital Management LP now owns 1,078,672 shares of the company’s stock worth $44,614,000 after purchasing an additional 222,950 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of StepStone Group by 95.6% during the 1st quarter. Lazard Asset Management LLC now owns 332,328 shares of the company’s stock worth $15,859,000 after purchasing an additional 162,467 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in StepStone Group by 53.6% during the 1st quarter. Bank of America Corp DE now owns 414,722 shares of the company’s stock valued at $19,791,000 after purchasing an additional 144,752 shares during the period. 55.54% of the stock is owned by institutional investors.

Trending Headlines about StepStone Group

Here are the key news stories impacting StepStone Group this week:

• Positive Sentiment: StepStone reported quarterly EPS of $0.66, above the $0.55 consensus estimate, and revenue of $362.71 million versus estimates of $324.84 million. EPS also increased from $0.54 a year earlier, supporting the view that results were stronger than expected. Quarterly earnings results
• Positive Sentiment: Royal Bank of Canada raised its price target to $68 from $65 and reiterated an “outperform” rating. Barclays lifted its target to $65 from $62 and kept an “overweight” rating. The target increases signal improved analyst expectations for the shares. Royal Bank of Canada rating Barclays rating
• Neutral Sentiment: The company declared a quarterly dividend of $0.33 per share, payable December 15 to shareholders of record November 30. The annualized payout is $1.32 per share, a 2.8% yield at the cited share price; the dividend may appeal to income-focused investors but is not as direct a growth catalyst as the earnings beat.

StepStone Group Company Profile

StepStone Group, Inc is a global investment firm focused on private markets. The company provides investment solutions and advisory services to institutional investors, family offices, and other clients seeking exposure to privately held and alternative assets.

Its activities include investments in private equity, venture capital, private debt, infrastructure, and real estate. StepStone builds customized portfolios through primary investments in funds, secondary-market transactions, and direct investments in companies and assets.