StepStone Group LP (NASDAQ:STEP) to Issue $0.24 Quarterly Dividend

StepStone Group LP (NASDAQ:STEP) announced a quarterly dividend on Tuesday, November 5th,Zacks Dividends reports. Investors of record on Friday, November 29th will be given a dividend of 0.24 per share on Friday, December 13th. This represents a $0.96 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Friday, November 29th.

StepStone Group has a payout ratio of 43.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect StepStone Group to earn $2.15 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 44.7%.

StepStone Group Price Performance

Shares of NASDAQ:STEP opened at $66.04 on Thursday. The stock has a market capitalization of $7.61 billion, a P/E ratio of 110.07 and a beta of 1.27. The business has a 50-day moving average of $61.58 and a two-hundred day moving average of $52.20. StepStone Group has a fifty-two week low of $25.06 and a fifty-two week high of $70.38.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. UBS Group boosted their target price on StepStone Group from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. upped their price objective on shares of StepStone Group from $56.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, October 1st. Oppenheimer lifted their target price on shares of StepStone Group from $56.00 to $73.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. The Goldman Sachs Group upped their price target on shares of StepStone Group from $64.00 to $70.50 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Finally, Morgan Stanley lifted their price objective on StepStone Group from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 14th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $64.36.

Insider Activity at StepStone Group

In other StepStone Group news, CFO David Y. Park sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $68.21, for a total value of $204,630.00. Following the completion of the transaction, the chief financial officer now owns 20,251 shares of the company’s stock, valued at $1,381,320.71. This represents a 12.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Anthony Keathley sold 729 shares of StepStone Group stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $68.85, for a total value of $50,191.65. Following the sale, the chief accounting officer now directly owns 2,158 shares in the company, valued at $148,578.30. The trade was a 25.25 % decrease in their position. The disclosure for this sale can be found here. 18.44% of the stock is owned by corporate insiders.

StepStone Group Company Profile

StepStone Group Inc is a private equity and venture capital firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in private debt, venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, buyout investments in mature and middle market companies.