Harbor Capital Advisors Inc., an investment advisory firm, recently acquired a new position in StepStone Group LP (NASDAQ:STEP) during the second quarter of this year. According to the company’s filing with the Securities & Exchange Commission, Harbor Capital Advisors purchased 33,981 shares of StepStone Group’s stock, which were valued at approximately $843,000.
StepStone Group is a recognized player in the investment management industry. The company operates as a global private markets specialist and provides customized investment solutions to institutional investors and other clients. They have built a strong reputation for their expertise in private equity, real estate, infrastructure, credit, and secondary investments.
In its latest earnings release on August 3rd, StepStone Group announced that it had exceeded analysts’ expectations. The company reported earnings per share of $0.26 for the quarter, surpassing the consensus estimate by $0.01. Additionally, StepStone Group achieved revenue of $178.01 million during the same period, outperforming analysts’ projections of $160.14 million.
These positive results reflect StepStone Group’s ability to capitalize on market opportunities and effectively manage its investments. The company’s strong performance can be attributed to its robust investment strategies and expertise in navigating various sectors of the private markets.
With these impressive financials and the recent stake purchase by Harbor Capital Advisors Inc., equities analysts are optimistic about StepStone Group’s future prospects. They predict that the company will post earnings per share (EPS) of 1.25 for the current year.
Investors and market participants should continue monitoring StepStone Group as it continues to innovate and deliver consistent results in an evolving investment landscape. The company’s ability to adapt to changing market conditions while maintaining its commitment to delivering strong returns will be crucial for its long-term success.
In conclusion, Harbor Capital Advisors Inc.’s acquisition of shares in StepStone Group LP demonstrates confidence in the company’s potential for growth and profitability. StepStone Group has proven itself as a leading global private markets specialist, delivering solid financial performance and exceeding analysts’ expectations. As the year progresses, investors will eagerly await StepStone Group’s future earnings releases to evaluate its ongoing success in the investment management industry.
Synovus Financial Corp.
Updated on: 20/09/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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StepStone Group LP Attracts Attention from Institutional Investors and Analysts
StepStone Group LP, a leading global private markets investment firm, has caught the attention of various institutional investors and hedge funds. Notably, Putnam Investments LLC purchased a significant stake in StepStone Group during the first quarter of this year with an approximate value of $3,544,000. JPMorgan Chase & Co., another major player in the financial industry, increased its holdings in StepStone Group during the same period by 5.3%, acquiring an additional 215,867 shares valued at $104,298,000.
Segall Bryant & Hamill LLC and State Street Corp also demonstrated their interest in StepStone Group. While Segall Bryant & Hamill purchased 282,409 shares worth $6,854,000, State Street Corp boosted its holdings by 9.7%, accumulating 99,803 more shares valued at $27,354,000.
Geode Capital Management LLC was another institutional investor that seized the opportunity to invest in StepStone Group. By increasing its holdings by 4.7% during the first quarter of this year, Geode Capital Management now owns 1,028,480 shares worth $24,961 million.
These moves made by some prominent players reflect a growing recognition of the potential of StepStone Group as a valuable investment choice within the industry. Currently owned by institutional investors at a rate of 55.54%, it is evident that these market players have identified something promising within StepStone Group’s portfolio.
On Tuesday’s trading session on NASDAQ under the ticker symbol “STEP,” StepStone Group commenced at an opening price of $31.86. The business’s stock has been performing well since its initial public offering (IPO), surpassing both its 50-day moving average price of $29.14 and its 200-day moving average price of $25.49.
With a fifty-two week range spanning from a low of $19.83 to a high of $32.36, StepStone Group exhibits notable volatility within the stock market. However, this range could also be interpreted as an opportunity for investors looking for potential growth and returns.
StepStone Group LP currently boasts a market capitalization of $3.48 billion. This valuation, along with its price-to-earnings (P/E) ratio of 151.71 and beta of 1.40, provides further insight into the company’s financial standing within the industry.
In line with its continued growth and commitment to shareholder value, StepStone Group recently announced an increase in its quarterly dividend payment. On Friday, September 15th, stockholders on record as of Thursday, August 31st received a dividend payout of $0.21 per share. This new dividend represents a considerable increase from the previous quarter’s dividend of $0.07 per share.
The ex-dividend date was set for Wednesday, August 30th, making this payment part of StepStone Group’s ongoing efforts to reward their investors with consistent returns. The current annualized dividend stands at $0.84 per share with a dividend yield of 2.64%. It is worth noting that the company’s current dividend payout ratio is at an extraordinary level of 400%.
Market analysts have closely followed these developments and have issued reports on StepStone Group LP to help investors navigate its potential as an investment opportunity. TheStreet upgraded its rating from “d+” to “c-” in a research report dated Monday, August 7th.
Meanwhile, The Goldman Sachs Group provided StepStone Group with increased attention by raising its price target from $29 to $33 while maintaining a “neutral” rating on Friday, August 4th.
Another influential brokerage firm, Barclays, raised their price objective on StepStone Group from $30 to $32 while giving it an “equal weight” rating on Monday, September 11th.
In a similar fashion, Morgan Stanley boosted its price objective from $26 to $27 and maintained an “equal weight” rating on Tuesday, August 8th.
In conclusion, StepStone Group LP has become increasingly attractive to institutional investors and hedge funds. With notable investments made by major financial players such as JPMorgan Chase & Co., the company’s stock price has benefited from increased attention within the market.
Moreover, StepStone Group’s recent increase in dividend payout demonstrates its commitment to rewarding shareholders. As it continues to impress analysts, who project an average target price of $32.00 according to data from Bloomberg.com, StepStone Group presents itself as a viable option for investors looking for stability and potential growth within the private markets investment sector.