In a recent 8-K filing with the Securities and Exchange Commission, StepStone Group Inc. disclosed the outcomes of its 2024 Annual Meeting of Stockholders, held on Monday. The investment advisory firm, headquartered in New York, announced the election of five director nominees. These directors will serve one-year terms until the company's 2025 annual meeting.
At the meeting, stockholders also ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2025. The proposal received overwhelming support with 292,390,781 votes in favor.
Additionally, the compensation of StepStone's named executive officers was approved on a non-binding, advisory basis, known as the "Say-on-Pay" vote. The approval saw 289,861,949 votes in favor, indicating strong stockholder support for the executive compensation structure.
Moreover, the issuance of shares of the company's Class A common stock pursuant to the terms of the Option Agreement dated November 2, 2022, was approved. This approval, required for compliance with Nasdaq Listing Rule 5635, received 265,129,682 votes in favor.
The company's Class A and Class B common stock, trading under the symbol NASDAQ:STEP, voted as a single class on all matters presented at the Annual Meeting. StepStone's filing indicated that there were a total of 297,377,544 votes eligible to be cast, with shares entitled to cast 295,551,827 votes represented at the meeting.
In other recent news, StepStone Group has reported substantial earnings and revenue results, exceeding expectations. The firm's first-quarter 2024 earnings revealed an Adjusted Net Income per Share of $0.33, outperforming both the Bloomberg LP Street consensus of $0.28 and JPMorgan (NYSE:JPM)'s estimate of $0.27. Additionally, StepStone disclosed strong fourth-quarter fiscal 2024 results, with a GAAP net income of $82.5 million.
The company also announced its plan to conduct an underwritten offering of 4,099,997 shares of its Class A common stock. Goldman Sachs & Co (NYSE:GS). LLC is serving as the sole book-running manager for this offering.
Analysts have responded positively to these developments. Oppenheimer has raised its stock price target for StepStone Group from $57.00 to $58.00, maintaining an Outperform rating. Similarly, JPMorgan has increased its price target for StepStone to $51.00 from $49.00, maintaining an Overweight rating.
In other recent developments, StepStone's management reported approximately $6 billion in new funds, split between $4 billion in Separately Managed Accounts and $2 billion in Commingled Funds.
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