Stepstone Group announces $100M stock repurchase program

StepStone Group (STEP) announced that its board of directors authorized a stock repurchase program of up to $100M of the company’s Class A common stock. “Our capital-efficient business model generates significant free cash flow, which underpins our consistent and growing quarterly dividend” said Mike McCabe, head of strategy of StepStone Group. “In addition to our normal quarterly dividend, we intend to balance paying a recurring annual supplemental dividend with retaining flexibility to adjust that supplemental payout as we evaluate the most compelling uses of capital. The authorization of a share repurchase program adds another attractive and opportunistic lever to our capital-allocation framework.”