Why Shares of StepStone Group Fell Today
Shares of the investment solutions and advisory firm StepStone Group (NASDAQ: STEP) fell more than 10% today after the company announced a secondary offering of common stock. Certain StepStone shareholders intend to sell 4.5 million shares of class A common stock into the market. Additionally, StepStone announced that it plans to more than double its quarterly dividend to $0.15 per class A common stock.