JPMorgan Chase & Co. Lowers Stock Position in StepStone Group LP (NASDAQ:STEP)

JPMorgan Chase & Co. trimmed its holdings in StepStone Group LP (NASDAQ:STEP) by 29.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,634,382 shares of the company’s stock after selling 683,089 shares during the quarter. JPMorgan Chase & Co. owned about 1.42% of StepStone Group worth $92,882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. GAMMA Investing LLC raised its position in shares of StepStone Group by 291.1% in the 3rd quarter. GAMMA Investing LLC now owns 618 shares of the company’s stock worth $35,000 after purchasing an additional 460 shares during the last quarter. KBC Group NV increased its stake in StepStone Group by 35.7% during the 3rd quarter. KBC Group NV now owns 1,840 shares of the company’s stock valued at $105,000 after purchasing an additional 484 shares in the last quarter. CWM LLC raised its holdings in StepStone Group by 190.4% in the third quarter. CWM LLC now owns 1,185 shares of the company’s stock worth $67,000 after buying an additional 777 shares during the last quarter. US Bancorp DE lifted its stake in shares of StepStone Group by 442.7% in the third quarter. US Bancorp DE now owns 966 shares of the company’s stock worth $55,000 after buying an additional 788 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of StepStone Group by 1,586.3% during the third quarter. Blue Trust Inc. now owns 860 shares of the company’s stock valued at $49,000 after buying an additional 809 shares during the last quarter. 55.54% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Michael I. Mccabe sold 4,000 shares of StepStone Group stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $64.25, for a total transaction of $257,000.00. Following the transaction, the insider now owns 686,516 shares in the company, valued at approximately $44,108,653. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Scott W. Hart sold 22,091 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $63.24, for a total value of $1,397,034.84. Following the completion of the sale, the chief executive officer now owns 157,909 shares of the company’s stock, valued at $9,986,165.16. The trade was a 12.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,820 shares of company stock valued at $1,908,856 in the last ninety days. Corporate insiders own 18.44% of the company’s stock.

StepStone Group Price Performance

NASDAQ:STEP opened at $58.69 on Friday. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of 97.82 and a beta of 1.27. The business has a fifty day moving average price of $62.61 and a 200-day moving average price of $55.63. StepStone Group LP has a one year low of $30.46 and a one year high of $70.38.

StepStone Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.64%. The ex-dividend date was Friday, November 29th. StepStone Group’s dividend payout ratio (DPR) is currently 160.00%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on STEP. Barclays decreased their price target on StepStone Group from $72.00 to $66.00 and set an “equal weight” rating for the company in a research note on Monday, December 9th. JPMorgan Chase & Co. upped their target price on shares of StepStone Group from $56.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, October 1st. Evercore ISI raised their price target on shares of StepStone Group from $52.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, October 14th. The Goldman Sachs Group increased their price objective on shares of StepStone Group from $64.00 to $70.50 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Finally, UBS Group raised their target price on shares of StepStone Group from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $66.64.

About StepStone Group

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.