CIBC Asset Management Inc Lowers Stock Position in StepStone Group LP (NASDAQ:STEP)

CIBC Asset Management Inc trimmed its holdings in shares of StepStone Group LP (NASDAQ:STEP) by 18.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,848 shares of the company’s stock after selling 880 shares during the period. CIBC Asset Management Inc’s holdings in StepStone Group were worth $223,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. purchased a new stake in StepStone Group during the 4th quarter worth $29,000. Blue Trust Inc. boosted its position in StepStone Group by 1,586.3% during the 3rd quarter. Blue Trust Inc. now owns 860 shares of the company’s stock worth $49,000 after purchasing an additional 809 shares during the period. GAMMA Investing LLC boosted its position in StepStone Group by 36.6% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the company’s stock valued at $49,000 after buying an additional 226 shares during the last quarter. US Bancorp DE boosted its position in StepStone Group by 442.7% in the 3rd quarter. US Bancorp DE now owns 966 shares of the company’s stock valued at $55,000 after buying an additional 788 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in StepStone Group in the 3rd quarter valued at about $63,000. 55.54% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other StepStone Group news, CAO Anthony Keathley sold 538 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $63.00, for a total value of $33,894.00. Following the completion of the sale, the chief accounting officer now owns 1,386 shares in the company, valued at $87,318. This represents a 27.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Scott W. Hart sold 10,000 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $61.43, for a total transaction of $614,300.00. Following the transaction, the chief executive officer now owns 110,000 shares in the company, valued at $6,757,300. This represents a 8.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,629 shares of company stock worth $2,302,229 in the last quarter. 18.44% of the stock is currently owned by corporate insiders.

StepStone Group Stock Performance

Shares of NASDAQ:STEP opened at $57.83 on Wednesday. The company has a market cap of $6.71 billion, a PE ratio of -34.22 and a beta of 1.31. StepStone Group LP has a 52 week low of $32.58 and a 52 week high of $70.38. The firm has a 50 day simple moving average of $61.02 and a 200 day simple moving average of $59.81.

StepStone Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.96 dividend on an annualized basis and a yield of 1.66%. StepStone Group’s payout ratio is -56.80%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of StepStone Group from $60.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. Barclays upped their target price on shares of StepStone Group from $66.00 to $69.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. The Goldman Sachs Group upped their target price on shares of StepStone Group from $64.00 to $70.50 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Evercore ISI increased their price objective on shares of StepStone Group from $63.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, February 10th. Finally, Oppenheimer raised their price target on shares of StepStone Group from $81.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, StepStone Group currently has an average rating of “Hold” and a consensus price target of $69.21.

StepStone Group Profile

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.