Victory Capital Management Inc. Lowers Position in StepStone Group LP (NASDAQ:STEP)

Victory Capital Management Inc. reduced its stake in StepStone Group LP (NASDAQ:STEP) by 3.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,940 shares of the company’s stock after selling 811 shares during the period. Victory Capital Management Inc.’s holdings in StepStone Group were worth $1,304,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of STEP. American International Group Inc. grew its stake in shares of StepStone Group by 1.2% in the first quarter. American International Group Inc. now owns 27,152 shares of the company’s stock valued at $970,000 after buying an additional 322 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in StepStone Group by 150.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 850,463 shares of the company’s stock worth $30,396,000 after purchasing an additional 510,283 shares during the period. SG Americas Securities LLC acquired a new stake in shares of StepStone Group during the second quarter worth about $111,000. Louisiana State Employees Retirement System purchased a new position in shares of StepStone Group in the second quarter valued at approximately $1,202,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of StepStone Group by 25.3% in the second quarter. Bank of New York Mellon Corp now owns 1,115,384 shares of the company’s stock valued at $51,185,000 after purchasing an additional 225,201 shares in the last quarter. Institutional investors and hedge funds own 55.54% of the company’s stock.

Insider Activity

In other news, CFO David Y. Park sold 3,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $68.21, for a total value of $204,630.00. Following the completion of the transaction, the chief financial officer now owns 20,251 shares in the company, valued at approximately $1,381,320.71. This represents a 12.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Anthony Keathley sold 729 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $68.85, for a total transaction of $50,191.65. Following the completion of the transaction, the chief accounting officer now directly owns 2,158 shares in the company, valued at $148,578.30. This trade represents a 25.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.44% of the company’s stock.

StepStone Group Trading Up 0.1 %

Shares of STEP stock opened at $66.73 on Wednesday. The company has a market cap of $7.68 billion, a P/E ratio of 111.22 and a beta of 1.27. The firm has a fifty day moving average price of $61.37 and a 200 day moving average price of $52.10. StepStone Group LP has a 12 month low of $25.06 and a 12 month high of $70.38.

StepStone Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.96 annualized dividend and a dividend yield of 1.44%. StepStone Group’s dividend payout ratio is currently 160.00%.

Analysts Set New Price Targets

STEP has been the topic of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of StepStone Group from $56.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, October 1st. Barclays increased their price objective on StepStone Group from $51.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Evercore ISI lifted their target price on 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 upped their price target on StepStone Group from $64.00 to $70.50 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Finally, Oppenheimer increased their price target on StepStone Group from $56.00 to $73.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $64.36.

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.