Oppenheimer Asset Management Inc. Cuts Stock Position in StepStone Group LP (NASDAQ:STEP)

Oppenheimer Asset Management Inc. cut its holdings in shares of StepStone Group LP (NASDAQ:STEP) by 14.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,208 shares of the company’s stock after selling 4,671 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in StepStone Group were worth $1,603,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in shares of StepStone Group by 150.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 850,463 shares of the company’s stock valued at $30,396,000 after buying an additional 510,283 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in StepStone Group by 991.1% during the second quarter. Principal Financial Group Inc. now owns 291,530 shares of the company’s stock valued at $13,378,000 after purchasing an additional 264,811 shares during the last quarter. Bank of New York Mellon Corp boosted its position in StepStone Group by 25.3% during the second quarter. Bank of New York Mellon Corp now owns 1,115,384 shares of the company’s stock worth $51,185,000 after purchasing an additional 225,201 shares during the period. Public Sector Pension Investment Board purchased a new position in shares of StepStone Group in the second quarter worth about $5,254,000. Finally, Thrivent Financial for Lutherans raised its position in shares of StepStone Group by 333.4% in the second quarter. Thrivent Financial for Lutherans now owns 126,617 shares of the company’s stock valued at $5,810,000 after purchasing an additional 97,401 shares during the period. Hedge funds and other institutional investors own 55.54% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several research analysts recently commented on STEP shares. Oppenheimer raised their price objective on shares of StepStone Group from $56.00 to $73.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Barclays raised their price target on StepStone Group from $51.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Evercore ISI boosted their price objective on StepStone Group from $52.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. UBS Group raised their target price on StepStone Group from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Finally, Morgan Stanley upped their price target on StepStone Group from $60.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $62.43.

StepStone Group Stock Down 0.6 %

NASDAQ:STEP opened at $65.00 on Monday. The stock has a market cap of $7.19 billion, a P/E ratio of 108.34 and a beta of 1.27. The business’s 50-day moving average price is $59.47 and its two-hundred day moving average price is $50.70. StepStone Group LP has a twelve month low of $25.06 and a twelve month high of $70.38.

StepStone Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date is Friday, November 29th. StepStone Group’s dividend payout ratio is currently 160.00%.

StepStone Group Company 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.