Fred Alger Management LLC Sells 319,675 Shares of StepStone Group LP (NASDAQ:STEP)

Fred Alger Management LLC cut its holdings in StepStone Group LP (NASDAQ:STEP) by 13.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,025,223 shares of the company’s stock after selling 319,675 shares during the period. Fred Alger Management LLC owned 1.83% of StepStone Group worth $115,093,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Amalgamated Bank raised its holdings in StepStone Group by 749.8% in the 2nd quarter. Amalgamated Bank now owns 16,001 shares of the company’s stock worth $734,000 after purchasing an additional 14,118 shares during the period. Principal Financial Group Inc. raised its stake in shares of StepStone Group by 991.1% in the second quarter. Principal Financial Group Inc. now owns 291,530 shares of the company’s stock worth $13,378,000 after buying an additional 264,811 shares during the period. Public Sector Pension Investment Board purchased a new position in shares of StepStone Group during the 2nd quarter valued at about $5,254,000. Bank of New York Mellon Corp grew its stake in shares of StepStone Group by 25.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,115,384 shares of the company’s stock valued at $51,185,000 after acquiring an additional 225,201 shares during the period. Finally, SG Americas Securities LLC increased its holdings in StepStone Group by 399.3% in the 3rd quarter. SG Americas Securities LLC now owns 12,024 shares of the company’s stock worth $683,000 after acquiring an additional 9,616 shares in the last quarter. Hedge funds and other institutional investors own 55.54% of the company’s stock.

Insider Transactions at StepStone Group

In other news, CFO David Y. Park sold 3,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $68.21, for a total value of $204,630.00. Following the sale, the chief financial officer now directly owns 20,251 shares in the company, valued at $1,381,320.71. The trade was a 12.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Anthony Keathley sold 729 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $148,578.30. The trade was a 25.25 % decrease in their position. The disclosure for this sale can be found here. Insiders own 18.44% of the company’s stock.

StepStone Group Trading Down 1.0 %

Shares of STEP stock opened at $66.04 on Friday. The stock has a market capitalization of $7.61 billion, a price-to-earnings ratio of 110.07 and a beta of 1.27. StepStone Group LP has a 12-month low of $25.06 and a 12-month high of $70.38. The stock’s 50-day moving average price is $61.58 and its 200-day moving average price is $52.20.

StepStone Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, November 29th. This represents a $0.96 annualized dividend and a dividend yield of 1.45%. StepStone Group’s dividend payout ratio (DPR) is 160.00%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Barclays lifted their price target on shares of StepStone Group from $51.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Oppenheimer lifted their target price on shares of StepStone Group from $56.00 to $73.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. UBS Group increased their price target on StepStone Group from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group boosted their price objective on StepStone Group from $64.00 to $70.50 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Finally, Morgan Stanley increased their target price on StepStone Group from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $64.36.

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.