CIBC Private Wealth Group LLC Raises Stock Holdings in StepStone Group LP (NASDAQ:STEP)

CIBC Private Wealth Group LLC grew its stake in StepStone Group LP (NASDAQ:STEP - Free Report) by 26.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,409,089 shares of the company's stock after acquiring an additional 297,989 shares during the quarter. CIBC Private Wealth Group LLC owned 1.22% of StepStone Group worth $85,518,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of StepStone Group by 6.3% in the fourth quarter. Vanguard Group Inc. now owns 6,938,181 shares of the company's stock worth $401,582,000 after purchasing an additional 411,133 shares during the last quarter. FMR LLC lifted its holdings in shares of StepStone Group by 3.7% during the 3rd quarter. FMR LLC now owns 3,999,819 shares of the company's stock valued at $227,310,000 after buying an additional 141,637 shares during the period. State Street Corp grew its stake in shares of StepStone Group by 12.4% during the 3rd quarter. State Street Corp now owns 2,401,034 shares of the company's stock valued at $136,451,000 after purchasing an additional 265,240 shares during the period. JPMorgan Chase & Co. raised its position in StepStone Group by 4.7% in the fourth quarter. JPMorgan Chase & Co. now owns 1,711,872 shares of the company's stock worth $99,083,000 after acquiring an additional 77,490 shares during the period. Finally, Geode Capital Management LLC raised its holdings in StepStone Group by 17.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,457,690 shares of the company's stock worth $82,856,000 after purchasing an additional 216,029 shares during the period. 55.54% of the stock is currently owned by institutional investors.

Remove Ads

Insider Buying and Selling

In other StepStone Group news, CEO Scott W. Hart sold 10,000 shares of StepStone Group stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $61.43, for a total value of $614,300.00. Following the transaction, the chief executive officer now directly owns 110,000 shares of the company's stock, valued at approximately $6,757,300. The trade was a 8.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Anthony Keathley sold 538 shares of the stock in a transaction 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 sale, the chief accounting officer now owns 1,386 shares of the company's stock, valued at approximately $87,318. This represents a 27.96 % decrease in their position. The disclosure for this sale can be found here. 18.44% of the stock is currently owned by company insiders.

StepStone Group Stock Down 11.8 %

Shares of NASDAQ STEP traded down $6.57 during mid-day trading on Thursday, reaching $49.05. 433,111 shares of the company were exchanged, compared to its average volume of 633,123. The firm has a 50-day moving average of $58.37 and a 200 day moving average of $60.08. StepStone Group LP has a 1 year low of $33.92 and a 1 year high of $70.38. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of -28.99 and a beta of 1.33.

StepStone Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Friday, February 28th. StepStone Group's payout ratio is currently -56.80%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Oppenheimer upped their price target on shares of StepStone Group from $81.00 to $85.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Evercore ISI increased their price objective on shares of StepStone Group from $63.00 to $69.00 and gave the company an "outperform" rating in a research report on Monday, February 10th. Finally, Barclays lifted their price objective on shares of StepStone Group from $66.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. Four 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 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.