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

Fred Alger Management LLC decreased its position in shares of StepStone Group LP (NASDAQ:STEP) by 13.6% during the third quarter, HoldingsChannel reports. The fund owned 2,025,223 shares of the company’s stock after selling 319,675 shares during the quarter. Fred Alger Management LLC’s holdings in StepStone Group were worth $115,093,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other news, CFO David Y. Park sold 3,000 shares of StepStone Group stock in a transaction that occurred 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 transaction, the chief financial officer now owns 20,251 shares of the company’s stock, valued at $1,381,320.71. The trade was a 12.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Anthony Keathley sold 729 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 2,158 shares of the company’s stock, valued at $148,578.30. The trade was a 25.25 % decrease in their position. The disclosure for this sale can be found here. 18.44% of the stock is currently owned by corporate insiders.

StepStone Group Stock Down 1.0 %

Shares of NASDAQ:STEP opened at $66.04 on Friday. The firm has a 50 day moving average of $61.58 and a 200 day moving average of $52.20. The company 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 52 week low of $25.06 and a 52 week high of $70.38.

StepStone Group Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Oppenheimer upped their price objective on StepStone Group from $56.00 to $73.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Evercore ISI upped their price target on shares of StepStone Group from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. JPMorgan Chase & Co. boosted their price objective on shares of StepStone Group from $56.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, October 1st. Barclays raised their target price on shares of StepStone Group from $51.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Morgan Stanley boosted their price target on StepStone Group from $60.00 to $65.00 and gave the company an “equal weight” rating in a report on Thursday, November 14th. 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 stock currently has an average rating of “Hold” and a consensus price target 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.