Principal Financial Group Inc. Reduces Holdings in StepStone Group LP (NASDAQ:STEP)

Principal Financial Group Inc. lowered its stake in shares of StepStone Group LP (NASDAQ:STEPFree Report) by 10.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,719 shares of the company’s stock after selling 3,147 shares during the quarter. Principal Financial Group Inc.’s holdings in StepStone Group were worth $955,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of STEP. Wasatch Advisors LP raised its holdings in shares of StepStone Group by 1.6% in the first quarter. Wasatch Advisors LP now owns 2,948,665 shares of the company’s stock worth $105,385,000 after buying an additional 46,860 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in StepStone Group by 74.3% during the 1st quarter. Los Angeles Capital Management LLC now owns 50,099 shares of the company’s stock valued at $1,791,000 after purchasing an additional 21,354 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of StepStone Group by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 5,270,144 shares of the company’s stock worth $167,749,000 after purchasing an additional 90,974 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of StepStone Group by 9.8% in the fourth quarter. Wellington Management Group LLP now owns 6,994,497 shares of the company’s stock worth $222,635,000 after purchasing an additional 627,059 shares during the last quarter. Finally, Capital Research Global Investors increased its holdings in StepStone Group by 27.8% in the 4th quarter. Capital Research Global Investors now owns 628,532 shares of the company’s stock worth $20,006,000 after buying an additional 136,542 shares during the period. 55.54% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at StepStone Group

In other news, Director Steven R. Mitchell sold 27,500 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $44.34, for a total value of $1,219,350.00. Following the completion of the sale, the director now directly owns 9,159 shares in the company, valued at $406,110.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director David F. Hoffmeister purchased 22,500 shares of the stock in a transaction dated Thursday, May 30th. The shares were purchased at an average price of $44.29 per share, with a total value of $996,525.00. Following the transaction, the director now owns 45,853 shares in the company, valued at approximately $2,030,829.37. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven R. Mitchell sold 27,500 shares of StepStone Group stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $44.34, for a total transaction of $1,219,350.00. Following the transaction, the director now directly owns 9,159 shares in the company, valued at $406,110.06. The disclosure for this sale can be found here. 18.50% of the stock is currently owned by insiders.

StepStone Group Stock Performance

NASDAQ:STEP opened at $45.44 on Friday. The company has a fifty day moving average of $41.57 and a two-hundred day moving average of $36.61. StepStone Group LP has a fifty-two week low of $23.24 and a fifty-two week high of $46.87. The stock has a market capitalization of $5.03 billion, a PE ratio of 50.49 and a beta of 1.27.

StepStone Group (NASDAQ:STEPGet Free Report) last released its quarterly earnings results on Thursday, May 23rd. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. The company had revenue of $177.36 million for the quarter, compared to analyst estimates of $162.47 million. During the same quarter last year, the company earned $0.24 EPS. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. Research analysts forecast that StepStone Group LP will post 1.7 earnings per share for the current year.

StepStone Group Cuts Dividend

The company also recently disclosed a Variable dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.36 dividend. This represents a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 14th. StepStone Group’s dividend payout ratio is currently 93.33%.

Analysts Set New Price Targets

Several equities research analysts have commented on STEP shares. Oppenheimer assumed coverage on shares of StepStone Group in a report on Wednesday, March 20th. They issued an “outperform” rating and a $48.00 price target on the stock. Barclays raised their target price on StepStone Group from $38.00 to $42.00 and gave the stock an “equal weight” rating in a report on Friday, May 24th. The Goldman Sachs Group boosted their price target on StepStone Group from $41.25 to $46.00 and gave the company a “neutral” rating in a report on Tuesday. UBS Group raised their price objective on shares of StepStone Group from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Monday, June 24th. Finally, JPMorgan Chase & Co. upgraded shares of StepStone Group from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $40.00 to $49.00 in a research note on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $38.50.

Check Out Our Latest Analysis on StepStone Group

StepStone Group Profile

(Free Report)

StepStone Group LP. is an investment firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, private equity and buyout investments in mature and middle market companies.

See Also

Institutional Ownership by Quarter for StepStone Group (NASDAQ:STEP)

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