Truist Financial Corp Cuts Stake in StepStone Group LP (NASDAQ:STEP)

Truist Financial Corp decreased its position in shares of StepStone Group LP (NASDAQ:STEP - Free Report) by 42.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 47,222 shares of the company's stock after selling 34,860 shares during the period. Truist Financial Corp's holdings in StepStone Group were worth $1,503,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in shares of StepStone Group by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 6,367,438 shares of the company's stock worth $201,084,000 after buying an additional 525,538 shares during the period. William Blair Investment Management LLC purchased a new stake in shares of StepStone Group during the 3rd quarter valued at about $13,137,000. Bank of New York Mellon Corp raised its holdings in shares of StepStone Group by 90.6% during the third quarter. Bank of New York Mellon Corp now owns 772,921 shares of the company's stock valued at $24,409,000 after purchasing an additional 367,507 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its holdings in shares of StepStone Group by 210.5% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 518,054 shares of the company's stock valued at $16,360,000 after purchasing an additional 351,205 shares during the last quarter. Finally, Fred Alger Management LLC boosted its holdings in StepStone Group by 11.4% in the third quarter. Fred Alger Management LLC now owns 2,823,766 shares of the company's stock worth $89,175,000 after purchasing an additional 289,383 shares during the last quarter. 55.54% of the stock is owned by hedge funds and other institutional investors.

StepStone Group Stock Down 0.8 %

STEP stock traded down $0.29 during mid-day trading on Friday, hitting $37.97. The company had a trading volume of 166,661 shares, compared to its average volume of 337,517. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 42.19 and a beta of 1.23. The company has a 50-day moving average price of $35.31 and a 200 day moving average price of $32.26. StepStone Group LP has a 12-month low of $19.83 and a 12-month high of $38.70.

StepStone Group (NASDAQ:STEP - Get Free Report) last posted its earnings results on Thursday, February 8th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.12. The firm had revenue of ($14.61) million during the quarter, compared to analysts' expectations of $142.29 million. As a group, analysts expect that StepStone Group LP will post 1.16 EPS for the current year.

Insider Activity at StepStone Group

In related news, Director Thomas Keck sold 53,403 shares of StepStone Group stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $35.47, for a total value of $1,894,204.41. Following the completion of the transaction, the director now owns 204,444 shares in the company, valued at $7,251,628.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other StepStone Group news, Director Thomas Keck sold 53,403 shares of the business's stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $35.47, for a total transaction of $1,894,204.41. Following the transaction, the director now owns 204,444 shares in the company, valued at $7,251,628.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder James Lim sold 9,008 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $35.06, for a total transaction of $315,820.48. Following the completion of the sale, the insider now directly owns 6,388,746 shares in the company, valued at approximately $223,989,434.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,514 shares of company stock valued at $3,233,084. 19.89% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on STEP shares. Morgan Stanley upped their price objective on StepStone Group from $28.00 to $35.00 and gave the company an "equal weight" rating in a research report on Wednesday, January 24th. TheStreet cut shares of StepStone Group from a "b-" rating to a "c+" rating in a research note on Friday, February 9th. JPMorgan Chase & Co. raised shares of StepStone Group from a "neutral" rating to an "overweight" rating and upped their target price for the company from $40.00 to $49.00 in a report on Thursday, April 11th. Oppenheimer began coverage on shares of StepStone Group in a research note on Wednesday, March 20th. They set an "outperform" rating and a $48.00 price target on the stock. Finally, UBS Group boosted their price objective on shares of StepStone Group from $37.00 to $38.00 and gave the company a "neutral" rating in a research report on Friday, April 12th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $35.21.

StepStone Group Company Profile

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.