Michael I. McCabe, Head of Strategy at StepStone Group Inc. (NASDAQ:STEP), a $7.37 billion market cap investment firm whose stock has surged over 155% in the past year, recently executed several stock transactions, according to a recent SEC filing. According to InvestingPro analysis, the company is currently trading above its Fair Value. On December 3, McCabe sold a total of 6,200 shares of Class A Common Stock, generating proceeds of approximately $398,548. These sales were conducted at prices ranging from $64.25 to $64.34 per share, with the stock trading at notably high multiples - both earnings and price-to-book ratios are elevated according to InvestingPro data.
Additionally, on December 2, McCabe exchanged 500,000 Class B Units for an equivalent number of Class A Common Stock shares. This exchange, which involved both direct holdings and a family trust, resulted in the automatic redemption and cancellation of 500,000 shares of Class B Common Stock. The transactions reflect McCabe's continued management of his equity position in the company, which maintains a Good financial health score and has shown strong momentum with a 102% gain year-to-date.
In other recent news, StepStone Group Inc. reported notable Q2 FY2025 results, including a substantial year-over-year growth in fee-related earnings and a significant increase in fee-earning assets. The company announced a GAAP net income of $53.1 million and an adjusted net income of $53.6 million. The earnings report also highlighted the closing of their largest-ever private equity secondaries fund at $4.8 billion and a private debt offering of $175 million. These are recent developments that also include an improvement in FRE margin to 39% and an increase in fee-earning assets by $4 billion. StepStone Group Inc. also anticipates generating larger seasonal incentive fees from their SPRING Private Wealth Fund and expects to activate over $4 billion of capital by the end of the calendar year. Management expressed optimism for the company's outlook and its position in private markets. However, it was noted that the pace of asset realizations has been muted, with improvements expected as market conditions evolve.
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