Principal Financial Group Inc. Boosts Stake in Match Group, Inc. (NASDAQ:MTCH)

Principal Financial Group Inc. grew its position in Match Group, Inc. (NASDAQ:MTCH) by 0.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 296,637 shares of the technology company’s stock after buying an additional 403 shares during the quarter. Principal Financial Group Inc. owned 0.12% of Match Group worth $11,225,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Sumitomo Life Insurance Co. boosted its stake in shares of Match Group by 2.9% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 10,647 shares of the technology company’s stock valued at $403,000 after buying an additional 297 shares during the period. Fulton Bank N.A. increased its position in shares of Match Group by 3.1% in the 3rd quarter. Fulton Bank N.A. now owns 10,006 shares of the technology company’s stock valued at $379,000 after purchasing an additional 299 shares during the last quarter. Prestige Wealth Management Group LLC lifted its position in shares of Match Group by 8.9% during the 2nd quarter. Prestige Wealth Management Group LLC now owns 4,375 shares of the technology company’s stock worth $133,000 after purchasing an additional 357 shares during the last quarter. Empirical Finance LLC increased its holdings in Match Group by 1.5% in the third quarter. Empirical Finance LLC now owns 25,952 shares of the technology company’s stock valued at $982,000 after buying an additional 384 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Match Group by 1.5% in the third quarter. State of Alaska Department of Revenue now owns 29,955 shares of the technology company’s stock valued at $1,133,000 after buying an additional 455 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Insiders Place Their Bets

In related news, Director Stephen Bailey sold 801 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $31.61, for a total transaction of $25,319.61. Following the transaction, the director now directly owns 12,398 shares of the company’s stock, valued at approximately $391,900.78. The trade was a 6.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.77% of the stock is owned by insiders.

Match Group Trading Down 0.8 %

MTCH stock opened at $33.17 on Monday. The stock has a 50-day moving average price of $33.33 and a two-hundred day moving average price of $34.28. The company has a market cap of $8.33 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.18 and a beta of 1.47. Match Group, Inc. has a 12-month low of $27.66 and a 12-month high of $42.42.

Match Group announced that its board has initiated a stock buyback program on Wednesday, December 11th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to buy up to 19% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Match Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Monday, January 6th will be given a dividend of $0.19 per share. The ex-dividend date is Monday, January 6th. This represents a $0.76 dividend on an annualized basis and a yield of 2.29%. Match Group’s dividend payout ratio (DPR) is 33.93%.

Wall Street Analyst Weigh In

MTCH has been the topic of several research analyst reports. Wells Fargo & Company cut their target price on Match Group from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 12th. New Street Research cut shares of Match Group from a “buy” rating to a “neutral” rating in a report on Monday, December 16th. Morgan Stanley cut their price target on shares of Match Group from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 12th. UBS Group decreased their price objective on shares of Match Group from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Thursday, December 12th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $32.00 target price (down from $40.00) on shares of Match Group in a report on Tuesday, December 17th. Thirteen analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.68.

About Match Group

Match Group, Inc engages in the provision of dating products. Its portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and Hakuna, as well as a various other brands, each built to increase users' likelihood of connecting with others. Its services are available in over 40 languages to users worldwide.