Bank of America Corp DE Buys Shares of 2,046,240 Match Group Inc. $MTCH

Key Points

• Bank of America acquired 2.05 million Match Group shares worth approximately $77.9 million, while institutional investors and hedge funds collectively own 94.05% of the company.
• Match Group exceeded quarterly EPS expectations, reporting $0.70 versus the $0.65 consensus estimate, though revenue declined 1.2% year over year to $853.1 million.
• The company declared a quarterly dividend of $0.20 per share, implying an annualized payout of $0.80 and a 1.9% yield; analysts maintain a “Moderate Buy” consensus with an average price target of $42.46.

Bank of America Corp DE purchased a new position in shares of Match Group Inc. (NASDAQ:MTCH - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,046,240 shares of the technology company's stock, valued at approximately $77,859,000. Bank of America Corp DE owned approximately 0.89% of Match Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Match Group in the 2nd quarter valued at about $1,087,055,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Match Group by 2.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,494,679 shares of the technology company's stock valued at $242,003,000 after buying an additional 196,191 shares during the period. LSV Asset Management lifted its stake in shares of Match Group by 18.3% during the fourth quarter. LSV Asset Management now owns 5,644,584 shares of the technology company's stock valued at $182,264,000 after buying an additional 873,804 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in Match Group during the second quarter worth approximately $154,811,000. Finally, Jupiter Asset Management Ltd. boosted its position in Match Group by 14.9% during the fourth quarter. Jupiter Asset Management Ltd. now owns 3,971,583 shares of the technology company's stock worth $128,242,000 after acquiring an additional 515,750 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Match Group Stock Performance

NASDAQ MTCH opened at $43.20 on Friday. Match Group Inc. has a one year low of $28.81 and a one year high of $44.94. The company's 50 day moving average price is $40.09 and its 200 day moving average price is $36.44. The firm has a market capitalization of $9.92 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 0.63 and a beta of 1.32.

Match Group (NASDAQ:MTCH - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.05. Match Group had a net margin of 20.17% and a negative return on equity of 324.82%. The company had revenue of $853.11 million during the quarter, compared to the consensus estimate of $857.77 million. During the same period in the previous year, the firm earned $0.49 earnings per share. Match Group's revenue for the quarter was down 1.2% on a year-over-year basis. Sell-side analysts forecast that Match Group Inc. will post 3.31 EPS for the current fiscal year.

Match Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 20th. Shareholders of record on Monday, October 5th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Monday, October 5th. Match Group's dividend payout ratio is currently 28.27%.

Insider Buying and Selling

In other news, CAO Philip D. Eigenmann sold 15,000 shares of Match Group stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $41.70, for a total transaction of $625,500.00. Following the sale, the chief accounting officer owned 19,389 shares in the company, valued at $808,521.30. This trade represents a 43.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Glenn Schiffman bought 3,000 shares of Match Group stock in a transaction dated Tuesday, August 11th. The shares were purchased at an average cost of $36.63 per share, for a total transaction of $109,890.00. Following the completion of the transaction, the director owned 56,370 shares of the company's stock, valued at approximately $2,064,833.10. This represents a 5.62% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold 23,291 shares of company stock worth $976,478 in the last 90 days. 0.71% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

MTCH has been the topic of a number of recent analyst reports. TD Cowen reduced their price target on Match Group from $46.00 to $45.00 and set a "buy" rating on the stock in a research note on Wednesday, August 5th. Wells Fargo & Company upped their target price on Match Group from $38.00 to $41.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. initiated coverage on Match Group in a research report on Monday, August 24th. They set a "neutral" rating and a $43.00 target price on the stock. Truist Financial raised their price target on Match Group from $37.00 to $41.00 and gave the stock a "hold" rating in a research note on Wednesday, August 5th. Finally, Zacks Research upgraded Match Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $42.46.

Match Group Profile

Match Group, Inc is a provider of online dating and social discovery services. The company operates a portfolio of dating platforms designed to help people form connections, including Tinder, Hinge, Match, Plenty of Fish, OkCupid, Meetic, OurTime, BLK and Chispa. Its services are offered through websites and mobile applications, with features that may include profile discovery, messaging, matching, subscriptions and other paid enhancements.

Match Group serves users in markets around the world, with brands tailored to different audiences, relationship goals, age groups and geographic regions.

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