Zurcher Kantonalbank Zurich Cantonalbank Sells 207,034 Shares of Match Group Inc. (NASDAQ:MTCH)

Key Points

• Zurcher Kantonalbank reduced its stake in Match Group Inc. by 70.8%, selling 207,034 shares and holding 85,330 shares valued at approximately $2.66 million.
• CEO Spencer M. Rascoff purchased 70,885 shares of Match Group, increasing his ownership by 106.45% following the transaction.
• Match Group announced a quarterly dividend of $0.19 per share, representing a yield of 2.3% with a payout ratio of 37.62%.

Zurcher Kantonalbank Zurich Cantonalbank cut its position in shares of Match Group Inc. (NASDAQ:MTCH - Free Report) by 70.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 85,330 shares of the technology company's stock after selling 207,034 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Match Group were worth $2,662,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Starboard Value LP lifted its holdings in Match Group by 53.4% in the 4th quarter. Starboard Value LP now owns 14,656,970 shares of the technology company's stock worth $479,429,000 after buying an additional 5,100,824 shares during the period. Ameriprise Financial Inc. lifted its holdings in Match Group by 24.2% in the 4th quarter. Ameriprise Financial Inc. now owns 10,499,123 shares of the technology company's stock worth $343,427,000 after buying an additional 2,042,677 shares during the period. Wolf Hill Capital Management LP purchased a new stake in Match Group in the 4th quarter worth approximately $44,514,000. Invesco Ltd. lifted its holdings in Match Group by 25.3% in the 4th quarter. Invesco Ltd. now owns 5,827,217 shares of the technology company's stock worth $190,608,000 after buying an additional 1,174,889 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in Match Group in the 4th quarter worth approximately $26,355,000. 94.05% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MTCH shares. Stifel Nicolaus dropped their price objective on Match Group from $35.00 to $29.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Evercore ISI reiterated a "cautious" rating and issued a $32.00 price objective on shares of Match Group in a report on Wednesday, May 21st. Wells Fargo & Company increased their price objective on Match Group from $31.00 to $32.00 and gave the stock an "equal weight" rating in a report on Friday, June 27th. Morgan Stanley lowered their target price on Match Group from $33.00 to $32.00 and set an "equal weight" rating for the company in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. lowered their target price on Match Group from $29.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $34.95.

Insider Activity at Match Group

In other Match Group news, CEO Spencer M. Rascoff bought 70,885 shares of Match Group stock in a transaction on Friday, May 9th. The stock was acquired at an average price of $28.05 per share, with a total value of $1,988,324.25. Following the acquisition, the chief executive officer owned 137,478 shares in the company, valued at approximately $3,856,257.90. This trade represents a 106.45% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.64% of the company's stock.

Match Group Trading Down 2.0%

NASDAQ:MTCH traded down $0.67 during trading hours on Friday, reaching $33.60. 6,389,421 shares of the company traded hands, compared to its average volume of 3,833,109. The stock has a market capitalization of $8.41 billion, a P/E ratio of 16.63, a P/E/G ratio of 0.74 and a beta of 1.36. The business's 50-day moving average price is $31.86 and its two-hundred day moving average price is $31.46. Match Group Inc. has a 1 year low of $26.39 and a 1 year high of $38.77.

Match Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were issued a $0.19 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. Match Group's dividend payout ratio (DPR) is presently 37.62%.

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.