Royal Bank of Canada Trims Stake in Match Group, Inc. (NASDAQ:MTCH)

Royal Bank of Canada decreased its stake in Match Group, Inc. (NASDAQ:MTCH - Free Report) by 29.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 960,323 shares of the technology company's stock after selling 391,497 shares during the quarter. Royal Bank of Canada owned approximately 0.38% of Match Group worth $31,413,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Match Group during the fourth quarter worth about $43,000. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Match Group by 30,240.0% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,517 shares of the technology company's stock worth $50,000 after purchasing an additional 1,512 shares in the last quarter. Assetmark Inc. grew its position in shares of Match Group by 14.2% during the fourth quarter. Assetmark Inc. now owns 3,035 shares of the technology company's stock worth $99,000 after purchasing an additional 378 shares in the last quarter. Principal Securities Inc. grew its position in shares of Match Group by 420.3% during the fourth quarter. Principal Securities Inc. now owns 3,283 shares of the technology company's stock worth $107,000 after purchasing an additional 2,652 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Match Group during the fourth quarter worth about $116,000. Hedge funds and other institutional investors own 94.05% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MTCH shares. Wall Street Zen lowered Match Group from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Barclays dropped their price target on Match Group from $52.00 to $46.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Evercore ISI reissued a "cautious" rating and set a $32.00 price target on shares of Match Group in a research note on Wednesday, May 21st. Bank of America dropped their price target on Match Group from $36.00 to $33.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Finally, Citigroup dropped their price target on Match Group from $31.00 to $30.00 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 nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $35.91.

Insider Buying and Selling

In other news, CEO Spencer M. Rascoff acquired 70,885 shares of Match Group stock in a transaction on Friday, May 9th. The shares were bought at an average cost of $28.05 per share, for a total transaction of $1,988,324.25. Following the acquisition, the chief executive officer now directly owns 137,478 shares of the company's stock, valued at $3,856,257.90. This trade represents a 106.45% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Gary Swidler sold 242,209 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $32.86, for a total value of $7,958,987.74. Following the transaction, the president now owns 1,690 shares in the company, valued at $55,533.40. The trade was a 99.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.64% of the stock is owned by corporate insiders.

Match Group Trading Down 1.4%

Shares of MTCH stock traded down $0.44 on Thursday, reaching $30.11. 666,405 shares of the company's stock were exchanged, compared to its average volume of 4,897,822. Match Group, Inc. has a 52 week low of $26.39 and a 52 week high of $38.84. The stock has a market capitalization of $7.54 billion, a PE ratio of 14.93, a P/E/G ratio of 0.82 and a beta of 1.42. The company's fifty day simple moving average is $29.57 and its 200 day simple moving average is $31.53.

Match Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 3rd will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Thursday, July 3rd. Match Group's dividend payout ratio is currently 37.62%.

Match Group Company Profile

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.