Truist Financial Cuts Match Group (NASDAQ:MTCH) Price Target to $34.00

Match Group (NASDAQ:MTCH) had its target price decreased by Truist Financial from $35.00 to $34.00 in a report released on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the technology company’s stock.

MTCH has been the subject of several other reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $35.00 price objective on shares of Match Group in a research note on Monday, December 9th. Barclays cut their price target on Match Group from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Bank of America increased their price objective on shares of Match Group from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday. Wells Fargo & Company reduced their price target on shares of Match Group from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, StockNews.com cut shares of Match Group from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Ten investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.06.

Match Group Trading Up 2.8 %

Shares of MTCH opened at $31.45 on Thursday. The firm’s 50-day moving average is $34.35 and its two-hundred day moving average is $34.16. Match Group has a twelve month low of $27.66 and a twelve month high of $42.42. The firm has a market capitalization of $7.90 billion, a P/E ratio of 14.04, a PEG ratio of 1.18 and a beta of 1.47.

Match Group announced that its board has initiated a share repurchase plan on Wednesday, December 11th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to repurchase up to 19% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Match Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Monday, January 6th 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 2.42%. The ex-dividend date is Monday, January 6th.

Insider Buying and Selling

In other news, Director Stephen Bailey sold 801 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $31.61, for a total value of $25,319.61. Following the transaction, the director now directly owns 12,398 shares in the company, valued at $391,900.78. This trade represents a 6.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.77% of the stock is currently owned by company insiders.

Institutional Trading of Match Group

Institutional investors have recently modified their holdings of the company. Retirement Systems of Alabama lifted its holdings in shares of Match Group by 2,732.1% during the 3rd quarter. Retirement Systems of Alabama now owns 1,659,718 shares of the technology company’s stock valued at $62,804,000 after acquiring an additional 1,601,115 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Match Group by 9.0% during the third quarter. Franklin Resources Inc. now owns 276,775 shares of the technology company’s stock worth $10,459,000 after purchasing an additional 22,887 shares in the last quarter. Boyar Asset Management Inc. purchased a new stake in shares of Match Group in the third quarter worth about $1,376,000. TD Private Client Wealth LLC grew its stake in shares of Match Group by 131.9% in the third quarter. TD Private Client Wealth LLC now owns 6,515 shares of the technology company’s stock valued at $247,000 after buying an additional 3,705 shares in the last quarter. Finally, Coldstream Capital Management Inc. purchased a new stake in shares of Match Group during the 3rd quarter valued at about $249,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

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.