Match Group (NASDAQ:MTCH) Shares Gap Up After Dividend Announcement

Match Group Inc. (NASDAQ:MTCH) shares gapped up before the market opened on Wednesday after the company announced a dividend. The stock had previously closed at $33.73, but opened at $35.97. Match Group shares last traded at $38.39, with a volume of 2,829,508 shares.

The newly announced dividend which will be paid on Friday, October 17th. Stockholders of record on Friday, October 3rd will be given a dividend of $0.19 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.0%. Match Group’s payout ratio is presently 37.44%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Bank of America dropped their target price on Match Group from $36.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, April 21st. UBS Group boosted their target price on Match Group from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 23rd. Evercore ISI boosted their target price on Match Group from $32.00 to $38.00 and gave the stock an “in-line” rating in a research report on Wednesday. Citigroup dropped their target price on Match Group from $31.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. boosted their target price on Match Group from $28.00 to $33.00 and gave the stock a “neutral” rating in a research report on Wednesday. Sixteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $35.13.

Match Group Stock Up 10.5%

The business has a fifty day moving average of $32.15 and a 200 day moving average of $31.53. The firm has a market cap of $9.33 billion, a P/E ratio of 18.36, a P/E/G ratio of 0.72 and a beta of 1.36.

Insider Activity

In other Match Group news, CEO Spencer M. Rascoff purchased 70,885 shares of the stock in a transaction on Friday, May 9th. The stock was bought at an average cost of $28.05 per share, for a total transaction of $1,988,324.25. Following the completion of the acquisition, the chief executive officer directly owned 137,478 shares of the company’s stock, valued at $3,856,257.90. The trade was a 106.45% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.64% of the stock is owned by company insiders.

Institutional Investors Weigh In On Match Group

Several large investors have recently modified their holdings of the business. AGF Management Ltd. increased its holdings in shares of Match Group by 20.0% in the second quarter. AGF Management Ltd. now owns 100,202 shares of the technology company’s stock worth $3,095,000 after acquiring an additional 16,680 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Match Group in the second quarter worth about $622,000. Penserra Capital Management LLC increased its holdings in shares of Match Group by 17.7% in the second quarter. Penserra Capital Management LLC now owns 20,613 shares of the technology company’s stock worth $636,000 after acquiring an additional 3,098 shares in the last quarter. Permit Capital LLC increased its holdings in shares of Match Group by 19.2% in the second quarter. Permit Capital LLC now owns 292,000 shares of the technology company’s stock worth $9,020,000 after acquiring an additional 47,000 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. increased its holdings in shares of Match Group by 23.8% in the second quarter. Resona Asset Management Co. Ltd. now owns 2,676 shares of the technology company’s stock worth $83,000 after acquiring an additional 514 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors.

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.