Principal Financial Group Inc. Buys 882,821 Shares of Match Group Inc. $MTCH

Principal Financial Group Inc. boosted its stake in Match Group Inc. (NASDAQ:MTCH) by 338.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,143,744 shares of the technology company’s stock after buying an additional 882,821 shares during the quarter. Principal Financial Group Inc.’s holdings in Match Group were worth $35,124,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in Match Group by 1,163.7% during the third quarter. AQR Capital Management LLC now owns 6,137,898 shares of the technology company’s stock worth $216,791,000 after acquiring an additional 5,652,174 shares in the last quarter. Norges Bank acquired a new stake in shares of Match Group in the 4th quarter valued at $112,641,000. State Street Corp grew its holdings in shares of Match Group by 14.6% in the 3rd quarter. State Street Corp now owns 19,275,943 shares of the technology company’s stock worth $680,826,000 after purchasing an additional 2,461,025 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Match Group by 58.9% in the 4th quarter. Bank of New York Mellon Corp now owns 2,997,395 shares of the technology company’s stock worth $96,786,000 after purchasing an additional 1,111,419 shares during the last quarter. Finally, Nordea Investment Management AB acquired a new stake in shares of Match Group during the 4th quarter worth about $30,637,000. 94.05% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MTCH has been the subject of several analyst reports. Wall Street Zen raised shares of Match Group from a “hold” rating to a “buy” rating in a report on Sunday, April 26th. Royal Bank Of Canada upped their price objective on shares of Match Group from $37.00 to $42.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Weiss Ratings raised shares of Match Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. UBS Group lifted their target price on shares of Match Group from $34.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Truist Financial set a $37.00 target price on Match Group in a report on Wednesday, May 6th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $41.29.

Insider Activity at Match Group

In other news, Director Melissa Anne Brenner sold 5,141 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $35.94, for a total transaction of $184,767.54. Following the sale, the director directly owned 16,218 shares of the company’s stock, valued at $582,874.92. This represents a 24.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.71% of the stock is owned by company insiders.

Match Group Stock Down 2.8%

Match Group stock opened at $39.15 on Friday. The stock has a 50-day simple moving average of $36.46 and a 200 day simple moving average of $33.71. Match Group Inc. has a 12-month low of $28.81 and a 12-month high of $41.03. The stock has a market capitalization of $9.13 billion, a price-to-earnings ratio of 14.94, a P/E/G ratio of 0.63 and a beta of 1.30.

Match Group (NASDAQ:MTCH) last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. Match Group had a net margin of 18.83% and a negative return on equity of 307.45%. The business had revenue of $863.93 million for the quarter, compared to the consensus estimate of $854.70 million. During the same quarter in the prior year, the company earned $0.44 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Match Group Inc. will post 3.11 EPS for the current year.

Match Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 21st. Stockholders of record on Tuesday, July 7th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Tuesday, July 7th. Match Group’s dividend payout ratio is presently 30.53%.

About Match Group

Match Group, Inc (NASDAQ: MTCH) is a leading provider of online dating products and services. The company owns and operates a diverse portfolio of consumer brands that connect singles through digital platforms. Its flagship offerings include Match.com, Tinder, Hinge, OkCupid and PlentyOfFish, which together serve users looking for long-term relationships, casual encounters and social networking opportunities.

Originating with the launch of Match.com in 1995, Match Group has grown through a combination of organic development and strategic acquisitions.