Allstate Corp Buys New Stake in Match Group, Inc. (NASDAQ:MTCH)

Allstate Corp purchased a new stake in Match Group, Inc. (NASDAQ:MTCH) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 7,123 shares of the technology company’s stock, valued at approximately $233,000.

Several other large investors also recently bought and sold shares of MTCH. Itau Unibanco Holding S.A. acquired a new stake in shares of Match Group during the third quarter worth about $31,000. Assetmark Inc. lifted its stake in Match Group by 14.2% in the fourth quarter. Assetmark Inc. now owns 3,035 shares of the technology company’s stock valued at $99,000 after buying an additional 378 shares during the last quarter. Principal Securities Inc. boosted its holdings in shares of Match Group by 420.3% in the fourth quarter. Principal Securities Inc. now owns 3,283 shares of the technology company’s stock valued at $107,000 after acquiring an additional 2,652 shares during the period. Quarry LP grew its position in shares of Match Group by 126.3% during the third quarter. Quarry LP now owns 2,958 shares of the technology company’s stock worth $112,000 after acquiring an additional 1,651 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Match Group in the 4th quarter valued at $116,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Match Group Trading Up 0.2 %

NASDAQ:MTCH opened at $31.47 on Thursday. The company has a market capitalization of $7.88 billion, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 0.82 and a beta of 1.49. The firm has a 50-day moving average price of $32.78 and a two-hundred day moving average price of $33.70. Match Group, Inc. has a twelve month low of $27.66 and a twelve month high of $38.84.

Match Group (NASDAQ:MTCH) last issued its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.22). Match Group had a negative return on equity of 574.22% and a net margin of 15.84%. On average, equities research analysts predict that Match Group, Inc. will post 2.44 earnings per share for the current year.

Match Group declared that its board has authorized a stock buyback plan on Wednesday, December 11th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 19% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Match Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 17th. Investors of record on Thursday, April 3rd will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.41%. The ex-dividend date is Thursday, April 3rd. Match Group’s payout ratio is 37.62%.

Insiders Place Their Bets

In other news, President Gary Swidler sold 242,209 shares of Match Group stock in a transaction dated 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 directly owns 1,690 shares of the company’s stock, valued at $55,533.40. The trade was a 99.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.77% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. UBS Group decreased their price target on shares of Match Group from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Thursday, December 12th. HSBC lowered Match Group from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Bank of America upped their price objective on Match Group from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Stifel Nicolaus dropped their target price on Match Group from $36.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, February 6th. Finally, New Street Research downgraded Match Group from a “buy” rating to a “neutral” rating in a report on Monday, December 16th. Sixteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $37.68.

Match Group 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.