Zillow Group Inc (NASDAQ:Z), which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and Web, today announced its Board of Directors has unanimously approved a stock dividend of non-voting Class C capital stock.

On August 14, 2015, all shareholders of record of Zillow Group’s Class A and Class B common stock as of 5:00 p.m. E.D.T. on July 31, 2015, the record date of the dividend, will receive a dividend of two shares of Class C capital stock for each share of Class A and Class B common stock held by them as of the record date.

The issuance of Class C capital stock is an extension of Zillow Group’s dual-class structure, whereby Zillow Group’s co-founders Rich Barton and Lloyd Frink hold Class B shares. The Class C dividend enables the company to continue its focus on long-term growth and innovation, while maintaining the flexibility to issue additional stock for strategic business decisions and to retain and attract the best employees.

“Our Board approved this stock split to ensure we can continue to make the best decisions for the company’s long-term growth,” said Spencer Rascoff, CEO of Zillow Group. “Our Board, management, and the shareholders who have chosen to invest in Zillow, view the company in terms of decades, not quarters or years. And we are in the very early days of a massive opportunity in front of us.”

Application to the Nasdaq Stock Market has been made to list the Class C capital stock.  Following the issuance date of the dividend, Zillow Group expects the Class C capital stock will trade under the ticker symbol “Z” and the Class A common stock will trade under the ticker symbol “ZG”. (Original Source)

Shares of Zillow closed today at $82.68, up $1.90 or 2.35%. Z has a 1-year high of $164.90 and a 1-year low of $77.62. The stock’s 50-day moving average is $86.95 and its 200-day moving average is $98.17.

On the ratings front, Zillow has been the subject of a number of recent research reports. In a report released yesterday, Barclays analyst Christopher Merwin downgraded Z to Sell, with a price target of $70, which reflects a potential downside of 13.3% from last closing price. Separately, on July 15, Morgan Stanley’s Dean Prissman initiated coverage with a Buy rating on the stock and has a price target of $108.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Christopher Merwin and Dean Prissman have a total average return of -2.9% and 1.4% respectively. Merwin has a success rate of 53.8% and is ranked #3069 out of 3711 analysts, while Prissman has a success rate of 50.0% and is ranked #2466.

Overall, 5 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $127.60 which is 58.0% above where the stock opened today.

Zillow Group Incoperates the real estate and home-related information marketplaces on mobile and the Web, with a complementary portfolio of brands and products to help people find vital information about homes and connect with local professionals.