Balboa Wealth Partners Takes Position in Block, Inc. $XYZ

Balboa Wealth Partners purchased a new position in shares of Block, Inc. (NYSE:XYZ) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 12,339 shares of the technology company’s stock, valued at approximately $892,000.

Other large investors have also bought and sold shares of the company. Howard Capital Management Inc. boosted its stake in shares of Block by 3.2% during the third quarter. Howard Capital Management Inc. now owns 4,439 shares of the technology company’s stock valued at $321,000 after purchasing an additional 138 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Block by 23.1% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 853 shares of the technology company’s stock valued at $66,000 after buying an additional 160 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in Block by 0.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 21,183 shares of the technology company’s stock valued at $1,561,000 after buying an additional 167 shares during the last quarter. Vista Investment Partners II LLC boosted its position in Block by 3.6% during the 3rd quarter. Vista Investment Partners II LLC now owns 5,334 shares of the technology company’s stock valued at $385,000 after buying an additional 184 shares during the period. Finally, Wilmington Savings Fund Society FSB grew its holdings in Block by 5.4% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 4,332 shares of the technology company’s stock worth $313,000 after acquiring an additional 220 shares during the last quarter. 70.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Bank of America upped their price objective on shares of Block from $86.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Compass Point raised Block from a “strong sell” rating to a “hold” rating in a research report on Friday, November 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Block in a report on Monday, December 29th. Truist Financial set a $72.00 target price on Block in a research note on Tuesday, January 20th. Finally, Zacks Research downgraded Block from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Three analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $82.48.

Block Stock Up 1.6%

Shares of NYSE:XYZ opened at $49.89 on Friday. Block, Inc. has a 52-week low of $44.27 and a 52-week high of $85.55. The firm has a market capitalization of $30.32 billion, a P/E ratio of 10.06, a P/E/G ratio of 1.00 and a beta of 2.67. The stock has a 50 day moving average price of $63.35 and a 200-day moving average price of $69.79. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.18 and a current ratio of 2.18.

Insider Buying and Selling

In other Block news, insider Owen Britton Jennings sold 822 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $63.98, for a total value of $52,591.56. Following the completion of the transaction, the insider owned 242,718 shares in the company, valued at approximately $15,529,097.64. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chrysty Esperanza sold 3,608 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $61.40, for a total value of $221,531.20. Following the transaction, the insider directly owned 123,198 shares of the company’s stock, valued at $7,564,357.20. This represents a 2.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 54,796 shares of company stock valued at $3,395,943 over the last 90 days. 10.85% of the stock is currently owned by company insiders.

About Block

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.