Hohimer Wealth Management LLC Makes New $1.12 Million Investment in Block, Inc. $XYZ

Hohimer Wealth Management LLC purchased a new position in shares of Block, Inc. (NYSE:XYZ) in the third quarter, Holdings Channel reports. The fund purchased 15,253 shares of the technology company’s stock, valued at approximately $1,122,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Jones Financial Companies Lllp bought a new stake in shares of Block during the second quarter valued at about $366,000. Nilsine Partners LLC lifted its holdings in Block by 295.4% in the second quarter. Nilsine Partners LLC now owns 25,999 shares of the technology company’s stock worth $1,976,000 after purchasing an additional 19,423 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Block by 35.7% in the first quarter. PNC Financial Services Group Inc. now owns 69,637 shares of the technology company’s stock worth $4,191,000 after purchasing an additional 18,326 shares during the period. Nykredit A S bought a new position in Block in the 2nd quarter valued at about $13,291,000. Finally, Swiss National Bank grew its position in Block by 6.7% in the 1st quarter. Swiss National Bank now owns 1,607,286 shares of the technology company’s stock valued at $96,726,000 after buying an additional 101,300 shares in the last quarter. Institutional investors own 70.44% of the company’s stock.

Insiders Place Their Bets

In other news, Director Anthony Eisen sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $87.50, for a total transaction of $3,062,500.00. Following the completion of the transaction, the director owned 1,177,672 shares in the company, valued at approximately $103,046,300. This trade represents a 2.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 255,686 shares of company stock valued at $20,453,487. 11.37% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

XYZ has been the topic of several research analyst reports. Barclays raised their target price on shares of Block from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, November 5th. BMO Capital Markets reaffirmed a “hold” rating on shares of Block in a research note on Tuesday, November 3rd. Sanford C. Bernstein increased their price objective on shares of Block from $85.00 to $95.00 in a report on Wednesday, August 5th. JPMorgan Chase & Co. increased their price objective on shares of Block from $100.00 to $110.00 in a report on Thursday, August 6th. Finally, Susquehanna raised their price objective on shares of Block from $100.00 to $110.00 and gave the company a “positive” rating in a research note on Wednesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.80.

Block Trading Up 3.5%

Shares of XYZ stock opened at $88.49 on Tuesday. The stock has a 50-day simple moving average of $78.01 and a 200 day simple moving average of $71.63. Block, Inc. has a fifty-two week low of $48.21 and a fifty-two week high of $89.40. The stock has a market capitalization of $53.17 billion, a P/E ratio of 25.11, a P/E/G ratio of 0.92 and a beta of 2.58. The company has a quick ratio of 2.21, a current ratio of 2.23 and a debt-to-equity ratio of 0.25.

Block (NYSE:XYZ) last released its earnings results on Tuesday, November 3rd. The technology company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.45. Block had a return on equity of 9.63% and a net margin of 1.80%. The firm had revenue of $6.72 billion for the quarter. During the same period in the previous year, the firm earned $0.54 earnings per share. Block’s revenue was up 9.9% on a year-over-year basis. On average, sell-side analysts expect that Block, Inc. will post 2.75 earnings per share for the current fiscal year.

Block Profile

Block, Inc is a financial technology company that provides payment and commerce tools to businesses and financial services for consumers. Its products include Square, a platform offering payment processing, point-of-sale software and related business services, and Cash App, which provides person-to-person payments and other financial features.

The company also owns Afterpay, a buy-now, pay-later service, and TIDAL, a music and entertainment platform. Block serves businesses and consumers in the United States and other markets, with product availability varying by country.

Founded in 2009 as Square by Jack Dorsey and Jim McKelvey, the company adopted the name Block in 2021.