Bank of America Corp DE Takes Position in Block, Inc. $XYZ

Key Points

• Bank of America acquired 617,929 Block shares during the second quarter, valued at approximately $23.5 million and representing about 0.10% of the company. Institutional investors collectively own 70.44% of Block.
• Block reported quarterly EPS of $1.02, beating the $0.48 analyst consensus, while revenue rose 9.3% year over year to $6.62 billion. Shares opened at $74.70, down 3.7%, with a market capitalization of roughly $44.9 billion.
• Analysts remain broadly positive, with Block carrying a “Moderate Buy” consensus rating and an average price target of $95.42; however, insiders sold 375,913 shares worth about $30.4 million over the past quarter.

Bank of America Corp DE purchased a new position in shares of Block, Inc. (NYSE:XYZ - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 617,929 shares of the technology company's stock, valued at approximately $23,531,000. Bank of America Corp DE owned about 0.10% of Block as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of XYZ. Elevation Wealth Partners LLC increased its holdings in Block by 301.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 389 shares of the technology company's stock worth $30,000 after acquiring an additional 292 shares during the last quarter. Global Assets Advisory LLC bought a new stake in Block during the 1st quarter worth approximately $31,000. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Block by 57.6% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 610 shares of the technology company's stock worth $40,000 after purchasing an additional 223 shares during the period. Osbon Capital Management LLC bought a new position in Block in the 4th quarter worth about $43,000. Finally, EverSource Wealth Advisors LLC raised its stake in Block by 33.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 707 shares of the technology company's stock valued at $46,000 after purchasing an additional 179 shares in the last quarter. Institutional investors own 70.44% of the company's stock.

Block Stock Down 3.7%

Shares of Block stock opened at $74.70 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.21 and a quick ratio of 2.21. The company has a 50-day moving average of $80.38 and a 200 day moving average of $73.17. The firm has a market cap of $44.88 billion, a price-to-earnings ratio of 133.39, a PEG ratio of 0.81 and a beta of 2.52. Block, Inc. has a 1 year low of $48.21 and a 1 year high of $86.92.

Block (NYSE:XYZ - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The technology company reported $1.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.48 by $0.54. Block had a net margin of 1.43% and a return on equity of 8.10%. The company had revenue of $6.62 billion during the quarter. During the same period last year, the business earned $0.62 earnings per share. The company's revenue was up 9.3% on a year-over-year basis. Block has set its FY 2026 guidance at 4.020-4.020 EPS and its Q3 2026 guidance at 1.020-1.020 EPS. As a group, sell-side analysts anticipate that Block, Inc. will post 2.74 earnings per share for the current fiscal year.

Insider Buying and Selling at Block

In other news, insider Brian Grassadonia sold 43,348 shares of Block stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $80.00, for a total transaction of $3,467,840.00. Following the completion of the transaction, the insider directly owned 557,654 shares in the company, valued at approximately $44,612,320. This trade represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Amrita Ahuja sold 9,511 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $82.43, for a total value of $783,991.73. Following the completion of the sale, the chief financial officer directly owned 423,262 shares in the company, valued at approximately $34,889,486.66. This represents a 2.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 375,913 shares of company stock valued at $30,384,506. Corporate insiders own 11.37% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on XYZ shares. Benchmark upgraded Block to a "strong-buy" rating in a research report on Thursday, September 10th. Wolfe Research upped their price target on shares of Block from $100.00 to $115.00 and gave the company an "outperform" rating in a report on Tuesday, August 25th. Oppenheimer reaffirmed an "outperform" rating and set a $97.00 price target on shares of Block in a research report on Thursday, August 6th. Piper Sandler boosted their price objective on shares of Block from $100.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Finally, Royal Bank Of Canada upped their price objective on shares of Block from $93.00 to $95.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Block presently has an average rating of "Moderate Buy" and an average target price of $95.42.

Block Profile

Block, Inc is a global technology company that develops financial services and commerce tools for businesses and consumers. Founded in 2009 as Square, the company changed its corporate name to Block in 2021 to reflect the expansion of its operations beyond seller-focused payment solutions.

Through its Square ecosystem, Block provides payment processing, point-of-sale hardware and software, business banking, invoicing, payroll, inventory management and other tools for merchants. Its consumer-focused Cash App offers services that may include peer-to-peer payments, money transfers, investing, debit-card access and bitcoin-related functionality, subject to availability and applicable regulations.

Block also owns Afterpay, a buy now, pay later platform, and has operated additional businesses involving music streaming and bitcoin infrastructure.

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