CIBC Asset Management Inc Acquires 52,238 Shares of Block, Inc. $XYZ

Key Points

• CIBC Asset Management boosted its stake in Block by 67.3% in the fourth quarter, buying 52,238 additional shares and bringing its total holding to 129,818 shares worth about $8.45 million.
• Block shares were down 3.7% in Friday trading, opening at $68.25, while the stock remains well below its 52-week high of $82.50.
• Block reported better-than-expected earnings for the latest quarter, with EPS of $0.85 versus $0.30 expected, and analysts currently rate the stock a Moderate Buy with an average price target of $85.12.

CIBC Asset Management Inc increased its holdings in shares of Block, Inc. (NYSE:XYZ - Free Report) by 67.3% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 129,818 shares of the technology company's stock after purchasing an additional 52,238 shares during the period. CIBC Asset Management Inc's holdings in Block were worth $8,450,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of XYZ. Cibc World Market Inc. increased its position in Block by 24.0% during the 3rd quarter. Cibc World Market Inc. now owns 179,271 shares of the technology company's stock valued at $12,956,000 after buying an additional 34,678 shares in the last quarter. New York Life Investment Management LLC bought a new position in Block during the 3rd quarter valued at approximately $5,400,000. Vanguard Group Inc. increased its position in Block by 23.1% during the 3rd quarter. Vanguard Group Inc. now owns 67,626,485 shares of the technology company's stock valued at $4,887,366,000 after buying an additional 12,709,824 shares in the last quarter. Inceptionr LLC increased its position in Block by 455.1% during the 3rd quarter. Inceptionr LLC now owns 19,480 shares of the technology company's stock valued at $1,408,000 after buying an additional 15,971 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Block by 145.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 55,396 shares of the technology company's stock valued at $4,003,000 after buying an additional 32,865 shares in the last quarter. Institutional investors own 70.44% of the company's stock.

Block Trading Down 3.7%

Shares of XYZ stock opened at $68.25 on Friday. Block, Inc. has a 12-month low of $48.21 and a 12-month high of $82.50. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.26. The stock's 50-day moving average price is $68.17 and its 200-day moving average price is $64.06. The stock has a market capitalization of $40.62 billion, a price-to-earnings ratio of 53.32, a price-to-earnings-growth ratio of 0.92 and a beta of 2.56.

Block (NYSE:XYZ - Get Free Report) last issued its earnings results on Thursday, May 7th. The technology company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.55. Block had a return on equity of 7.02% and a net margin of 3.30%.The firm had revenue of $6.06 billion for the quarter. During the same period last year, the firm posted $0.56 earnings per share. The company's revenue for the quarter was up 4.9% compared to the same quarter last year. Block has set its Q2 2026 guidance at 0.860-0.860 EPS and its FY 2026 guidance at 3.850-3.850 EPS. Equities research analysts predict that Block, Inc. will post 2.42 EPS for the current fiscal year.

Insider Transactions at Block

In other Block news, insider Owen Britton Jennings sold 1,316 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $68.54, for a total transaction of $90,198.64. Following the sale, the insider directly owned 479,662 shares of the company's stock, valued at $32,876,033.48. The trade was a 0.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony Mathew Eisen sold 135,750 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $76.81, for a total value of $10,426,957.50. Following the sale, the director directly owned 2,032,990 shares in the company, valued at $156,153,961.90. The trade was a 6.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 181,680 shares of company stock valued at $13,774,881. 11.37% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Morgan Stanley raised their price objective on Block from $96.00 to $98.00 and gave the company an "overweight" rating in a research report on Friday, May 29th. Citigroup raised their price objective on Block from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Raymond James Financial raised Block to a "moderate buy" rating in a report on Friday, February 27th. BMO Capital Markets initiated coverage on Block in a report on Tuesday, April 21st. They issued a "market perform" rating and a $74.00 target price for the company. Finally, Piper Sandler lifted their target price on Block from $51.00 to $58.00 and gave the stock an "underweight" rating in a report on Friday, May 8th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $85.12.

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.

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