Harvest Portfolios Group Inc. Has $5.83 Million Stock Position in Block, Inc. $XYZ

Key Points

• Harvest Portfolios Group increased its Block stake by 54.1% in the fourth quarter, ending with 89,486 shares valued at about $5.83 million.
• Block reported strong first-quarter earnings, with EPS of $0.85 versus the $0.30 consensus estimate and revenue of $6.06 billion, up 4.9% year over year.
• Despite the upbeat results, insiders sold shares during the quarter, and analysts currently rate Block a Moderate Buy with an average target price of $84.94.

Harvest Portfolios Group Inc. lifted its holdings in shares of Block, Inc. (NYSE:XYZ - Free Report) by 54.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 89,486 shares of the technology company's stock after buying an additional 31,399 shares during the period. Harvest Portfolios Group Inc.'s holdings in Block were worth $5,825,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of XYZ. Cibc World Market Inc. increased its holdings in Block by 24.0% in the 3rd quarter. Cibc World Market Inc. now owns 179,271 shares of the technology company's stock worth $12,956,000 after purchasing an additional 34,678 shares in the last quarter. New York Life Investment Management LLC acquired a new position in Block in the 3rd quarter worth about $5,400,000. Principal Financial Group Inc. increased its holdings in Block by 2,385.3% in the 3rd quarter. Principal Financial Group Inc. now owns 612,358 shares of the technology company's stock worth $44,255,000 after purchasing an additional 587,719 shares in the last quarter. Hartford Investment Management Co. acquired a new position in Block in the 3rd quarter worth about $2,323,000. Finally, Mutual of America Capital Management LLC acquired a new position in Block in the 3rd quarter worth about $4,305,000. Institutional investors and hedge funds own 70.44% of the company's stock.

Insider Buying and Selling

In other Block news, insider Brian Grassadonia sold 1,769 shares of the company's stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $60.25, for a total value of $106,582.25. Following the sale, the insider owned 500,763 shares in the company, valued at approximately $30,170,970.75. The trade was a 0.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Amrita Ahuja sold 30,919 shares of the company's stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $75.00, for a total value of $2,318,925.00. Following the sale, the chief financial officer owned 500,816 shares in the company, valued at approximately $37,561,200. The trade was a 5.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 49,725 shares of company stock worth $3,401,393. Corporate insiders own 11.37% of the company's stock.

Block Trading Down 2.1%

NYSE XYZ opened at $69.18 on Wednesday. The business's 50-day moving average price is $65.50 and its two-hundred day moving average price is $63.82. Block, Inc. has a 12 month low of $48.21 and a 12 month high of $82.50. The firm has a market capitalization of $41.17 billion, a PE ratio of 54.04, a price-to-earnings-growth ratio of 0.99 and a beta of 2.57. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.26.

Block (NYSE:XYZ - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The technology company reported $0.85 EPS for the quarter, beating analysts' consensus estimates 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 quarter last year, the firm posted $0.56 EPS. The company's quarterly revenue was up 4.9% on a year-over-year basis. Block has set its Q2 2026 guidance at 0.860-0.860 EPS and its FY 2026 guidance at 3.850-3.850 EPS. On average, analysts expect that Block, Inc. will post 2.23 EPS for the current year.

Analyst Ratings Changes

XYZ has been the subject of a number of recent research reports. TD Cowen upped their target price on Block from $91.00 to $95.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Oppenheimer reaffirmed an "outperform" rating and issued a $91.00 target price on shares of Block in a report on Friday, May 8th. Zacks Research cut Block from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 12th. Raymond James Financial raised Block to a "moderate buy" rating in a report on Friday, February 27th. Finally, Morgan Stanley raised Block from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $72.00 to $93.00 in a report on Friday, February 27th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Block presently has a consensus rating of "Moderate Buy" and an average target price of $84.94.

Block Profile

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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