Hohimer Wealth Management LLC Purchases 15,253 Shares of Block, Inc. $XYZ

Key Points

• Hohimer Wealth Management opened a new position in Block, buying 15,253 shares worth approximately $1.12 million in the third quarter. Institutional investors and hedge funds collectively own 70.44% of Block’s stock.
• Block reported quarterly EPS of $1.13, beating the $0.68 consensus estimate, while revenue rose 9.9% year over year to $6.72 billion.
• Analysts give Block a consensus “Moderate Buy” rating and an average price target of $99.80. Separately, a company director sold 35,000 shares for about $3.06 million under a pre-arranged trading plan.

Hohimer Wealth Management LLC bought a new position in Block, Inc. (NYSE:XYZ - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 15,253 shares of the technology company's stock, valued at approximately $1,122,000.

Other institutional investors have also modified their holdings of the company. University of Texas Texas AM Investment Management Co. bought a new position in Block during the 3rd quarter worth approximately $48,000. Formidable Asset Management LLC acquired a new position in shares of Block in the 3rd quarter worth approximately $1,190,000. Verus Capital Partners LLC bought a new stake in shares of Block in the 3rd quarter valued at approximately $266,000. Ashton Thomas Private Wealth LLC increased its holdings in shares of Block by 17.1% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 3,730 shares of the technology company's stock valued at $274,000 after acquiring an additional 546 shares during the last quarter. Finally, Heritage Family Offices LLP bought a new stake in shares of Block in the 3rd quarter valued at approximately $101,000. Institutional investors and hedge funds own 70.44% of the company's stock.

Block Price Performance

Shares of NYSE XYZ opened at $88.49 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.23 and a quick ratio of 2.21. The firm has a market capitalization of $53.17 billion, a PE ratio of 25.11, a P/E/G ratio of 0.92 and a beta of 2.58. Block, Inc. has a 1-year low of $48.21 and a 1-year high of $89.40. The business's fifty day moving average price is $78.01 and its two-hundred day moving average price is $71.63.

Block (NYSE:XYZ - Get Free Report) last announced its quarterly earnings results on Tuesday, November 3rd. The technology company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.45. The company had revenue of $6.72 billion during the quarter. Block had a net margin of 1.80% and a return on equity of 9.63%. The business's revenue was up 9.9% compared to the same quarter last year. During the same period last year, the firm posted $0.54 EPS. On average, research analysts expect that Block, Inc. will post 2.75 EPS for the current year.

Analyst Ratings Changes

XYZ has been the subject of a number of research reports. Morgan Stanley lifted their price objective on shares of Block from $80.00 to $82.00 and gave the stock an "equal weight" rating in a report on Wednesday, November 4th. JPMorgan Chase & Co. boosted their target price on shares of Block from $100.00 to $110.00 in a research note on Thursday, August 6th. Zacks Research cut shares of Block from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 30th. Weiss Ratings restated a "hold (c)" rating on shares of Block in a research report on Tuesday, November 3rd. Finally, Keefe, Bruyette & Woods raised their price target on shares of Block from $90.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $99.80.

Insiders Place Their Bets

In other Block news, Director Anthony Eisen sold 35,000 shares of the business'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 directly owned 1,177,672 shares of the company's stock, valued at $103,046,300. The trade was a 2.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 255,686 shares of company stock valued at $20,453,487. Company insiders own 11.37% of the company's stock.

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.

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