Mitsubishi UFJ Trust & Banking Corp Has $21.16 Million Stock Position in Block, Inc. $XYZ

Mitsubishi UFJ Trust & Banking Corp reduced its holdings in Block, Inc. (NYSE:XYZ - Free Report) by 26.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 325,113 shares of the technology company's stock after selling 118,751 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.05% of Block worth $21,162,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Block by 23.1% in the third quarter. Vanguard Group Inc. now owns 67,626,485 shares of the technology company's stock valued at $4,887,366,000 after purchasing an additional 12,709,824 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Block during the 2nd quarter worth approximately $535,305,000. Capital World Investors boosted its holdings in shares of Block by 192.7% in the 3rd quarter. Capital World Investors now owns 11,296,224 shares of the technology company's stock valued at $816,378,000 after buying an additional 7,436,380 shares during the last quarter. Viking Global Investors LP acquired a new stake in shares of Block in the 2nd quarter valued at approximately $368,213,000. Finally, Invesco Ltd. grew its stake in shares of Block by 241.4% in the third quarter. Invesco Ltd. now owns 3,778,298 shares of the technology company's stock valued at $273,058,000 after buying an additional 2,671,713 shares in the last quarter. 70.44% of the stock is owned by institutional investors.

Block Price Performance

Block stock opened at $70.64 on Friday. The firm has a market cap of $42.32 billion, a PE ratio of 33.64, a price-to-earnings-growth ratio of 1.01 and a beta of 2.61. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.20 and a quick ratio of 2.20. The stock's fifty day moving average price is $62.84 and its two-hundred day moving average price is $64.44. Block, Inc. has a one year low of $44.27 and a one year high of $82.50.

Block (NYSE:XYZ - Get Free Report) last released its earnings results on Thursday, February 26th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.39. Block had a return on equity of 6.66% and a net margin of 5.40%.The company had revenue of $6.25 billion for the quarter. During the same period last year, the company posted $0.71 earnings per share. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, research analysts expect that Block, Inc. will post 2.22 EPS for the current fiscal year.

Insider Activity

In other news, insider Brian Grassadonia sold 1,769 shares of the business's stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $60.25, for a total value of $106,582.25. Following the completion of the transaction, the insider directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 that occurred on Tuesday, April 21st. The stock was sold at an average price of $75.00, for a total transaction of $2,318,925.00. Following the sale, the chief financial officer directly owned 500,816 shares of the company's stock, valued at approximately $37,561,200. This trade represents 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 three months, insiders sold 49,725 shares of company stock worth $3,401,393. 10.85% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

XYZ has been the topic of a number of research analyst reports. Oppenheimer upped their target price on shares of Block from $85.00 to $89.00 and gave the company an "outperform" rating in a report on Friday, February 27th. Needham & Company LLC boosted their price target on Block from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Royal Bank Of Canada restated an "outperform" rating and issued a $90.00 price objective on shares of Block in a research note on Tuesday, March 17th. Wall Street Zen cut Block from a "buy" rating to a "hold" rating in a research report on Sunday, April 19th. Finally, BTIG Research reissued a "buy" rating and set a $90.00 target price on shares of Block in a report on Wednesday, April 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $82.78.

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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