Rhumbline Advisers Increases Stock Position in Block, Inc. $XYZ

Rhumbline Advisers boosted its position in shares of Block, Inc. (NYSE:XYZ) by 56.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 990,590 shares of the technology company’s stock after buying an additional 356,993 shares during the quarter. Rhumbline Advisers owned approximately 0.16% of Block worth $71,590,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wesbanco Bank Inc. acquired a new stake in shares of Block during the 3rd quarter valued at about $380,000. Wealthfront Advisers LLC boosted its position in Block by 20.2% during the third quarter. Wealthfront Advisers LLC now owns 53,996 shares of the technology company’s stock worth $3,902,000 after purchasing an additional 9,065 shares in the last quarter. Profund Advisors LLC purchased a new position in Block during the third quarter worth approximately $540,000. ProShare Advisors LLC acquired a new stake in Block in the third quarter valued at approximately $8,010,000. Finally, Oppenheimer & Co. Inc. increased its position in shares of Block by 3.1% in the third quarter. Oppenheimer & Co. Inc. now owns 20,122 shares of the technology company’s stock valued at $1,454,000 after buying an additional 599 shares in the last quarter. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Ajmere Dale sold 1,173 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $65.09, for a total value of $76,350.57. Following the completion of the sale, the chief accounting officer owned 98,412 shares of the company’s stock, valued at approximately $6,405,637.08. This trade represents a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Owen Britton Jennings sold 822 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $63.98, for a total value of $52,591.56. Following the transaction, the insider directly owned 242,718 shares in the company, valued at $15,529,097.64. This trade represents a 0.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 54,796 shares of company stock valued at $3,395,943. Insiders own 10.85% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on XYZ shares. Piper Sandler dropped their price target on shares of Block from $55.00 to $51.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 14th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $90.00 target price on shares of Block in a research report on Thursday, November 20th. BNP Paribas Exane raised shares of Block from a “hold” rating to an “outperform” rating and set a $83.00 target price for the company in a research note on Wednesday, January 7th. Truist Financial set a $72.00 price target on shares of Block in a research note on Tuesday, January 20th. Finally, The Goldman Sachs Group lowered their price objective on Block from $96.00 to $82.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Three analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $82.48.

Block Stock Performance

XYZ opened at $49.07 on Friday. Block, Inc. has a twelve month low of $44.27 and a twelve month high of $85.55. The firm has a market capitalization of $29.82 billion, a PE ratio of 9.89, a PEG ratio of 1.10 and a beta of 2.67. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25. The firm’s 50-day moving average price is $63.58 and its 200 day moving average price is $70.00.

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.