Intact Investment Management Inc. Invests $462,000 in Block, Inc. $XYZ

Intact Investment Management Inc. bought a new position in shares of Block, Inc. (NYSE:XYZ) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,100 shares of the technology company’s stock, valued at approximately $462,000.

Other institutional investors have also made changes to their positions in the company. Cromwell Holdings LLC acquired a new position in shares of Block during the third quarter worth $27,000. City Holding Co. acquired a new position in shares of Block during the third quarter worth $27,000. Cary Street Partners Investment Advisory LLC acquired a new position in shares of Block during the third quarter worth $28,000. RMG Wealth Management LLC acquired a new position in shares of Block during the third quarter worth $30,000. Finally, Quent Capital LLC acquired a new position in shares of Block during the third quarter worth $30,000. 70.44% of the stock is owned by institutional investors and hedge funds.

Block Trading Up 0.1%

Shares of NYSE XYZ opened at $71.85 on Tuesday. The stock’s 50 day moving average price is $62.84 and its two-hundred day moving average price is $64.29. Block, Inc. has a 52-week low of $45.03 and a 52-week high of $82.50. The stock has a market capitalization of $43.05 billion, a P/E ratio of 34.22, a PEG ratio of 1.04 and a beta of 2.57. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.26.

Block (NYSE:XYZ) last released its earnings results on Thursday, February 26th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.39. Block had a net margin of 5.40% and a return on equity of 6.66%. The firm had revenue of $6.25 billion during the quarter. During the same quarter in the previous year, the firm earned $0.71 EPS. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, analysts anticipate that Block, Inc. will post 2.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Block

In other Block news, CFO Amrita Ahuja sold 30,919 shares of the business’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $75.00, for a total transaction of $2,318,925.00. Following the completion of the sale, the chief financial officer owned 500,816 shares in the company, valued at $37,561,200. The trade was a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Chrysty Esperanza sold 3,000 shares of the business’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $75.00, for a total transaction of $225,000.00. Following the sale, the insider owned 268,169 shares of the company’s stock, valued at approximately $20,112,675. The trade was a 1.11% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,725 shares of company stock worth $3,401,393 in the last ninety days. 11.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on XYZ shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Block in a report on Friday, March 27th. Bank of America dropped their target price on shares of Block from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Raymond James Financial raised shares of Block to a “moderate buy” rating in a research report on Friday, February 27th. Zacks Research raised shares of Block from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 13th. Finally, Loop Capital initiated coverage on shares of Block in a research report on Tuesday, March 31st. They issued a “buy” rating and a $75.00 target price for the company. Four research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $83.46.

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.