Elo Mutual Pension Insurance Co Sells 12,613 Shares of Block, Inc. $XYZ

Elo Mutual Pension Insurance Co lessened its position in Block, Inc. (NYSE:XYZ) by 30.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 29,355 shares of the technology company’s stock after selling 12,613 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Block were worth $2,121,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Traub Capital Management LLC bought a new position in Block in the 2nd quarter valued at approximately $26,000. Nemes Rush Group LLC purchased a new position in shares of Block in the second quarter worth $26,000. City Holding Co. bought a new position in shares of Block during the third quarter valued at $27,000. Cromwell Holdings LLC bought a new position in shares of Block during the third quarter valued at $27,000. Finally, Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Block during the third quarter valued at $28,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Price Performance

Shares of Block stock opened at $65.31 on Thursday. The stock has a market cap of $39.69 billion, a P/E ratio of 31.10, a P/E/G ratio of 1.43 and a beta of 2.65. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.20 and a current ratio of 2.20. The stock’s fifty day moving average is $61.20 and its 200 day moving average is $67.92. Block, Inc. has a one year low of $44.27 and a one year high of $82.50.

Block (NYSE:XYZ) last issued its quarterly earnings results on Thursday, February 26th. The technology company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.39. Block had a return on equity of 6.66% and a net margin of 5.40%.The business had revenue of $6.25 billion during the quarter. During the same quarter in the previous year, the company earned $0.71 EPS. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Block, Inc. will post 2.54 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Morgan Stanley raised Block from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $72.00 to $93.00 in a research report on Friday, February 27th. Citigroup decreased their price objective on shares of Block from $105.00 to $85.00 and set a “buy” rating for the company in a report on Thursday, February 5th. Arete Research upgraded shares of Block from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Bank of America lifted their target price on shares of Block from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Finally, BTIG Research reissued a “buy” rating and set a $90.00 price target on shares of Block in a report on Friday, February 27th. Three analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $82.79.

Insider Activity

In other news, insider Owen Britton Jennings sold 822 shares of the firm’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $63.98, for a total transaction of $52,591.56. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ajmere Dale sold 1,173 shares of Block stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $65.09, for a total transaction of $76,350.57. Following the transaction, the chief accounting officer owned 98,412 shares in the company, valued at approximately $6,405,637.08. This trade represents a 1.18% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 16,797 shares of company stock valued at $940,298. 10.85% of the stock is owned by insiders.

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.