Truist Financial Corp Has $11.24 Million Stock Holdings in Block, Inc. (NYSE:SQ)

Truist Financial Corp lifted its position in Block, Inc. (NYSE:SQ) by 8.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 145,365 shares of the technology company’s stock after purchasing an additional 10,921 shares during the quarter. Truist Financial Corp’s holdings in Block were worth $11,244,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SQ. Hexagon Capital Partners LLC increased its holdings in shares of Block by 89.6% during the third quarter. Hexagon Capital Partners LLC now owns 635 shares of the technology company’s stock worth $28,000 after buying an additional 300 shares in the last quarter. Front Row Advisors LLC raised its position in Block by 67,500.0% in the 3rd quarter. Front Row Advisors LLC now owns 676 shares of the technology company’s stock valued at $30,000 after purchasing an additional 675 shares during the last quarter. Larson Financial Group LLC raised its position in Block by 38.4% in the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the technology company’s stock valued at $32,000 after purchasing an additional 202 shares during the last quarter. Headinvest LLC acquired a new position in Block in the third quarter worth $44,000. Finally, CNB Bank grew its holdings in shares of Block by 40.2% during the third quarter. CNB Bank now owns 1,046 shares of the technology company’s stock worth $46,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on SQ. Royal Bank of Canada lifted their price target on Block from $77.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. BTIG Research upgraded shares of Block from a “neutral” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Tuesday, January 30th. Truist Financial raised their price target on shares of Block from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Morgan Stanley reaffirmed an “underweight” rating and set a $60.00 price objective (down previously from $62.00) on shares of Block in a report on Thursday, April 4th. Finally, Canaccord Genuity Group lifted their target price on Block from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, February 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $85.67.

Insider Activity at Block

In related news, insider Brian Grassadonia sold 127,800 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total transaction of $8,364,510.00. Following the completion of the transaction, the insider now owns 405,224 shares in the company, valued at $26,521,910.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Block news, CFO Amrita Ahuja sold 4,170 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $78.84, for a total value of $328,762.80. Following the completion of the transaction, the chief financial officer now directly owns 193,192 shares in the company, valued at $15,231,257.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Brian Grassadonia sold 127,800 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total value of $8,364,510.00. Following the sale, the insider now owns 405,224 shares in the company, valued at approximately $26,521,910.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 363,801 shares of company stock valued at $27,284,175. 10.79% of the stock is owned by insiders.

Block Trading Down 8.5 %

Shares of NYSE:SQ opened at $66.83 on Thursday. The firm has a market cap of $41.15 billion, a price-to-earnings ratio of 429.41, a PEG ratio of 2.02 and a beta of 2.57. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.22. Block, Inc. has a 12 month low of $38.85 and a 12 month high of $87.52. The company’s fifty day simple moving average is $77.77 and its 200 day simple moving average is $67.82.

Block (NYSE:SQ) last released its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. The firm had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.69 billion. Block had a return on equity of 0.63% and a net margin of 0.04%. As a group, research analysts forecast that Block, Inc. will post 1.11 EPS for the current fiscal year.

Block Profile

Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.