Amalgamated Bank Makes New Investment in Block, Inc. $XYZ

Amalgamated Bank bought a new position in shares of Block, Inc. (NYSE:XYZ) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 32,752 shares of the technology company’s stock, valued at approximately $2,225,000.

Several other institutional investors also recently modified their holdings of XYZ. S Bank Fund Management Ltd bought a new stake in shares of Block in the second quarter worth $92,000. Praxis Investment Management Inc. bought a new stake in shares of Block in the 2nd quarter valued at about $508,000. Nordea Investment Management AB bought a new stake in shares of Block in the 2nd quarter valued at about $3,105,000. SilverOak Wealth Management LLC bought a new stake in shares of Block in the 2nd quarter valued at about $218,000. Finally, Private Trust Co. NA bought a new stake in Block in the second quarter valued at approximately $94,000. Institutional investors own 70.44% of the company’s stock.

Insiders Place Their Bets

In other Block news, insider Brian Grassadonia sold 35,145 shares of the stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $80.00, for a total value of $2,811,600.00. Following the sale, the insider directly owned 535,896 shares in the company, valued at $42,871,680. This represents a 6.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Owen Britton Jennings sold 1,050 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $74.77, for a total transaction of $78,508.50. Following the completion of the sale, the insider owned 253,956 shares in the company, valued at $18,988,290.12. This represents a 0.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 119,441 shares of company stock worth $9,085,327. Company insiders own 10.49% of the company’s stock.

Wall Street Analysts Forecast Growth

XYZ has been the topic of a number of research analyst reports. Truist Financial upped their price target on shares of Block from $70.00 to $74.00 and gave the company a “sell” rating in a research report on Friday, October 24th. Bank of America increased their target price on Block from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Block in a research report on Wednesday, October 8th. Royal Bank Of Canada reissued an “outperform” rating and set a $97.00 price target (up from $63.00) on shares of Block in a research report on Friday, August 8th. Finally, KeyCorp reissued an “overweight” rating and issued a $94.00 price objective on shares of Block in a research report on Wednesday, October 22nd. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Block has a consensus rating of “Moderate Buy” and a consensus price target of $82.42.

Block Stock Performance

Shares of XYZ opened at $72.60 on Wednesday. The stock’s 50-day simple moving average is $76.40 and its 200 day simple moving average is $69.65. The stock has a market capitalization of $44.25 billion, a price-to-earnings ratio of 15.55, a price-to-earnings-growth ratio of 3.03 and a beta of 2.73. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.96 and a current ratio of 1.96. Block, Inc. has a 52-week low of $44.27 and a 52-week high of $99.26.

Block (NYSE:XYZ) last issued its quarterly earnings data on Thursday, August 7th. The technology company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.41. Block had a return on equity of 7.85% and a net margin of 12.32%.The business had revenue of $6.05 billion for the quarter, compared to analysts’ expectations of $6.32 billion. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Research analysts forecast that Block, Inc. will post 2.54 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.