First Horizon Advisors Inc. Reduces Stake in Block, Inc. (NYSE:SQ)

First Horizon Advisors Inc. cut its holdings in shares of Block, Inc. (NYSE:SQ) by 19.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,764 shares of the technology company’s stock after selling 420 shares during the period. First Horizon Advisors Inc.’s holdings in Block were worth $118,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SouthState Corp raised its stake in Block by 85.3% in the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after buying an additional 180 shares in the last quarter. LRI Investments LLC bought a new position in shares of Block in the 1st quarter worth approximately $34,000. Unique Wealth Strategies LLC purchased a new position in shares of Block in the 2nd quarter valued at approximately $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Block during the second quarter valued at approximately $44,000. Finally, V Square Quantitative Management LLC purchased a new stake in Block in the third quarter worth $46,000. Institutional investors own 70.44% of the company’s stock.

Insider Activity

In other news, insider Chrysty Esperanza sold 2,964 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $80.00, for a total transaction of $237,120.00. Following the completion of the sale, the insider now owns 88,607 shares of the company’s stock, valued at $7,088,560. The trade was a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total value of $33,500.00. Following the completion of the sale, the chief accounting officer now owns 90,460 shares of the company’s stock, valued at $6,060,820. This trade represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,283 shares of company stock valued at $862,773 in the last quarter. 10.49% of the stock is currently owned by insiders.

Block Stock Down 0.5 %

Block stock opened at $92.26 on Friday. The stock has a market cap of $57.18 billion, a PE ratio of 51.83, a price-to-earnings-growth ratio of 1.25 and a beta of 2.48. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The stock has a fifty day moving average of $73.83 and a 200 day moving average of $68.10. Block, Inc. has a one year low of $55.00 and a one year high of $94.12.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Benchmark reissued a “buy” rating and set a $99.00 price objective on shares of Block in a research report on Friday, August 2nd. Oppenheimer began coverage on shares of Block in a research note on Tuesday, October 1st. They set a “market perform” rating on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 target price on shares of Block in a research note on Monday, November 11th. Keefe, Bruyette & Woods boosted their price target on Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Finally, UBS Group reduced their price objective on Block from $100.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $91.18.

Block Company 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.