Teacher Retirement System of Texas Lowers Stock Position in Block, Inc. (NYSE:SQ)

Teacher Retirement System of Texas decreased its position in Block, Inc. (NYSE:SQ) by 40.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,248 shares of the technology company’s stock after selling 16,922 shares during the period. Teacher Retirement System of Texas’ holdings in Block were worth $1,953,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Great Diamond Partners LLC purchased a new position in shares of Block during the 4th quarter valued at approximately $298,000. Principal Securities Inc. purchased a new stake in Block during the 4th quarter worth approximately $512,000. Howard Wealth Management LLC purchased a new stake in Block during the 4th quarter worth approximately $237,000. Montag A & Associates Inc. raised its holdings in shares of Block by 843.2% during the fourth quarter. Montag A & Associates Inc. now owns 349 shares of the technology company’s stock valued at $27,000 after acquiring an additional 312 shares during the last quarter. Finally, Vestor Capital LLC purchased a new position in shares of Block in the fourth quarter valued at approximately $15,735,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Ajmere Dale sold 656 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total value of $42,180.80. Following the transaction, the chief accounting officer now owns 68,823 shares in the company, valued at approximately $4,425,318.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Brian Grassadonia sold 113,668 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $67.56, for a total value of $7,679,410.08. Following the completion of the sale, the insider now directly owns 603,861 shares of the company’s stock, valued at $40,796,849.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Ajmere Dale sold 656 shares of Block stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total transaction of $42,180.80. Following the completion of the transaction, the chief accounting officer now directly owns 68,823 shares in the company, valued at $4,425,318.90. The disclosure for this sale can be found here. Insiders sold 477,469 shares of company stock valued at $34,963,585 in the last ninety days. Insiders own 10.79% of the company’s stock.

Block Stock Performance

Shares of SQ opened at $72.28 on Friday. The stock has a 50-day simple moving average of $76.49 and a 200-day simple moving average of $70.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.64 and a current ratio of 1.64. Block, Inc. has a 1 year low of $38.85 and a 1 year high of $87.52. The stock has a market capitalization of $44.60 billion, a PE ratio of 93.87, a PEG ratio of 1.67 and a beta of 2.57.

Block (NYSE:SQ) last posted its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.02 by $0.01. The company had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.69 billion. Block had a net margin of 2.18% and a return on equity of 2.04%. On average, analysts predict that Block, Inc. will post 1.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SQ. Truist Financial raised their price objective on Block from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Wells Fargo & Company upgraded shares of Block from an “equal weight” rating to an “overweight” rating and set a $95.00 price objective for the company in a report on Friday, February 23rd. Keefe, Bruyette & Woods boosted their target price on Block from $74.00 to $78.00 and gave the stock a “market perform” rating in a report on Friday, February 23rd. BTIG Research raised Block from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a report on Tuesday, January 30th. Finally, Mizuho boosted their price objective on Block from $99.00 to $106.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $87.59.

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.