PNC Financial Services Group Inc. Sells 10,501 Shares of Block, Inc. (NYSE:SQ) (2024)

PNC Financial Services Group Inc. trimmed its stake in Block, Inc. (NYSE:SQ – Free Report) by 22.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,824 shares of the technology company’s stock after selling 10,501 shares during the period. PNC Financial Services Group Inc.’s holdings in Block were worth $2,848,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Hexagon Capital Partners LLC increased its position in shares of Block by 26.8% in the fourth quarter. Hexagon Capital Partners LLC now owns 805 shares of the technology company’s stock worth $62,000 after purchasing an additional 170 shares during the last quarter. Washington Trust Advisors Inc. increased its position in shares of Block by 38.7% in the fourth quarter. Washington Trust Advisors Inc. now owns 616 shares of the technology company’s stock worth $48,000 after purchasing an additional 172 shares during the last quarter. Dynamic Advisor Solutions LLC increased its position in shares of Block by 2.9% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 6,328 shares of the technology company’s stock worth $489,000 after purchasing an additional 180 shares during the last quarter. WP Advisors LLC increased its position in shares of Block by 3.9% in the fourth quarter. WP Advisors LLC now owns 5,381 shares of the technology company’s stock worth $416,000 after purchasing an additional 200 shares during the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Block by 38.4% in the third quarter. Larson Financial Group LLC now owns 728 shares of the technology company’s stock worth $32,000 after purchasing an additional 202 shares during the last quarter. 70.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Block

In other news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $84.75, for a total value of $42,375.00. Following the completion of the transaction, the chief accounting officer now owns 68,323 shares of the company’s stock, valued at approximately $5,790,374.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Brian Grassadonia sold 113,668 shares of Block stock in a transaction dated 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 transaction, the insider now owns 603,861 shares of the company’s stock, valued at approximately $40,796,849.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Ajmere Dale sold 500 shares of Block stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $84.75, for a total value of $42,375.00. Following the completion of the transaction, the chief accounting officer now directly owns 68,323 shares of the company’s stock, valued at approximately $5,790,374.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 359,653 shares of company stock valued at $27,333,065. 10.49% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SQ shares. Wells Fargo & Company raised Block from an “equal weight” rating to an “overweight” rating and set a $95.00 target price for the company in a research note on Friday, February 23rd. KeyCorp upped their target price on Block from $80.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 27th. Keefe, Bruyette & Woods upped their target price on Block from $74.00 to $78.00 and gave the stock a “market perform” rating in a research note on Friday, February 23rd. Monness Crespi & Hardt reaffirmed a “neutral” rating on shares of Block in a research note on Thursday, May 2nd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $95.00 target price on shares of Block in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Block presently has an average rating of “Moderate Buy” and a consensus target price of $87.59.

Check Out Our Latest Report on Block

Block Stock Performance

Shares of Block stock opened at $66.34 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $40.93 billion, a P/E ratio of 86.16, a P/E/G ratio of 1.57 and a beta of 2.57. The business has a fifty day simple moving average of $75.19 and a two-hundred day simple moving average of $70.98. Block, Inc. has a 12 month low of $38.85 and a 12 month high of $87.52.

Block (NYSE:SQ – Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The technology company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.15 by $0.32. The business had revenue of $5.96 billion during the quarter, compared to analyst estimates of $5.75 billion. Block had a return on equity of 2.04% and a net margin of 2.18%. On average, equities analysts forecast that Block, Inc. will post 1.26 earnings per share for the current fiscal year.

Block Company Profile

(Free Report)

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.

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