SouthState Corp Has $26,000 Holdings in Block, Inc. (NYSE:SQ)

SouthState Corp grew its stake in Block, Inc. (NYSE:SQ) by 85.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 391 shares of the technology company’s stock after acquiring an additional 180 shares during the quarter. SouthState Corp’s holdings in Block were worth $26,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Capital World Investors increased its stake in shares of Block by 4.7% in the 1st quarter. Capital World Investors now owns 13,096,614 shares of the technology company’s stock valued at $1,107,712,000 after acquiring an additional 582,826 shares during the last quarter. Baillie Gifford & Co. increased its stake in shares of Block by 1.5% in the 3rd quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock valued at $686,948,000 after acquiring an additional 147,873 shares during the last quarter. Lone Pine Capital LLC increased its stake in shares of Block by 13.9% in the 2nd quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock valued at $494,672,000 after acquiring an additional 934,588 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Block by 17.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company’s stock worth $139,143,000 after purchasing an additional 326,444 shares in the last quarter. Finally, D1 Capital Partners L.P. increased its stake in Block by 76.7% during the 2nd quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock worth $118,103,000 after purchasing an additional 795,000 shares in the last quarter. 70.44% of the stock is owned by institutional investors.

Block Trading Down 3.0 %

Shares of Block stock opened at $89.69 on Thursday. The business has a fifty day simple moving average of $72.68 and a two-hundred day simple moving average of $67.82. Block, Inc. has a 1 year low of $55.00 and a 1 year high of $93.00. The company has a market capitalization of $55.59 billion, a price-to-earnings ratio of 50.39, a P/E/G ratio of 1.14 and a beta of 2.48. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07.

Insider Buying and Selling at Block

In other news, insider Brian Grassadonia sold 1,884 shares of Block stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $65.41, for a total transaction of $123,232.44. Following the completion of the sale, the insider now owns 574,914 shares of the company’s stock, valued at approximately $37,605,124.74. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ajmere Dale sold 500 shares of Block 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 sale, the chief accounting officer now directly owns 90,460 shares of the company’s stock, valued at $6,060,820. This represents a 0.55 % decrease in their position. 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.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SQ shares. BNP Paribas cut Block from an “outperform” rating to a “neutral” rating and set a $88.00 target price for the company. in a research note on Wednesday. Wells Fargo & Company lowered their target price on Block from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Oppenheimer started coverage on Block in a research note on Tuesday, October 1st. They set a “market perform” rating for the company. New Street Research started coverage on Block in a research note on Monday, September 9th. They set a “neutral” rating and a $70.00 target price for the company. Finally, William Blair reaffirmed an “outperform” rating on shares of Block in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $91.18.

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.