Synovus Financial Corp Acquires 1,593 Shares of Block, Inc. (NYSE:SQ)

Synovus Financial Corp raised its holdings in shares of Block, Inc. (NYSE:SQ) by 18.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,174 shares of the technology company’s stock after purchasing an additional 1,593 shares during the quarter. Synovus Financial Corp’s holdings in Block were worth $683,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. SouthState Corp increased its stake in Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after buying an additional 180 shares during the period. True Wealth Design LLC increased its position in shares of Block by 64.7% during the third quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after acquiring an additional 194 shares during the period. Unique Wealth Strategies LLC purchased a new stake in shares of Block in the second quarter valued at approximately $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Block in the second quarter worth approximately $44,000. Finally, V Square Quantitative Management LLC bought a new position in Block in the third quarter worth approximately $46,000. 70.44% of the stock is currently owned by institutional investors.

Block Trading Up 0.9 %

NYSE SQ opened at $94.58 on Wednesday. Block, Inc. has a 52 week low of $55.00 and a 52 week high of $99.26. The firm has a 50 day moving average of $82.88 and a two-hundred day moving average of $70.99. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $58.62 billion, a PE ratio of 53.13, a price-to-earnings-growth ratio of 1.23 and a beta of 2.50.

Insider Buying and Selling

In other news, insider Chrysty Esperanza sold 2,865 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $95.00, for a total value of $272,175.00. Following the completion of the transaction, the insider now owns 85,235 shares in the company, valued at approximately $8,097,325. This represents a 3.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Brian Grassadonia sold 1,884 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $65.41, for a total transaction of $123,232.44. Following the completion of the transaction, the insider now directly owns 574,914 shares in the company, valued at $37,605,124.74. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,918 shares of company stock worth $2,666,147. Corporate insiders own 10.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SQ. Monness Crespi & Hardt raised Block from a “neutral” rating to a “buy” rating and set a $115.00 price objective on the stock in a research report on Friday, December 13th. The Goldman Sachs Group lifted their price objective on shares of Block from $87.00 to $102.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Needham & Company LLC increased their target price on shares of Block from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and issued a $88.00 target price on shares of Block in a research note on Monday, October 21st. Finally, Sanford C. Bernstein increased their price objective on Block from $90.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $95.34.

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.