Bank of America Corp DE Purchases 3,656,945 Shares of Nu Holdings Ltd. $NU

Key Points

• Bank of America increased its Nu Holdings stake by 8.6% in the first quarter, purchasing 3.66 million shares and bringing its total holdings to 45.97 million shares valued at approximately $660.5 million. Institutional investors collectively own 84.02% of NU.
• Analyst sentiment remains favorable, with 10 Buy ratings, four Holds and one Sell. NU has a “Moderate Buy” consensus rating and an average price target of $17.24, above its reported opening price of $14.35.
• Nu Holdings reported quarterly revenue of $5.32 billion, exceeding estimates, though earnings per share of $0.19 narrowly missed consensus. The stock has traded between $11.20 and $18.98 over the past year, while a director separately sold 21,000 shares at an average price of $12.24.

Bank of America Corp DE grew its position in Nu Holdings Ltd. (NYSE:NU - Free Report) by 8.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 45,966,932 shares of the company's stock after buying an additional 3,656,945 shares during the period. Bank of America Corp DE owned approximately 0.95% of NU worth $660,545,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. LOM Asset Management Ltd bought a new stake in shares of NU in the fourth quarter worth about $25,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of NU by 14,810.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,491 shares of the company's stock valued at $25,000 after purchasing an additional 1,481 shares in the last quarter. Cornerstone Planning Group LLC grew its position in shares of NU by 5,448.3% in the 4th quarter. Cornerstone Planning Group LLC now owns 1,609 shares of the company's stock valued at $27,000 after purchasing an additional 1,580 shares during the period. Zions Bancorporation National Association UT acquired a new position in shares of NU in the 4th quarter valued at approximately $27,000. Finally, Morse Asset Management Inc bought a new stake in NU during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 84.02% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on NU shares. Needham & Company LLC assumed coverage on shares of NU in a report on Friday, June 26th. They issued a "buy" rating and a $17.00 price target for the company. Susquehanna cut shares of NU from a "positive" rating to a "neutral" rating and cut their price objective for the company from $18.00 to $13.00 in a research report on Wednesday, June 3rd. Scotiabank lowered shares of NU to a "sector perform" rating and set a $13.00 target price for the company. in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. increased their target price on NU from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Finally, CICC Research assumed coverage on NU in a research note on Tuesday, April 14th. They issued an "outperform" rating and a $18.00 price target on the stock. Ten research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.24.

Insider Activity

In other NU news, Director Anita M. Sands sold 21,000 shares of the business's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $12.24, for a total transaction of $257,040.00. Following the transaction, the director owned 162,150 shares of the company's stock, valued at $1,984,716. The trade was a 11.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.20% of the company's stock.

NU Stock Performance

Shares of NU stock opened at $14.35 on Friday. Nu Holdings Ltd. has a 12 month low of $11.20 and a 12 month high of $18.98. The company's fifty day simple moving average is $13.19 and its 200-day simple moving average is $14.58. The firm has a market cap of $69.65 billion, a PE ratio of 22.07, a P/E/G ratio of 0.58 and a beta of 0.95. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.36.

NU (NYSE:NU - Get Free Report) last released its earnings results on Friday, May 15th. The company reported $0.19 earnings per share for the quarter, missing analysts' consensus estimates of $0.20 by ($0.01). NU had a net margin of 18.20% and a return on equity of 30.91%. The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.06 billion. Equities research analysts expect that Nu Holdings Ltd. will post 0.83 EPS for the current fiscal year.

NU declared that its Board of Directors has approved a share repurchase plan on Thursday, June 4th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

About NU

Nu Holdings Ltd NYSE: NU, commonly known by its consumer brand Nubank, is a Latin American financial technology company that provides digital banking and financial services through a mobile-first platform. The company’s core offerings include no-fee digital checking accounts, credit cards, personal loans, payments and transfers, and a range of savings and investment products. Nubank emphasizes a streamlined customer experience delivered via its smartphone app, combined with data-driven underwriting and automated customer service tools.

Founded in 2013 by David Vélez, Cristina Junqueira and Edward Wible, Nu grew rapidly by targeting underbanked and digitally savvy consumers in Latin America with low-fee, transparent products.

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