Nu Holdings Ltd. $NU Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia boosted its holdings in shares of Nu Holdings Ltd. (NYSE:NU) by 855.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,111,616 shares of the company’s stock after purchasing an additional 14,426,181 shares during the period. Bank of Nova Scotia owned approximately 0.33% of NU worth $231,524,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Sei Investments Co. grew its position in NU by 21.2% in the first quarter. Sei Investments Co. now owns 9,336,677 shares of the company’s stock worth $134,168,000 after buying an additional 1,635,019 shares during the last quarter. Lido Advisors LLC acquired a new stake in shares of NU during the 1st quarter valued at $3,640,000. State of Wyoming lifted its position in shares of NU by 16.4% during the 1st quarter. State of Wyoming now owns 62,980 shares of the company’s stock valued at $905,000 after acquiring an additional 8,889 shares during the last quarter. Cetera Investment Advisers boosted its stake in shares of NU by 7.1% during the 1st quarter. Cetera Investment Advisers now owns 419,888 shares of the company’s stock worth $6,034,000 after acquiring an additional 27,922 shares in the last quarter. Finally, Coronation Fund Managers Ltd. boosted its stake in shares of NU by 24.8% during the 1st quarter. Coronation Fund Managers Ltd. now owns 17,973,549 shares of the company’s stock worth $258,280,000 after acquiring an additional 3,570,451 shares in the last quarter. 84.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NU. CICC Research assumed coverage on NU in a research report on Tuesday, April 14th. They set an “outperform” rating and a $18.00 target price on the stock. Needham & Company LLC began coverage on NU in a research note on Friday, June 26th. They issued a “buy” rating and a $17.00 price target on the stock. Bank of America restated an “underperform” rating on shares of NU in a report on Tuesday, June 2nd. JPMorgan Chase & Co. upped their price objective on shares of NU from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Finally, UBS Group decreased their target price on shares of NU from $18.10 to $16.90 and set a “buy” rating for the company in a report on Wednesday, May 20th. Ten investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $17.24.

NU Stock Performance

Shares of NU stock opened at $14.21 on Friday. Nu Holdings Ltd. has a 1-year low of $11.20 and a 1-year high of $18.98. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $68.98 billion, a price-to-earnings ratio of 21.86, a P/E/G ratio of 0.58 and a beta of 0.95. The stock’s fifty day simple moving average is $12.98 and its 200-day simple moving average is $14.70.

NU (NYSE:NU) last posted its quarterly earnings results on Friday, May 15th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $5.06 billion. On average, sell-side analysts predict that Nu Holdings Ltd. will post 0.83 earnings per share for the current fiscal year.

NU declared that its board has authorized a stock buyback plan on Thursday, June 4th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at NU

In other news, Director Anita M. Sands sold 21,000 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $12.24, for a total value of $257,040.00. Following the transaction, the director owned 162,150 shares in the company, valued at $1,984,716. This represents a 11.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is owned by corporate insiders.

NU Profile

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.