Nu Holdings Ltd. $NU Position Increased by Bank of Nova Scotia

Bank of Nova Scotia increased its position in shares of Nu Holdings Ltd. (NYSE:NU) by 855.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,111,616 shares of the company’s stock after acquiring an additional 14,426,181 shares during the period. Bank of Nova Scotia’s holdings in NU were worth $231,524,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of NU during the 4th quarter worth about $763,792,000. Larch Capital Partners LLC acquired a new stake in shares of NU during the 4th quarter valued at about $605,829,000. Jennison Associates LLC grew its stake in shares of NU by 82.6% in the 4th quarter. Jennison Associates LLC now owns 39,370,791 shares of the company’s stock valued at $659,067,000 after buying an additional 17,809,644 shares in the last quarter. Atmos Capital Gestao DE Recursos LTDA. grew its stake in shares of NU by 109.1% in the 4th quarter. Atmos Capital Gestao DE Recursos LTDA. now owns 29,813,810 shares of the company’s stock valued at $499,083,000 after buying an additional 15,552,726 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in NU by 98.4% in the third quarter. Marshall Wace LLP now owns 29,141,505 shares of the company’s stock worth $466,555,000 after buying an additional 14,449,834 shares during the last quarter. Institutional investors and hedge funds own 84.02% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on NU shares. Bank of America reiterated an “underperform” rating on shares of NU in a research note on Tuesday, June 2nd. Scotiabank lowered shares of NU to a “sector perform” rating and set a $13.00 price objective for the company. in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. upped their price objective on shares of NU from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. UBS Group lowered their target price on shares of NU from $18.10 to $16.90 and set a “buy” rating on the stock in a research report on Wednesday, May 20th. Finally, CICC Research began coverage on shares of NU in a research report on Tuesday, April 14th. They set an “outperform” rating and a $18.00 target price on the stock. Ten analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $17.24.

Insider Activity

In related news, Director Anita M. Sands sold 21,000 shares of the firm’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $12.24, for a total value of $257,040.00. Following the transaction, the director directly owned 162,150 shares in the company, valued at approximately $1,984,716. This trade represents a 11.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.20% of the company’s stock.

NU Stock Down 2.1%

Shares of NU stock opened at $14.21 on Friday. The stock has a market capitalization of $68.98 billion, a P/E ratio of 21.86, a PEG 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. The stock has a 50 day moving average price of $12.98 and a two-hundred day moving average price of $14.70. Nu Holdings Ltd. has a 12-month low of $11.20 and a 12-month high of $18.98.

NU (NYSE:NU) last announced its quarterly earnings results on Friday, May 15th. The company reported $0.19 EPS 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 company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.06 billion. Equities analysts expect that Nu Holdings Ltd. will post 0.83 earnings per share for the current year.

NU announced that its board has initiated a share buyback plan on Thursday, June 4th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.