Bank of America Corp DE Has $660.54 Million Stake in Nu Holdings Ltd. $NU

Bank of America Corp DE boosted its stake in shares of Nu Holdings Ltd. (NYSE:NU) by 8.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,966,932 shares of the company’s stock after purchasing an additional 3,656,945 shares during the quarter. Bank of America Corp DE’s holdings in NU were worth $660,545,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. LOM Asset Management Ltd acquired a new stake in shares of NU during the 4th quarter worth about $25,000. Caitong International Asset Management Co. Ltd boosted 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 worth $25,000 after buying an additional 1,481 shares during the period. Cornerstone Planning Group LLC grew its stake in 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 buying an additional 1,580 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in NU in the 4th quarter valued at about $27,000. Finally, Morse Asset Management Inc bought a new position in NU in the 4th quarter valued at about $31,000. 84.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NU. CICC Research assumed coverage on shares of NU in a research report on Tuesday, April 14th. They set an “outperform” rating and a $18.00 price objective for the company. Scotiabank lowered NU to a “sector perform” rating and set a $13.00 target price on the stock. in a research note on Wednesday, June 3rd. UBS Group dropped their price target on NU from $18.10 to $16.90 and set a “buy” rating for the company in a report on Wednesday, May 20th. Bank of America reaffirmed an “underperform” rating on shares of NU in a report on Tuesday, June 2nd. Finally, Needham & Company LLC assumed coverage on NU in a research report on Friday, June 26th. They set a “buy” rating and a $17.00 price objective on the stock. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $17.24.

NU Stock Performance

NU stock opened at $14.35 on Friday. 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 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. Nu Holdings Ltd. has a 12-month low of $11.20 and a 12-month high of $18.98. The business’s 50-day moving average price is $13.19 and its two-hundred day moving average price is $14.58.

NU (NYSE:NU) last released its quarterly earnings data 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). The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.06 billion. NU had a net margin of 18.20% and a return on equity of 30.91%. As a group, analysts expect that Nu Holdings Ltd. will post 0.83 earnings per share for the current fiscal year.

NU declared that its board has initiated a stock buyback plan on Thursday, June 4th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Anita M. Sands sold 21,000 shares of NU stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $12.24, for a total transaction of $257,040.00. Following the sale, the director directly owned 162,150 shares of the company’s stock, valued at approximately $1,984,716. This trade represents a 11.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.20% of the company’s stock.

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.