Salem Investment Counselors Inc. Has $34.94 Million Position in Nu Holdings Ltd. $NU

Salem Investment Counselors Inc. cut its stake in Nu Holdings Ltd. (NYSE:NU) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,087,012 shares of the company’s stock after selling 52,440 shares during the quarter. NU makes up approximately 1.0% of Salem Investment Counselors Inc.’s investment portfolio, making the stock its 22nd largest holding. Salem Investment Counselors Inc.’s holdings in NU were worth $34,937,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp raised its holdings in NU by 0.3% in the 3rd quarter. State Street Corp now owns 91,478,395 shares of the company’s stock valued at $1,464,569,000 after acquiring an additional 239,660 shares during the period. WCM Investment Management LLC lifted its position in NU by 0.9% during the third quarter. WCM Investment Management LLC now owns 74,478,698 shares of the company’s stock worth $1,187,935,000 after acquiring an additional 659,526 shares during the last quarter. Sands Capital Management LLC boosted its holdings in shares of NU by 5.9% during the second quarter. Sands Capital Management LLC now owns 54,504,428 shares of the company’s stock worth $747,801,000 after acquiring an additional 3,060,463 shares during the period. Norges Bank bought a new stake in shares of NU during the second quarter worth approximately $626,569,000. Finally, Legal & General Group Plc grew its position in shares of NU by 5.0% in the third quarter. Legal & General Group Plc now owns 30,176,407 shares of the company’s stock valued at $483,124,000 after purchasing an additional 1,430,827 shares during the last quarter. Institutional investors own 84.02% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NU. UBS Group raised NU from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $17.20 to $17.60 in a report on Thursday, March 19th. The Goldman Sachs Group restated a “buy” rating and issued a $21.00 price target on shares of NU in a research note on Thursday, December 18th. Weiss Ratings raised NU from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 18th. Zacks Research upgraded NU from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 9th. Finally, Bank of America reissued a “neutral” rating on shares of NU in a report on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, NU currently has a consensus rating of “Buy” and an average price target of $18.26.

NU Stock Up 5.2%

Shares of NU opened at $14.67 on Tuesday. The company has a current ratio of 0.58, a quick ratio of 0.56 and a debt-to-equity ratio of 0.39. Nu Holdings Ltd. has a 12 month low of $9.01 and a 12 month high of $18.98. The firm’s 50 day moving average is $16.31 and its 200-day moving average is $16.21. The stock has a market capitalization of $70.67 billion, a PE ratio of 25.29, a P/E/G ratio of 0.54 and a beta of 1.11.

NU (NYSE:NU) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The business had revenue of $4.86 billion during the quarter, compared to analysts’ expectations of $4.55 billion. NU had a return on equity of 30.68% and a net margin of 18.19%. Equities research analysts forecast that Nu Holdings Ltd. will post 0.58 EPS for the current year.

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.