Fisher Asset Management Increases Stake in Nu Holdings to $167.1 Million

Fisher Asset Management LLC has increased its stake in Nu Holdings Ltd. (NYSE: NU), now valued at approximately $167.12 million. During the third quarter, the firm raised its position by 0.5%, owning 10,438,299 shares after acquiring an additional 55,033 shares.

This adjustment comes as part of a broader trend among institutional investors. Notably, Norges Bank entered the market by acquiring a new stake in Nu Holdings during the second quarter, with an investment close to $626.57 million. Other significant players include William Blair Investment Management LLC, which boosted its holdings by 182.9%, now holding 19,449,424 shares worth approximately $311.39 million. Similarly, Assenagon Asset Management S.A. increased its stake by 91.9%, acquiring 16,101,679 shares valued at about $257.79 million.

Los Angeles Capital Management LLC demonstrated a remarkable increase in its holdings, raising its stake by a staggering 50,169.4%, now owning 7,471,039 shares worth around $102.50 million. Collectively, institutional investors now hold 84.02% of Nu Holdings’ stock.

Analyst Ratings and Market Performance

Nu Holdings has caught the attention of analysts recently. In a report dated February 18, 2024, Weiss Ratings upgraded the company’s stock from a “hold (C+)” to a “buy (B-)” rating. Meanwhile, KeyCorp raised its price target from $15.00 to $19.00 and assigned an “overweight” rating on November 14, 2023. Itau BBA Securities and Santander have also reaffirmed positive outlooks on the stock, with the latter upgrading from “neutral” to “outperform” on December 4, 2023.

The consensus rating for Nu Holdings stands at “Moderate Buy” with an average price target of $18.34, supported by eleven analysts who have rated the stock as a Buy and one as Strong Buy.

Nu Holdings’ stock opened at $15.19 on Tuesday, reflecting a market capitalization of $73.20 billion. The company exhibits a P/E ratio of 26.19 and a P/E/G ratio of 0.49. The stock has fluctuated between a 12-month low of $9.01 and a high of $18.98.

Recent Financial Performance and Company Overview

Nu Holdings recently released its quarterly earnings data on February 25, 2024. The company reported earnings per share of $0.19, surpassing analysts’ expectations of $0.18 by $0.01. The firm achieved a net margin of 18.19% and a return on equity of 30.68%, with a revenue of $4.86 billion, exceeding the consensus estimate of $4.55 billion.

Nu Holdings Ltd., often recognized through its consumer brand Nubank, is a notable player in the Latin American financial technology sector. The company specializes in providing digital banking and financial services via a mobile-first platform. Its core offerings include no-fee digital checking accounts, credit cards, personal loans, and a variety of savings and investment products.

Founded in 2013 by David Vélez, Cristina Junqueira, and Edward Wible, Nu has rapidly expanded by targeting underbanked and digitally savvy consumers in Latin America, focusing on low-fee, transparent financial products.

With such significant investments and positive market sentiment, Nu Holdings appears well-positioned for continued growth in the evolving financial technology landscape.