5 Best-Performing Bank Stocks In 2024

2. Nu Holdings Ltd. (NASDAQ:NU)

Number of Hedge Fund Holders: 50

Share Price Performance as of February 10: 18.73%

Nu Holdings Ltd. (NASDAQ:NU) provides digital banking and financial services in Brazil, Mexico, Colombia, and internationally. Its offerings include credit and debit cards, mobile payment solutions, savings accounts, business accounts, cryptocurrency services, investment products, personal loans, and insurance solutions. It is one of the best-performing bank stocks in 2024. 

Nu Holdings Ltd. (NASDAQ:NU) experienced robust growth in revenue and adjusted net income in Q3 2023, driven by an increase in purchase volume and steady average cost per active customer. The Q3 2023 purchase volume rose to $29.0 billion from $26.3 billion in Q2 and $21.2 billion in the prior-year quarter. In the third quarter of 2023, Nu Holdings Ltd. (NASDAQ:NU) added 5.4 million customers, reaching a total of 89.1 million customers. Q3 2023 revenue reached $2.14 billion, surpassing the $2.05 billion consensus, marking an increase from $1.87 billion in the previous quarter and $1.31 billion a year ago.

According to Insider Monkey’s third quarter database, Nu Holdings Ltd. (NASDAQ:NU) was part of 50 hedge fund portfolios, compared to 44 in the last quarter. Warren Buffett’s Berkshire Hathaway is the leading stakeholder of the company, with a position worth $776.6 million. 

White Falcon Capital Management stated the following regarding Nu Holdings Ltd. (NYSE:NU) in its fourth quarter 2023 investor letter:

“The top 5 positions in the portfolio were: Precious Metals royalty basket, Nu Holdings Ltd. (NYSE:NU), AMD Amazon.com and Converge Technology Services. We often talk about our investment in Nu Holdings but have not presented you with a detailed research report. Our cost base on Nu is about $4 per share while the stock is currently trading for $9 per share. We continue to hold this position and, in the appendix to this letter, we are attaching our thesis on Nu Holdings. We are of the opinion that Nu is a rare company with the powerful combination of substantial market opportunity, an excellent business model, and an outstanding management team.

Nu Holdings is a $40 bn market capitalization company listed on the NYSE that provides digital banking platforms and digital financial services in Brazil, Mexico, Colombia. It offers Nu credit and debit cards; savings solutions, such as Nu Personal Accounts, and a digital account solution that supports all personal finance activities…” (Click here to read the full text)

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