Noah (NYSE:NOAH) Shares Down 2.9% – What’s Next?

Noah Holdings Limited (NYSE:NOAH) traded down 2.9% on Thursday . The stock traded as low as $11.48 and last traded at $11.57. 15,452 shares were traded during trading, a decline of 92% from the average session volume of 194,613 shares. The stock had previously closed at $11.91.

Wall Street Analyst Weigh In

A number of research firms recently commented on NOAH. UBS Group cut Noah from a “buy” rating to a “neutral” rating and set a $13.00 price objective for the company. in a research report on Thursday, October 24th. Morgan Stanley downgraded shares of Noah from an “overweight” rating to an “equal weight” rating and set a $13.00 price objective for the company. in a research report on Friday, November 29th.

Noah Trading Down 0.1 %

The firm has a 50 day moving average of $12.22 and a 200-day moving average of $10.29. The company has a market cap of $788.34 million, a P/E ratio of 10.17 and a beta of 0.80.

Noah announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the asset manager to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. boosted its holdings in shares of Noah by 10.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,786,627 shares of the asset manager’s stock worth $24,441,000 after purchasing an additional 167,685 shares during the period. Davis Selected Advisers raised its stake in shares of Noah by 121.7% in the second quarter. Davis Selected Advisers now owns 1,681,650 shares of the asset manager’s stock valued at $16,228,000 after acquiring an additional 923,122 shares during the period. FMR LLC bought a new stake in shares of Noah in the 3rd quarter worth about $8,895,000. Dimensional Fund Advisors LP boosted its stake in shares of Noah by 50.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 255,606 shares of the asset manager’s stock worth $2,472,000 after purchasing an additional 85,771 shares during the period. Finally, First Beijing Investment Ltd bought a new position in Noah during the 3rd quarter valued at about $1,531,000. 42.67% of the stock is currently owned by institutional investors.

About Noah

Noah Holdings Limited, together with its subsidiaries, operates as a wealth and asset management service provider with the focus on investment and asset allocation services for high net worth individuals and enterprises in Mainland of China, Hong Kong, and internationally. It operates through three segments: Wealth Management, Asset Management, and Other Services.