Noah (NYSE:NOAH) Downgraded to “Neutral” at UBS Group

UBS Group cut shares of Noah (NYSE:NOAH) from a buy rating to a neutral rating in a research report sent to investors on Thursday morning, Marketbeat.com reports. UBS Group currently has $13.00 price objective on the asset manager’s stock.

Noah Trading Up 0.6 %

Shares of NYSE NOAH opened at $12.53 on Thursday. Noah has a twelve month low of $7.14 and a twelve month high of $15.44. The firm has a 50-day moving average of $10.38 and a two-hundred day moving average of $10.53. The company has a market capitalization of $828.73 million, a price-to-earnings ratio of 9.21 and a beta of 0.78.

Noah (NYSE:NOAH) last posted its quarterly earnings results on Wednesday, August 28th. The asset manager reported $0.21 earnings per share (EPS) for the quarter. The company had revenue of $84.74 million for the quarter. Noah had a return on equity of 7.15% and a net margin of 26.81%. As a group, research analysts predict that Noah will post 1.37 earnings per share for the current year.

Noah declared that its Board of Directors has authorized a share repurchase plan on Wednesday, August 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the asset manager to buy up to 10.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Noah

Institutional investors and hedge funds have recently modified their holdings of the stock. Signaturefd LLC lifted its holdings in shares of Noah by 2,218.7% during the third quarter. Signaturefd LLC now owns 2,481 shares of the asset manager’s stock worth $31,000 after buying an additional 2,374 shares during the last quarter. Headlands Technologies LLC bought a new position in Noah during the 1st quarter valued at about $30,000. Blue Trust Inc. grew its position in Noah by 510.7% during the 3rd quarter. Blue Trust Inc. now owns 3,982 shares of the asset manager’s stock worth $49,000 after acquiring an additional 3,330 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in shares of Noah in the first quarter valued at $40,000. Finally, Quadrature Capital Ltd increased its holdings in shares of Noah by 91.1% in the fourth quarter. Quadrature Capital Ltd now owns 19,779 shares of the asset manager’s stock valued at $273,000 after purchasing an additional 9,429 shares in the last quarter. 42.67% of the stock is currently owned by hedge funds and other 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.