Noah Holdings Ltd. (NOAH) Downgraded to “Hold” at BidaskClub

BidaskClub downgraded shares of Noah Holdings Ltd. (NYSE:NOAH) from a buy rating to a hold rating in a research note published on Thursday morning.

A number of other brokerages have also recently commented on NOAH. Zacks Investment Research upgraded shares of Noah Holdings from a sell rating to a hold rating in a report on Thursday, August 31st. ValuEngine cut shares of Noah Holdings from a buy rating to a hold rating in a report on Friday, June 2nd.

Noah Holdings (NYSE NOAH) traded up 0.97% on Thursday, reaching $29.28. 140,047 shares of the company’s stock traded hands. The company has a market cap of $1.65 billion, a PE ratio of 16.47 and a beta of 2.37. The firm’s 50 day moving average price is $30.23 and its 200 day moving average price is $28.17. Noah Holdings has a 12 month low of $21.33 and a 12 month high of $33.05.

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Noah Holdings announced that its Board of Directors has approved a share buyback plan on Thursday, June 29th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the asset manager to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Several hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its holdings in shares of Noah Holdings by 17.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 89,000 shares of the asset manager’s stock valued at $2,550,000 after buying an additional 13,000 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Noah Holdings during the 2nd quarter valued at $2,357,000. State Street Corp boosted its holdings in shares of Noah Holdings by 5.0% during the 2nd quarter. State Street Corp now owns 120,610 shares of the asset manager’s stock valued at $3,455,000 after buying an additional 5,772 shares in the last quarter. Janus Henderson Group PLC bought a new stake in shares of Noah Holdings during the 2nd quarter valued at $7,059,000. Finally, Yiheng Capital LLC boosted its holdings in shares of Noah Holdings by 25.0% during the 2nd quarter. Yiheng Capital LLC now owns 1,636,402 shares of the asset manager’s stock valued at $46,883,000 after buying an additional 327,449 shares in the last quarter. Hedge funds and other institutional investors own 41.56% of the company’s stock.

Noah Holdings Company Profile

Noah Holdings Limited is a wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China. The Company operates through three segments: wealth management, asset management and Internet finance. It also provides Internet finance services to clients in China.

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