Noah (NYSE:NOAH) Downgraded by UBS Group

Noah (NYSE:NOAH) was downgraded by analysts at UBS Group from a “buy” rating to a “neutral” rating in a research note issued to investors on Thursday, FinViz reports. They presently have a $13.00 target price on the asset manager’s stock. UBS Group’s price objective would suggest a potential upside of 2.44% from the company’s current price.

Noah Stock Performance

Shares of NOAH stock opened at $12.69 on Thursday. Noah has a 52-week low of $7.14 and a 52-week high of $15.44. The company has a market capitalization of $839.28 million, a PE ratio of 7.09 and a beta of 0.78. The business’s fifty day moving average is $10.19 and its 200 day moving average is $10.54.

Noah (NYSE:NOAH) last issued its quarterly earnings data on Wednesday, August 28th. The asset manager reported $0.21 earnings per share (EPS) for the quarter. Noah had a return on equity of 7.15% and a net margin of 26.81%. The company had revenue of $84.74 million for the quarter. On average, sell-side analysts forecast that Noah will post 1.37 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Noah

Hedge funds and other institutional investors have recently modified their holdings of the company. Ballentine Partners LLC bought a new stake in Noah in the 3rd quarter worth approximately $291,000. Signaturefd LLC raised its stake 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 acquiring an additional 2,374 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Noah by 510.7% in 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. Creative Planning purchased a new stake in shares of Noah in the 3rd quarter valued at $206,000. Finally, AQR Capital Management LLC bought a new position in shares of Noah during the 2nd quarter valued at $615,000. 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.