Noah (NYSE:NOAH) Rating Lowered to Equal Weight at Morgan Stanley

Morgan Stanley downgraded shares of Noah (NYSE:NOAH) from an overweight rating to an equal weight rating in a research note released on Friday morning, Marketbeat reports. Morgan Stanley currently has $13.00 price objective on the asset manager’s stock.

Separately, UBS Group cut Noah from a “buy” rating to a “neutral” rating and set a $13.00 price target on the stock. in a report on Thursday, October 24th.

Noah Price Performance

Shares of NYSE NOAH opened at $13.07 on Friday. Noah has a 1-year low of $7.14 and a 1-year high of $15.44. The firm has a market capitalization of $864.45 million, a PE ratio of 11.17 and a beta of 0.78. The business’s fifty day moving average price is $12.33 and its two-hundred day moving average price is $10.42.

Noah (NYSE:NOAH) last issued its quarterly earnings data on Wednesday, August 28th. The asset manager reported $0.21 earnings per share for the quarter. Noah had a net margin of 23.53% and a return on equity of 6.43%. The firm had revenue of $84.74 million for the quarter. Equities research analysts expect that Noah will post 1.37 earnings per share for the current fiscal year.

Noah announced that its board has authorized a stock repurchase program on Wednesday, August 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the asset manager to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Noah

Large investors have recently bought and sold shares of the stock. Franklin Resources Inc. lifted its stake 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 acquiring an additional 167,685 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Noah during the third quarter worth approximately $199,000. Wolverine Trading LLC acquired a new stake in Noah in the third quarter worth approximately $196,000. Point72 Asset Management L.P. bought a new position in Noah during the 3rd quarter valued at $566,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Noah during the 3rd quarter valued at $65,000. Institutional investors and hedge funds own 42.67% of the company’s stock.

Noah Company Profile

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.