Noah Holdings Limited (NOAH) Raised to “Hold” at Zacks Investment Research
Noah Holdings Limited (NYSE:NOAH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “Noah Holdings Ltd through its subsidiaries is engaged in providing independent services primarily comprising of distribution of wealth management products to the high net worth population in China. It distributes over-the-counter wealth management products originated in China which mainly includes fixed income products, private equity funds and securities investment funds. The Company also delivers to its clients a continuum of value-added services including financial planning, product analysis and recommendation, product and market updates and investor education. Noah Holdings Ltd is headquartered in Shenzhen, the Peoples’ Republic of China. “
Other research analysts also recently issued reports about the company. BidaskClub downgraded Noah Holdings Limited from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 10th. ValuEngine downgraded Noah Holdings Limited from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd.
Shares of Noah Holdings Limited (NOAH) opened at 29.51 on Thursday. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 16.77 and a beta of 2.33. The firm has a 50-day moving average of $31.34 and a 200 day moving average of $27.81. Noah Holdings Limited has a 12 month low of $21.33 and a 12 month high of $33.05.
Noah Holdings Limited announced that its Board of Directors has authorized a stock repurchase program 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. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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Several large investors have recently modified their holdings of NOAH. Russell Investments Group Ltd. purchased a new position in Noah Holdings Limited during the second quarter valued at approximately $158,000. Neuberger Berman Group LLC bought a new position in shares of Noah Holdings Limited during the first quarter valued at $200,000. Aperio Group LLC bought a new position in shares of Noah Holdings Limited during the second quarter valued at $239,000. Airain ltd bought a new position in shares of Noah Holdings Limited during the second quarter valued at $245,000. Finally, Hershey Trust Co. bought a new position in shares of Noah Holdings Limited during the second quarter valued at $300,000. 41.56% of the stock is currently owned by institutional investors and hedge funds.
Noah Holdings Limited 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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