ELCO Management Co. LLC Has $229,000 Holdings in Noah Holdings Ltd. (NOAH)
ELCO Management Co. LLC continued to hold its stake in shares of Noah Holdings Ltd. (NYSE:NOAH) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,000 shares of the asset manager’s stock at the end of the second quarter. ELCO Management Co. LLC’s holdings in Noah Holdings were worth $229,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Shell Asset Management Co. lifted its stake in Noah Holdings by 5.0% during the second quarter. Shell Asset Management Co. now owns 21,023 shares of the asset manager’s stock worth $602,000 after purchasing an additional 1,009 shares during the last quarter. UBS Group AG lifted its stake in Noah Holdings by 4.8% during the first quarter. UBS Group AG now owns 61,405 shares of the asset manager’s stock worth $1,558,000 after purchasing an additional 2,794 shares during the last quarter. Hosking Partners LLP lifted its stake in Noah Holdings by 1.6% during the second quarter. Hosking Partners LLP now owns 198,321 shares of the asset manager’s stock worth $5,682,000 after purchasing an additional 3,186 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Noah Holdings during the second quarter worth $158,000. Finally, Wells Fargo & Company MN lifted its stake in Noah Holdings by 3.7% during the second quarter. Wells Fargo & Company MN now owns 177,795 shares of the asset manager’s stock worth $5,094,000 after purchasing an additional 6,312 shares during the last quarter. Hedge funds and other institutional investors own 41.46% of the company’s stock.
Shares of Noah Holdings Ltd. (NYSE NOAH) traded up 1.62% during trading on Thursday, reaching $34.60. The company had a trading volume of 50,435 shares. Noah Holdings Ltd. has a 12 month low of $21.33 and a 12 month high of $34.84. The firm has a market capitalization of $1.95 billion, a PE ratio of 19.23 and a beta of 2.44. The stock has a 50 day moving average price of $30.07 and a 200 day moving average price of $28.52.
Noah Holdings announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 29th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Several brokerages recently issued reports on NOAH. BidaskClub cut Noah Holdings from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. Zacks Investment Research upgraded Noah Holdings from a “sell” rating to a “hold” rating in a research note on Thursday, August 31st.
About Noah Holdings
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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