FMR LLC bought a new position in shares of Noah Holdings Limited (NYSE:NOAH - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 721,401 shares of the asset manager's stock, valued at approximately $8,895,000. FMR LLC owned approximately 1.09% of Noah as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. First Beijing Investment Ltd acquired a new position in Noah during the third quarter worth approximately $1,531,000. Ballentine Partners LLC acquired a new position in Noah during the third quarter worth approximately $291,000. Signaturefd LLC increased its position in 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 buying an additional 2,374 shares during the last quarter. Blue Trust Inc. increased its position in Noah by 510.7% during the third quarter. Blue Trust Inc. now owns 3,982 shares of the asset manager's stock worth $49,000 after buying an additional 3,330 shares during the last quarter. Finally, Creative Planning acquired a new position in Noah during the third quarter worth approximately $206,000. Institutional investors own 42.67% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the company. Morgan Stanley downgraded Noah from an "overweight" rating to an "equal weight" rating and set a $13.00 price target on the stock. in a research report on Friday, November 29th. UBS Group downgraded Noah from a "buy" rating to a "neutral" rating and set a $13.00 target price on the stock. in a research report on Thursday, October 24th.
Check Out Our Latest Report on NOAH
Noah Stock Up 2.4 %
Shares of Noah stock traded up $0.28 on Thursday, hitting $12.00. The stock had a trading volume of 563,831 shares, compared to its average volume of 194,921. Noah Holdings Limited has a twelve month low of $7.14 and a twelve month high of $15.44. The business's 50 day moving average is $12.53 and its two-hundred day moving average is $10.27. The stock has a market cap of $793.74 million, a price-to-earnings ratio of 10.26 and a beta of 0.80.
Noah announced that its Board of Directors has initiated a share buyback program on Wednesday, August 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the asset manager to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.
About Noah
(
Free Report)
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.
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