Franklin Resources Inc. Acquires 167,685 Shares of Noah Holdings Limited (NYSE:NOAH)

Franklin Resources Inc. grew its stake in Noah Holdings Limited (NYSE:NOAH - Free Report) by 10.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,786,627 shares of the asset manager's stock after acquiring an additional 167,685 shares during the quarter. Franklin Resources Inc. owned 2.70% of Noah worth $24,441,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of NOAH. Public Employees Retirement System of Ohio bought a new position in Noah during the third quarter worth about $199,000. Wolverine Trading LLC acquired a new stake in Noah during the 3rd quarter worth approximately $196,000. Point72 Asset Management L.P. bought a new position in Noah in the third quarter valued at approximately $566,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Noah during the third quarter worth $65,000. Finally, FMR LLC acquired a new stake in shares of Noah during the third quarter worth $8,895,000. Institutional investors own 42.67% of the company's stock.

Noah Stock Performance

NOAH traded up $0.08 on Friday, hitting $11.61. 104,959 shares of the company were exchanged, compared to its average volume of 195,085. The stock's fifty day moving average is $12.32 and its 200-day moving average is $10.25. The company has a market cap of $769.13 million, a PE ratio of 9.92 and a beta of 0.80. Noah Holdings Limited has a 12 month low of $7.14 and a 12 month high of $15.44.

Noah declared that its Board of Directors has authorized a share buyback program on Wednesday, August 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the asset manager to repurchase up to 10.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

NOAH has been the subject of a number of research reports. UBS Group cut Noah from a "buy" rating to a "neutral" rating and set a $13.00 target price for the company. in a report on Thursday, October 24th. Morgan Stanley downgraded Noah from an "overweight" rating to an "equal weight" rating and set a $13.00 price target for the company. in a research report on Friday, November 29th.

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.