Noah (NYSE:NOAH) Shares Up 7.2%

Noah Holdings Limited (NYSE:NOAH)’s share price shot up 7.2% during trading on Tuesday . The stock traded as high as $9.66 and last traded at $9.63. 223,299 shares traded hands during trading, an increase of 17% from the average session volume of 191,571 shares. The stock had previously closed at $8.98.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. cut shares of Noah from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $18.00 to $13.00 in a research report on Thursday, May 30th. StockNews.com downgraded Noah from a “buy” rating to a “hold” rating in a research note on Friday, May 31st.

Noah Trading Up 9.7 %

The firm has a market cap of $651.45 million, a P/E ratio of 5.38 and a beta of 0.76. The business has a 50 day moving average of $8.02 and a two-hundred day moving average of $10.32.

Noah (NYSE:NOAH) last posted its earnings results on Wednesday, August 28th. The asset manager reported $0.21 EPS for the quarter. The company had revenue of $84.74 million for the quarter. Noah had a return on equity of 7.15% and a net margin of 26.81%. On average, sell-side analysts predict that Noah Holdings Limited will post 1.37 EPS for the current year.

Noah announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the asset manager to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Noah

Institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC bought a new stake in Noah in the 2nd quarter valued at about $615,000. Dimensional Fund Advisors LP boosted its stake in shares of Noah by 50.5% in the second quarter. Dimensional Fund Advisors LP now owns 255,606 shares of the asset manager’s stock valued at $2,472,000 after buying an additional 85,771 shares during the period. JBF Capital Inc. acquired a new stake in Noah during the second quarter worth approximately $106,000. American Century Companies Inc. increased its stake in Noah by 52.1% during the 2nd quarter. American Century Companies Inc. now owns 89,904 shares of the asset manager’s stock worth $868,000 after acquiring an additional 30,810 shares during the period. Finally, Davis Selected Advisers increased its stake in Noah by 121.7% during the 2nd quarter. Davis Selected Advisers now owns 1,681,650 shares of the asset manager’s stock worth $16,228,000 after acquiring an additional 923,122 shares during the period. 42.67% of the stock is currently owned by institutional investors and hedge funds.

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.