Noah (NYSE:NOAH) Shares Down 7.9% – What’s Next?

Shares of Noah Holdings Limited (NYSE:NOAH) dropped 7.9% during mid-day trading on Tuesday . The company traded as low as $12.87 and last traded at $13.20. Approximately 93,731 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 204,874 shares. The stock had previously closed at $14.33.

Noah Trading Down 8.2 %

The business has a 50 day moving average of $8.78 and a 200-day moving average of $10.40. The stock has a market cap of $869.70 million, a PE ratio of 7.37 and a beta of 0.78.

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

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

Hedge Funds Weigh In On Noah

Institutional investors have recently modified their holdings of the company. Davis Selected Advisers boosted its stake in Noah by 121.7% in the 2nd quarter. Davis Selected Advisers now owns 1,681,650 shares of the asset manager’s stock worth $16,228,000 after buying an additional 923,122 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Noah by 50.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 255,606 shares of the asset manager’s stock worth $2,472,000 after acquiring an additional 85,771 shares during the period. AQR Capital Management LLC acquired a new stake in shares of Noah in the second quarter worth approximately $615,000. SG Americas Securities LLC purchased a new stake in Noah in the second quarter valued at approximately $510,000. Finally, American Century Companies Inc. increased its position in Noah by 52.1% during the second quarter. American Century Companies Inc. now owns 89,904 shares of the asset manager’s stock worth $868,000 after purchasing an additional 30,810 shares during the last quarter. Institutional investors and hedge funds own 42.67% of the company’s stock.

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.