Connor Clark & Lunn Investment Management Ltd. Lowers Stake in Noah Holdings Limited (NYSE:NOAH)

Connor Clark & Lunn Investment Management Ltd. decreased its position in Noah Holdings Limited (NYSE:NOAH) by 76.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,638 shares of the asset manager’s stock after selling 71,750 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Noah were worth $279,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NOAH. Public Employees Retirement Association of Colorado purchased a new stake in shares of Noah during the 1st quarter worth $40,000. SG Americas Securities LLC purchased a new stake in Noah during the 2nd quarter worth about $510,000. Davis Selected Advisers boosted its position in shares of 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 in the last quarter. American Century Companies Inc. boosted its position in shares of 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 in the last quarter. Finally, JBF Capital Inc. acquired a new stake in shares of Noah during the 2nd quarter worth about $106,000. Hedge funds and other institutional investors own 42.67% of the company’s stock.

Noah Price Performance

NYSE NOAH opened at $13.12 on Monday. The company’s fifty day moving average price is $12.33 and its two-hundred day moving average price is $10.37. The company has a market capitalization of $867.76 million, a price-to-earnings ratio of 11.21 and a beta of 0.78. Noah Holdings Limited has a 12 month low of $7.14 and a 12 month high of $15.44.

Noah declared that its board has approved a share buyback plan on Wednesday, August 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the asset manager to buy up to 10.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

NOAH has been the subject of several analyst reports. UBS Group downgraded Noah from a “buy” rating to a “neutral” rating and set a $13.00 price objective for the company. in a research note on Thursday, October 24th. Morgan Stanley lowered Noah from an “overweight” rating to an “equal weight” rating and set a $13.00 target price on the stock. in a report on Friday.

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.