Noah (NYSE:NOAH) Cut to Equal Weight at Morgan Stanley

Morgan Stanley cut shares of Noah (NYSE:NOAH) from an overweight rating to an equal weight rating in a report issued on Friday morning, Marketbeat reports. They currently have $13.00 price objective on the asset manager’s stock.

Separately, UBS Group downgraded shares of Noah from a “buy” rating to a “neutral” rating and set a $13.00 price objective for the company. in a research report on Thursday, October 24th.

Noah Price Performance

Noah stock opened at $13.12 on Friday. Noah has a 12 month low of $7.14 and a 12 month high of $15.44. The company has a fifty day moving average price of $12.33 and a two-hundred day moving average price of $10.37. The company has a market cap of $867.76 million, a PE ratio of 11.21 and a beta of 0.78.

Noah announced that its Board of Directors has authorized a stock buyback program on Wednesday, August 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Signaturefd LLC raised its holdings in shares of Noah by 2,218.7% during the third quarter. Signaturefd LLC now owns 2,481 shares of the asset manager’s stock valued at $31,000 after buying an additional 2,374 shares during the last quarter. Blue Trust Inc. raised its stake in Noah by 510.7% during the 3rd quarter. Blue Trust Inc. now owns 3,982 shares of the asset manager’s stock valued at $49,000 after acquiring an additional 3,330 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new position in Noah during the 1st quarter worth $40,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Noah in the third quarter worth $65,000. Finally, JBF Capital Inc. acquired a new position in shares of Noah during the second quarter valued at $106,000. Institutional investors own 42.67% of the company’s stock.

Noah Company Profile

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.