Noah (NYSE:NOAH) Downgraded to Equal Weight Rating by Morgan Stanley

Morgan Stanley lowered shares of Noah (NYSE:NOAH) from an overweight rating to an equal weight rating in a research report sent to investors on Friday, Marketbeat.com reports. The firm currently has $13.00 target price on the asset manager’s stock.

Separately, UBS Group lowered Noah from a “buy” rating to a “neutral” rating and set a $13.00 target price on the stock. in a report on Thursday, October 24th.

Noah Stock Performance

Shares of NOAH stock opened at $13.12 on Friday. Noah has a 1 year low of $7.14 and a 1 year high of $15.44. The business’s fifty day moving average is $12.33 and its 200-day moving average is $10.37. The stock has a market cap of $867.76 million, a PE ratio of 11.21 and a beta of 0.78.

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

Institutional Investors Weigh In On Noah

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Signaturefd LLC grew its holdings in shares of Noah by 2,218.7% in the 3rd quarter. Signaturefd LLC now owns 2,481 shares of the asset manager’s stock worth $31,000 after acquiring an additional 2,374 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Noah by 510.7% in the 3rd quarter. Blue Trust Inc. now owns 3,982 shares of the asset manager’s stock valued at $49,000 after purchasing an additional 3,330 shares during the period. Public Employees Retirement Association of Colorado purchased a new position in Noah in the 1st quarter worth about $40,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Noah in the 3rd quarter worth about $65,000. Finally, JBF Capital Inc. acquired a new stake in Noah during the 2nd quarter worth about $106,000. 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.