Brokerages Set $33.00 Target Price for Noah Holdings Ltd. (NYSE:NOAH)
Noah Holdings Ltd. (NYSE:NOAH) has been assigned an average broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy rating.
Brokers have set a one year consensus target price of $33.00 for the company, according to Zacks. Zacks has also assigned Noah Holdings an industry rank of 63 out of 265 based on the ratings given to related companies.
A number of analysts have recently weighed in on the company. Zacks Investment Research raised Noah Holdings from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Wednesday, April 12th. BidaskClub downgraded Noah Holdings from a “buy” rating to a “hold” rating in a report on Friday, June 16th. Finally, ValuEngine downgraded Noah Holdings from a “buy” rating to a “hold” rating in a report on Friday, June 2nd.
Noah Holdings (NYSE NOAH) traded up 0.15% during trading on Tuesday, reaching $32.89. 12,580 shares of the company were exchanged. The firm’s 50 day moving average price is $28.79 and its 200-day moving average price is $26.47. Noah Holdings has a one year low of $21.33 and a one year high of $33.05. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of 19.54 and a beta of 2.31.
Noah Holdings declared that its board has approved a stock repurchase program on Thursday, June 29th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the asset manager to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in Noah Holdings by 2.5% in the fourth quarter. State Street Corp now owns 225,307 shares of the asset manager’s stock worth $4,942,000 after buying an additional 5,543 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of Noah Holdings during the fourth quarter worth $1,678,000. Shell Asset Management Co. raised its stake in shares of Noah Holdings by 2.1% in the first quarter. Shell Asset Management Co. now owns 20,014 shares of the asset manager’s stock worth $508,000 after buying an additional 420 shares in the last quarter. Prescott Group Capital Management L.L.C. acquired a new stake in shares of Noah Holdings during the first quarter worth $533,000. Finally, First Trust Advisors LP raised its stake in shares of Noah Holdings by 37.3% in the first quarter. First Trust Advisors LP now owns 56,049 shares of the asset manager’s stock worth $1,423,000 after buying an additional 15,232 shares in the last quarter. Hedge funds and other institutional investors own 42.36% of the company’s stock.
About Noah Holdings
Noah Holdings Limited is a wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China. The Company operates through three segments: wealth management, asset management and Internet finance. It also provides Internet finance services to clients in China.
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