Noah (NYSE:NOAH) Shares Down 6.6% – Here’s Why

Noah Holdings Limited (NYSE:NOAH)’s stock price fell 6.6% during trading on Tuesday . The stock traded as low as $12.56 and last traded at $12.78. 158,362 shares changed hands during trading, a decline of 24% from the average session volume of 207,400 shares. The stock had previously closed at $13.68.

Noah Stock Performance

The company has a market capitalization of $800.92 million, a PE ratio of 6.77 and a beta of 0.78. The business has a fifty day moving average price of $9.69 and a 200 day moving average price of $10.54.

Noah (NYSE:NOAH) last announced its quarterly earnings results on Wednesday, August 28th. The asset manager reported $0.21 earnings per share for the quarter. Noah had a net margin of 26.81% and a return on equity of 7.15%. The firm had revenue of $84.74 million for the quarter. Research analysts forecast that Noah Holdings Limited will post 1.37 earnings per share for the current fiscal year.

Noah announced that its Board of Directors has initiated a share buyback program on Wednesday, August 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the asset manager to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Noah

Large investors have recently added to or reduced their stakes in the company. Davis Selected Advisers grew its stake in 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 buying an additional 923,122 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Noah by 50.5% in 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. American Century Companies Inc. lifted its position in Noah by 52.1% in the 2nd quarter. American Century Companies Inc. now owns 89,904 shares of the asset manager’s stock valued at $868,000 after purchasing an additional 30,810 shares during the last quarter. AQR Capital Management LLC acquired a new position in Noah during the 2nd quarter valued at about $615,000. Finally, SG Americas Securities LLC bought a new position in Noah in the 2nd quarter worth about $510,000. 42.67% of the stock is currently owned by institutional investors.

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.