Noah Holdings (NYSE:NOAH) shares dropped 5.9% during mid-day trading on Tuesday . The company traded as low as $62.96 and last traded at $63.31. Approximately 585,083 shares were traded during mid-day trading, an increase of 97% from the average daily volume of 297,566 shares. The stock had previously closed at $67.25.
NOAH has been the subject of a number of research analyst reports. ValuEngine cut Noah from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 2nd. JPMorgan Chase boosted their target price on Noah from $52.00 to $58.00 and gave the company an “overweight” rating in a research note on Tuesday, April 10th. Finally, Zacks Investment Research cut Noah from a “buy” rating to a “hold” rating in a research note on Wednesday, January 24th.
The firm has a market cap of $3.82 billion, a P/E ratio of 33.46 and a beta of 2.57.
Noah (NYSE:NOAH) last issued its quarterly earnings results on Tuesday, March 6th. The asset manager reported $0.42 EPS for the quarter. The company had revenue of $110.99 million for the quarter. Noah had a return on equity of 18.44% and a net margin of 30.77%. analysts forecast that Noah Holdings will post 2.31 earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Schroder Investment Management Group bought a new stake in shares of Noah in the fourth quarter valued at about $2,915,000. BB&T Securities LLC bought a new stake in shares of Noah in the fourth quarter valued at about $228,000. BlackRock Inc. raised its holdings in Noah by 8.3% during the fourth quarter. BlackRock Inc. now owns 431,266 shares of the asset manager’s stock worth $19,958,000 after acquiring an additional 33,067 shares in the last quarter. Bank of Montreal Can raised its holdings in Noah by 44.2% during the fourth quarter. Bank of Montreal Can now owns 58,305 shares of the asset manager’s stock worth $2,698,000 after acquiring an additional 17,874 shares in the last quarter. Finally, William Blair Investment Management LLC bought a new stake in Noah during the fourth quarter worth about $11,324,000. Institutional investors own 47.52% of the company’s stock.
Noah Holdings Limited, through its subsidiaries, operates as a wealth and asset management service provider with focus on wealth investment and asset allocation services for high net worth individuals and enterprises in the People's Republic of China. The company operates through three segments: Wealth Management, Asset Management, and Other Financial Service.
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