Franklin Resources Inc. raised its position in Noah Holdings Limited (NYSE:NOAH - Free Report) by 10.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,786,627 shares of the asset manager's stock after acquiring an additional 167,685 shares during the period. Franklin Resources Inc. owned approximately 2.70% of Noah worth $24,441,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in NOAH. Davis Selected Advisers grew its holdings in Noah by 121.7% during the second quarter. Davis Selected Advisers now owns 1,681,650 shares of the asset manager's stock worth $16,228,000 after acquiring an additional 923,122 shares during the period. FMR LLC purchased a new stake in shares of Noah during the 3rd quarter worth $8,895,000. First Beijing Investment Ltd acquired a new position in shares of Noah during the 3rd quarter worth $1,531,000. Dimensional Fund Advisors LP grew its stake in shares of Noah by 50.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 255,606 shares of the asset manager's stock worth $2,472,000 after purchasing an additional 85,771 shares during the period. Finally, AQR Capital Management LLC purchased a new position in shares of Noah in the 2nd quarter valued at about $615,000. Hedge funds and other institutional investors own 42.67% of the company's stock.
Noah stock opened at $11.53 on Friday. The firm has a market capitalization of $763.86 million, a PE ratio of 9.85 and a beta of 0.80. Noah Holdings Limited has a 52 week low of $7.14 and a 52 week high of $15.44. The firm's 50-day simple moving average is $12.32 and its 200 day simple moving average is $10.25.
Noah announced that its board has approved a stock repurchase plan on Wednesday, August 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the asset manager to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.
Several brokerages have weighed in on NOAH. UBS Group lowered shares of Noah from a "buy" rating to a "neutral" rating and set a $13.00 target price on the stock. in a research report on Thursday, October 24th. Morgan Stanley lowered Noah from an "overweight" rating to an "equal weight" rating and set a $13.00 price target on the stock. in a research note on Friday, November 29th.
View Our Latest Report on 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.
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