Noah (NYSE:NOAH) Reaches New 52-Week Low – Here’s Why
by Sarita Garza · The Markets DailyNoah Holdings Ltd. (NYSE:NOAH – Get Free Report) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $8.90 and last traded at $8.9150, with a volume of 1037 shares changing hands. The stock had previously closed at $10.25.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Noah from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 29th. Wall Street Zen downgraded shares of Noah from a “buy” rating to a “hold” rating in a research note on Sunday, June 7th. JPMorgan Chase & Co. dropped their price objective on shares of Noah from $12.00 to $11.50 and set a “neutral” rating on the stock in a report on Tuesday, June 2nd. Finally, Zacks Research upgraded Noah from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.75.
Read Our Latest Stock Report on NOAH
Noah Stock Down 13.2%
The company’s 50-day moving average price is $10.33 and its 200-day moving average price is $10.78. The firm has a market cap of $600.30 million, a price-to-earnings ratio of 8.20 and a beta of 0.80.
Noah Increases Dividend
The company also recently disclosed an annual dividend, which will be paid on Thursday, August 6th. Investors of record on Thursday, July 9th will be issued a $1.3806 dividend. This represents a yield of 765.0%. The ex-dividend date is Thursday, July 9th. This is a positive change from Noah’s previous annual dividend of $1.16. Noah’s payout ratio is presently 51.85%.
Institutional Investors Weigh In On Noah
Several large investors have recently bought and sold shares of NOAH. Federation des caisses Desjardins du Quebec purchased a new position in shares of Noah in the fourth quarter valued at approximately $41,000. Quadrant Capital Group LLC purchased a new stake in shares of Noah during the third quarter worth approximately $85,000. IMC Chicago LLC acquired a new position in Noah in the 1st quarter valued at $100,000. Centiva Capital LP acquired a new position in Noah in the 3rd quarter valued at $118,000. Finally, Kestra Private Wealth Services LLC purchased a new position in Noah in the 1st quarter valued at $103,000. 42.67% of the stock is currently owned by hedge funds and other institutional investors.
Noah Company Profile
Noah Holdings Limited is a China-based wealth management and asset management firm specializing in tailored advisory services for high-net-worth individuals, family offices and select institutional clients. The company offers a broad range of investment solutions that draw on its deep market research and partner network to provide access to both onshore and offshore products. Noah’s business model centers on delivering structured investment products, portfolio management services and family wealth planning solutions designed to meet the evolving needs of affluent clients in China and beyond.
Noah’s main service lines include discretionary portfolio management, fund distribution, private equity and venture capital fund platforms, and alternative investment strategies such as real estate and insurance-linked products.