JPMorgan Chase & Co. Lowers Noah (NYSE:NOAH) Price Target to $9.70

Key Points

• JPMorgan lowered Noah’s price target from $10.50 to $9.70 while maintaining a “neutral” rating, implying approximately 19.75% upside from the previous close.
• Analyst sentiment remains cautious: four analysts rate the stock “Hold,” with a consensus price target of $9.85. Shares opened at $8.10 and remain near their 12-month low of $7.97.
• Noah reported quarterly EPS of $0.51 on revenue of $91.24 million, with a 22.57% net margin; institutional investors own 42.67% of the company, and several hedge funds recently increased their positions.

Noah (NYSE:NOAH - Get Free Report) had its price target dropped by analysts at JPMorgan Chase & Co. from $10.50 to $9.70 in a research report issued on Monday, Benzinga reports. The firm currently has a "neutral" rating on the asset manager's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 19.75% from the stock's previous close.

Several other research analysts have also recently weighed in on the stock. Weiss Ratings cut shares of Noah from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, July 10th. Zacks Research upgraded Noah from a "strong sell" rating to a "hold" rating in a research note on Monday, May 25th. Finally, Wall Street Zen cut Noah from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Noah currently has an average rating of "Hold" and a consensus price target of $9.85.

Noah Price Performance

Shares of NYSE:NOAH opened at $8.10 on Monday. The firm's 50 day moving average price is $8.54 and its 200-day moving average price is $9.78. Noah has a twelve month low of $7.97 and a twelve month high of $12.44. The stock has a market capitalization of $553.47 million, a PE ratio of 6.59 and a beta of 0.82.

Noah (NYSE:NOAH - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The asset manager reported $0.51 earnings per share (EPS) for the quarter. The company had revenue of $91.24 million for the quarter. Noah had a net margin of 22.57% and a return on equity of 6.37%. Analysts expect that Noah will post 1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Noah

Hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC raised its position in shares of Noah by 132.4% during the first quarter. Renaissance Technologies LLC now owns 95,500 shares of the asset manager's stock valued at $945,000 after buying an additional 54,400 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Noah by 9.4% during the first quarter. Dimensional Fund Advisors LP now owns 468,510 shares of the asset manager's stock worth $4,641,000 after acquiring an additional 40,332 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of Noah by 47.7% during the fourth quarter. Hsbc Holdings PLC now owns 71,912 shares of the asset manager's stock worth $725,000 after acquiring an additional 23,217 shares during the last quarter. SG Americas Securities LLC purchased a new position in Noah during the first quarter valued at $116,000. Finally, Ramsey Quantitative Systems purchased a new position in Noah during the second quarter valued at $105,000. 42.67% of the stock is currently owned by institutional investors.

About Noah

Noah Holdings Limited NYSE: NOAH is a Chinese wealth management and asset management services company. The company provides financial products and advisory services primarily to high-net-worth individuals, families, and institutional clients.

Its wealth management business offers clients access to a range of investment products, including private equity, public securities, credit and other alternative investments. Through its asset management operations, Noah develops and manages investment products and strategies for individual and institutional investors.

Founded in 2005, Noah serves clients through operations in mainland China and other financial centers, including Hong Kong.

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