Shinhan Financial Group (NYSE:SHG) Shares Gap Down – Here’s What Happened

Shares of Shinhan Financial Group Co Ltd (NYSE:SHG) gapped down before the market opened on Tuesday . The stock had previously closed at $53.42, but opened at $51.73. Shinhan Financial Group shares last traded at $52.20, with a volume of 13,437 shares traded.

Wall Street Analyst Weigh In

Several research firms have recently commented on SHG. Wall Street Zen downgraded Shinhan Financial Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shinhan Financial Group in a report on Monday, December 15th. Finally, Zacks Research cut Shinhan Financial Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, December 2nd. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold”.

Shinhan Financial Group Trading Down 1.8%

The firm has a market capitalization of $25.46 billion, a P/E ratio of 5.11, a PEG ratio of 0.59 and a beta of 1.01. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.51. The firm has a 50 day moving average of $53.08 and a 200-day moving average of $49.82.

Shinhan Financial Group (NYSE:SHG) last announced its quarterly earnings data on Friday, November 14th. The bank reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.08. The firm had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $3.79 billion. Shinhan Financial Group had a return on equity of 12.45% and a net margin of 22.38%. On average, equities research analysts predict that Shinhan Financial Group Co Ltd will post 5.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shinhan Financial Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Lazard Asset Management LLC increased its holdings in Shinhan Financial Group by 5.3% in the 3rd quarter. Lazard Asset Management LLC now owns 1,576,735 shares of the bank’s stock valued at $79,420,000 after buying an additional 78,768 shares during the period. Northern Trust Corp boosted its position in shares of Shinhan Financial Group by 3.9% during the 1st quarter. Northern Trust Corp now owns 1,501,208 shares of the bank’s stock worth $48,159,000 after acquiring an additional 56,088 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Shinhan Financial Group by 11.3% during the 3rd quarter. American Century Companies Inc. now owns 1,089,798 shares of the bank’s stock worth $54,893,000 after acquiring an additional 110,787 shares in the last quarter. Bank of America Corp DE increased its stake in Shinhan Financial Group by 0.5% in the third quarter. Bank of America Corp DE now owns 686,044 shares of the bank’s stock valued at $34,556,000 after acquiring an additional 3,709 shares during the last quarter. Finally, Millennium Management LLC raised its position in Shinhan Financial Group by 152.0% during the first quarter. Millennium Management LLC now owns 582,570 shares of the bank’s stock valued at $18,689,000 after purchasing an additional 351,413 shares in the last quarter. Institutional investors own 7.76% of the company’s stock.

About Shinhan Financial Group

Shinhan Financial Group is a South Korea–based financial holding company headquartered in Seoul. Established in 2001 as a banking and financial services group, it brings together a range of financial subsidiaries operating under the Shinhan brand, including commercial banking, card services, life insurance, securities and asset management businesses. The group serves both retail and corporate clients and is one of the leading diversified financial institutions in Korea.

The company’s principal activities span retail and corporate banking, credit card issuance and payment services, life insurance and related protection products, brokerage and investment banking, and asset and wealth management.