Shinhan Financial Group (NYSE:SHG) Shares Gap Up – Here’s Why

Shinhan Financial Group Co Ltd (NYSE:SHG) gapped up prior to trading on Thursday . The stock had previously closed at $62.52, but opened at $66.00. Shinhan Financial Group shares last traded at $67.2580, with a volume of 18,879 shares trading hands.

Analyst Ratings Changes

A number of analysts have commented on the company. Weiss Ratings upgraded Shinhan Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, May 19th. Zacks Research downgraded Shinhan Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Shinhan Financial Group Trading Up 7.0%

The business has a fifty day simple moving average of $65.41 and a 200 day simple moving average of $62.35. The stock has a market cap of $31.75 billion, a price-to-earnings ratio of 7.26, a PEG ratio of 0.56 and a beta of 0.94. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.00 and a current ratio of 1.00.

Shinhan Financial Group (NYSE:SHG) last released its quarterly earnings results on Tuesday, March 31st. The bank reported $1.98 earnings per share for the quarter. Shinhan Financial Group had a return on equity of 10.97% and a net margin of 20.07%. As a group, equities analysts anticipate that Shinhan Financial Group Co Ltd will post 7.99 EPS for the current year.

Hedge Funds Weigh In On Shinhan Financial Group

Several large investors have recently added to or reduced their stakes in SHG. Bell Investment Advisors Inc boosted its holdings in Shinhan Financial Group by 31.3% in the first quarter. Bell Investment Advisors Inc now owns 747 shares of the bank’s stock valued at $46,000 after acquiring an additional 178 shares during the last quarter. Bessemer Group Inc. increased its stake in Shinhan Financial Group by 3.3% during the first quarter. Bessemer Group Inc. now owns 5,744 shares of the bank’s stock worth $352,000 after acquiring an additional 183 shares during the last quarter. Allworth Financial LP increased its stake in Shinhan Financial Group by 12.5% during the fourth quarter. Allworth Financial LP now owns 1,703 shares of the bank’s stock worth $91,000 after acquiring an additional 189 shares during the last quarter. Bridgewater Advisors Inc. raised its holdings in shares of Shinhan Financial Group by 2.2% in the 4th quarter. Bridgewater Advisors Inc. now owns 9,438 shares of the bank’s stock worth $541,000 after purchasing an additional 199 shares during the period. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of Shinhan Financial Group by 71.2% in the 4th quarter. Brown Brothers Harriman & Co. now owns 481 shares of the bank’s stock worth $26,000 after purchasing an additional 200 shares during the period. 7.76% of the stock is currently owned by hedge funds and other institutional investors.

Shinhan Financial Group Company Profile

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.