Shinhan Financial Group (NYSE:SHG) Hits New 12-Month High – Here’s Why

Shinhan Financial Group Co Ltd (NYSE:SHG)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $80.60 and last traded at $80.4950, with a volume of 37021 shares changing hands. The stock had previously closed at $79.17.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Shinhan Financial Group in a research note on Friday, August 14th. Zacks Research raised shares of Shinhan Financial Group from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Strong Buy”.

Shinhan Financial Group Trading Up 1.3%

The company has a market capitalization of $37.65 billion, a price-to-earnings ratio of 10.79, a PEG ratio of 0.60 and a beta of 0.94. The firm has a 50-day moving average price of $71.33 and a 200-day moving average price of $67.40. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.45.

Shinhan Financial Group (NYSE:SHG) last announced its quarterly earnings data on Friday, August 14th. The bank reported $2.26 earnings per share for the quarter. Shinhan Financial Group had a return on equity of 8.63% and a net margin of 15.69%.The business had revenue of $2.96 billion during the quarter. As a group, sell-side analysts predict that Shinhan Financial Group Co Ltd will post 8.53 EPS for the current year.

Hedge Funds Weigh In On Shinhan Financial Group

Several hedge funds have recently made changes to their positions in SHG. Corient Private Wealth LP raised its holdings in shares of Shinhan Financial Group by 46.4% in the 2nd quarter. Corient Private Wealth LP now owns 38,537 shares of the bank’s stock worth $2,437,000 after purchasing an additional 12,212 shares in the last quarter. HB Wealth Management LLC boosted its holdings in Shinhan Financial Group by 22.1% during the second quarter. HB Wealth Management LLC now owns 10,672 shares of the bank’s stock worth $675,000 after buying an additional 1,935 shares in the last quarter. MW Advisory LLC bought a new stake in Shinhan Financial Group during the second quarter worth approximately $356,000. Plan A Wealth LLC grew its position in Shinhan Financial Group by 2.0% in the second quarter. Plan A Wealth LLC now owns 15,305 shares of the bank’s stock worth $968,000 after buying an additional 306 shares during the last quarter. Finally, Syon Capital LLC grew its position in Shinhan Financial Group by 85.9% in the second quarter. Syon Capital LLC now owns 8,679 shares of the bank’s stock worth $549,000 after buying an additional 4,011 shares during the last quarter. Institutional investors and hedge funds 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.