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

Shinhan Financial Group Co Ltd (NYSE:SHG) gapped down prior to trading on Wednesday . The stock had previously closed at $71.08, but opened at $68.65. Shinhan Financial Group shares last traded at $68.4750, with a volume of 27,713 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SHG shares. Weiss Ratings upgraded shares of Shinhan Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, May 19th. Zacks Research cut shares of Shinhan Financial Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy”.

Shinhan Financial Group Trading Down 2.9%

The stock has a market capitalization of $32.77 billion, a price-to-earnings ratio of 7.50, a PEG ratio of 0.55 and a beta of 0.93. The company’s 50-day moving average is $65.93 and its 200-day moving average is $61.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.43.

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

Institutional Investors Weigh In On Shinhan Financial Group

A number of institutional investors have recently made changes to their positions in SHG. Royal Bank of Canada increased its position in shares of Shinhan Financial Group by 9.1% during the first quarter. Royal Bank of Canada now owns 126,217 shares of the bank’s stock valued at $4,049,000 after acquiring an additional 10,534 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of Shinhan Financial Group during the first quarter valued at about $210,000. Millennium Management LLC increased its position in shares of 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 acquiring an additional 351,413 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Shinhan Financial Group by 57.9% during the first quarter. Goldman Sachs Group Inc. now owns 323,444 shares of the bank’s stock valued at $10,376,000 after acquiring an additional 118,548 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Shinhan Financial Group by 1,465.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 908 shares of the bank’s stock valued at $41,000 after acquiring an additional 850 shares during the last quarter. 7.76% of the stock is currently owned by institutional investors and hedge funds.

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.