Shinhan Financial Group (NYSE:SHG) Stock Moved Up to Buy by Wall Street Zen

Wall Street Zen upgraded shares of Shinhan Financial Group (NYSE:SHG) from a hold rating to a buy rating in a research note published on Saturday,Wall Street Zen reports.

Several other equities research analysts have also recently issued reports on the stock. Zacks Research upgraded shares of Shinhan Financial Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shinhan Financial Group in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Strong Buy”.

Shinhan Financial Group Stock Down 1.4%

Shares of NYSE:SHG opened at $70.36 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.45. The business has a fifty day moving average of $78.10 and a two-hundred day moving average of $70.89. The stock has a market cap of $33.03 billion, a P/E ratio of 9.46, a PEG ratio of 0.49 and a beta of 0.98. Shinhan Financial Group has a 52-week low of $50.85 and a 52-week high of $85.57.

Shinhan Financial Group (NYSE:SHG) last posted its quarterly earnings results on Friday, August 14th. The bank reported $2.26 EPS for the quarter. The business had revenue of $2.96 billion for the quarter. Shinhan Financial Group had a return on equity of 8.63% and a net margin of 15.69%. On average, research analysts expect that Shinhan Financial Group will post 9.22 earnings per share for the current year.

Institutional Investors Weigh In On Shinhan Financial Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHG. Nykredit A S purchased a new stake in Shinhan Financial Group in the second quarter valued at $5,326,000. Quantinno Capital Management LP grew its holdings in shares of Shinhan Financial Group by 40.5% during the 1st quarter. Quantinno Capital Management LP now owns 173,250 shares of the bank’s stock worth $10,624,000 after purchasing an additional 49,966 shares during the period. First Trust Advisors LP grew its holdings in shares of Shinhan Financial Group by 107.5% during the 1st quarter. First Trust Advisors LP now owns 34,286 shares of the bank’s stock worth $2,102,000 after purchasing an additional 17,759 shares during the period. Gabelli Funds LLC grew its holdings in shares of Shinhan Financial Group by 28.0% during the 1st quarter. Gabelli Funds LLC now owns 56,276 shares of the bank’s stock worth $3,451,000 after purchasing an additional 12,300 shares during the period. Finally, Corient Private Wealth LP increased its position in shares of Shinhan Financial Group by 46.4% during 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 during the last quarter. Institutional investors and hedge funds own 7.76% of the company’s stock.

About Shinhan Financial Group

Shinhan Financial Group Co, Ltd. is a South Korean financial holding company that provides a broad range of financial services through its subsidiaries. Its businesses include commercial and retail banking, credit cards, securities and investment banking, insurance, asset management, consumer finance, and other related financial services.

The group’s principal banking subsidiary is Shinhan Bank, which serves individual, corporate, and institutional customers with deposit accounts, loans, payment services, foreign exchange, wealth management, and digital banking products.