Shinhan Financial Group (NYSE:SHG) Reaches New 1-Year High – Here’s What Happened

Shinhan Financial Group Co Ltd (NYSE:SHG) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $73.95 and last traded at $74.4890, with a volume of 2256 shares traded. The stock had previously closed at $72.38.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SHG. Weiss Ratings raised shares of Shinhan Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. Zacks Research raised Shinhan Financial Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Strong Buy”.

Shinhan Financial Group Stock Performance

The business’s fifty day moving average is $67.92 and its two-hundred day moving average is $65.37. The stock has a market capitalization of $35.29 billion, a PE ratio of 10.02, a price-to-earnings-growth ratio of 0.54 and a beta of 0.94. 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 released its quarterly earnings data on Tuesday, March 31st. The bank reported $1.98 EPS for the quarter. Shinhan Financial Group had a net margin of 15.69% and a return on equity of 8.69%. As a group, research analysts anticipate that Shinhan Financial Group Co Ltd will post 8.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Shinhan Financial Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC lifted its stake in shares of Shinhan Financial Group by 6.0% in the 4th quarter. Lazard Asset Management LLC now owns 1,671,184 shares of the bank’s stock valued at $89,626,000 after purchasing an additional 94,449 shares during the last quarter. Northern Trust Corp increased its position in shares of Shinhan Financial Group by 0.5% during the 3rd quarter. Northern Trust Corp now owns 1,498,706 shares of the bank’s stock valued at $75,490,000 after purchasing an additional 7,518 shares during the last quarter. Bank of America Corp DE raised its holdings in Shinhan Financial Group by 0.5% during the 3rd quarter. Bank of America Corp DE now owns 686,044 shares of the bank’s stock valued at $34,556,000 after buying an additional 3,709 shares during the period. Millennium Management LLC lifted its position in Shinhan Financial Group by 152.0% in the first quarter. Millennium Management LLC now owns 582,570 shares of the bank’s stock worth $18,689,000 after buying an additional 351,413 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Shinhan Financial Group by 57.9% in the first quarter. Goldman Sachs Group Inc. now owns 323,444 shares of the bank’s stock worth $10,376,000 after buying an additional 118,548 shares during the last quarter. 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.