Shinhan Financial Group Co Ltd (NYSE:SHG) Sees Significant Drop in Short Interest

Shinhan Financial Group Co Ltd (NYSE:SHG) was the target of a large decline in short interest during the month of October. As of October 15th, there was short interest totaling 425,767 shares, a decline of 39.6% from the September 30th total of 705,452 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average daily volume of 217,447 shares, the short-interest ratio is presently 2.0 days.

Institutional Investors Weigh In On Shinhan Financial Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHG. Plan A Wealth LLC lifted its stake in shares of Shinhan Financial Group by 1.0% in the 3rd quarter. Plan A Wealth LLC now owns 15,465 shares of the bank’s stock valued at $1,201,000 after purchasing an additional 160 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Shinhan Financial Group by 3.3% during the 1st quarter. Bessemer Group Inc. now owns 5,744 shares of the bank’s stock worth $352,000 after purchasing an additional 183 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Shinhan Financial Group by 4.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 5,562 shares of the bank’s stock worth $432,000 after purchasing an additional 218 shares during the last quarter. Valeo Financial Advisors LLC increased its position in shares of Shinhan Financial Group by 7.0% during the 3rd quarter. Valeo Financial Advisors LLC now owns 3,600 shares of the bank’s stock worth $280,000 after purchasing an additional 235 shares during the last quarter. Finally, WealthCollab LLC raised its holdings in Shinhan Financial Group by 19.2% in the 1st quarter. WealthCollab LLC now owns 1,635 shares of the bank’s stock valued at $100,000 after buying an additional 263 shares during the period. Hedge funds and other institutional investors own 7.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SHG. Zacks Research upgraded Shinhan Financial Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 12th. Weiss Ratings reiterated a “buy (b)” rating on shares of Shinhan Financial Group in a research report on Friday, August 14th. Finally, Wall Street Zen lowered Shinhan Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat, Shinhan Financial Group currently has an average rating of “Strong Buy”.

Shinhan Financial Group Trading Down 2.1%

Shares of NYSE SHG traded down $1.39 during midday trading on Monday, reaching $64.20. 165,612 shares of the stock were exchanged, compared to its average volume of 253,079. The company has a 50 day simple moving average of $76.53 and a 200 day simple moving average of $68.52. The stock has a market capitalization of $30.14 billion, a P/E ratio of 8.32, a PEG ratio of 0.46 and a beta of 1.07. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.98 and a current ratio of 0.98. Shinhan Financial Group has a twelve month low of $51.59 and a twelve month high of $85.57.

Shinhan Financial Group (NYSE:SHG) last released its quarterly earnings results on Friday, August 14th. The bank reported $2.26 EPS for the quarter. Shinhan Financial Group had a net margin of 15.68% and a return on equity of 8.81%. The firm had revenue of $2.96 billion for the quarter. As a group, equities analysts expect that Shinhan Financial Group will post 9.38 earnings per share for the current year.

Shinhan Financial Group Company Profile

Shinhan Financial Group Co, Ltd. is a South Korean financial holding company headquartered in Seoul. Established in 2001, the group operates through subsidiaries that provide a broad range of financial products and services to individuals, businesses and institutional customers.

Its principal businesses include commercial and retail banking through Shinhan Bank; credit card and payment services through Shinhan Card; securities brokerage, investment banking and wealth management through Shinhan Securities; and insurance, consumer finance, leasing and asset-management services through other group affiliates.

Shinhan serves customers primarily in South Korea and maintains an international presence across markets in Asia, North America and other regions.