Shinhan Financial Group (NYSE:SHG) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Shinhan Financial Group (NYSE:SHG) from a hold rating to a strong-buy rating in a report issued on Monday,Zacks reports.

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Shinhan Financial Group in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Strong Buy”.

Shinhan Financial Group Stock Performance

Shares of NYSE SHG opened at $74.60 on Monday. The stock’s fifty day simple moving average is $78.30 and its 200 day simple moving average is $70.75. The stock has a market capitalization of $35.02 billion, a price-to-earnings ratio of 10.03, a PEG ratio of 0.55 and a beta of 0.98. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.45. Shinhan Financial Group has a 52-week low of $47.05 and a 52-week high of $85.57.

Shinhan Financial Group (NYSE:SHG) last announced its earnings results on Friday, August 14th. The bank reported $2.26 EPS 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 forecast that Shinhan Financial Group will post 8.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shinhan Financial Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of Shinhan Financial Group by 19.8% in the third quarter. GAMMA Investing LLC now owns 10,424 shares of the bank’s stock valued at $810,000 after purchasing an additional 1,726 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Shinhan Financial Group by 4.1% during the third quarter. Farther Finance Advisors LLC now owns 5,562 shares of the bank’s stock valued at $432,000 after buying an additional 218 shares in the last quarter. Valeo Financial Advisors LLC grew its holdings in shares of Shinhan Financial Group by 7.0% during the third quarter. Valeo Financial Advisors LLC now owns 3,600 shares of the bank’s stock valued at $280,000 after buying an additional 235 shares in the last quarter. Plan A Wealth LLC grew its holdings in shares of Shinhan Financial Group by 1.0% during the third quarter. Plan A Wealth LLC now owns 15,465 shares of the bank’s stock valued at $1,201,000 after buying an additional 160 shares in the last quarter. Finally, QRG Capital Management Inc. raised its position in Shinhan Financial Group by 16.1% during the second quarter. QRG Capital Management Inc. now owns 25,601 shares of the bank’s stock valued at $1,619,000 after buying an additional 3,544 shares during the period. 7.76% of the stock is currently owned by hedge funds and other institutional investors.

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.