Bank of America Corp DE Reduces Holdings in Shinhan Financial Group Co Ltd $SHG

Key Points

• Bank of America cut its Shinhan Financial Group stake by 26.9% in the first quarter, selling 190,277 shares and retaining 517,650 shares valued at approximately $31.7 million.
• Shinhan shares were trading at $75.15, near their 52-week high of $77.54, while the bank reported quarterly EPS of $2.26 on $2.96 billion in revenue.
• Analyst sentiment remains positive: ratings upgrades from Weiss Ratings and Zacks Research contributed to an overall “Strong Buy” consensus.

Bank of America Corp DE lowered its position in shares of Shinhan Financial Group Co Ltd (NYSE:SHG - Free Report) by 26.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 517,650 shares of the bank's stock after selling 190,277 shares during the period. Bank of America Corp DE owned approximately 0.11% of Shinhan Financial Group worth $31,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Brown Brothers Harriman & Co. raised its position in Shinhan Financial Group by 71.2% in the fourth quarter. Brown Brothers Harriman & Co. now owns 481 shares of the bank's stock valued at $26,000 after purchasing an additional 200 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Shinhan Financial Group during the 4th quarter worth $38,000. Bell Investment Advisors Inc grew its holdings in shares of Shinhan Financial Group by 31.3% during the 1st quarter. Bell Investment Advisors Inc now owns 747 shares of the bank's stock worth $46,000 after purchasing an additional 178 shares during the period. Caitong International Asset Management Co. Ltd increased its position in shares of Shinhan Financial Group by 6,238.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 824 shares of the bank's stock worth $44,000 after purchasing an additional 811 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 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 908 shares of the bank's stock worth $41,000 after purchasing an additional 850 shares during the last quarter. Hedge funds and other institutional investors own 7.76% of the company's stock.

Shinhan Financial Group Trading Up 0.4%

Shares of SHG stock opened at $75.15 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $35.28 billion, a P/E ratio of 10.10, a price-to-earnings-growth ratio of 0.57 and a beta of 0.94. The company has a 50 day moving average price of $69.32 and a 200 day moving average price of $66.21. Shinhan Financial Group Co Ltd has a fifty-two week low of $46.26 and a fifty-two week high of $77.54.

Shinhan Financial Group (NYSE:SHG - Get Free Report) last released its earnings results on Friday, August 14th. The bank reported $2.26 earnings per share (EPS) for the quarter. The company had revenue of $2.96 billion for the quarter. Shinhan Financial Group had a net margin of 15.69% and a return on equity of 8.69%. Equities research analysts predict that Shinhan Financial Group Co Ltd will post 8.53 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on SHG. 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 raised shares of Shinhan Financial Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat.com, Shinhan Financial Group presently has an average rating of "Strong Buy".

About Shinhan Financial Group

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.

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