Shinhan Financial Group Co Ltd (NYSE:SHG) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Shinhan Financial Group by 10.5%, acquiring an additional 58,660 shares in the first quarter, bringing its total holdings to 617,210 shares valued at approximately $19.8 million.
• Other institutional investors, including JPMorgan Chase & Co. and Renaissance Technologies LLC, significantly boosted their stakes in Shinhan Financial Group, highlighting increased interest in the bank.
• Analysts at Wall Street Zen upgraded Shinhan Financial from a "hold" to a "buy" rating, indicating a positive outlook for the stock's performance.

Connor Clark & Lunn Investment Management Ltd. grew its stake in Shinhan Financial Group Co Ltd (NYSE:SHG - Free Report) by 10.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 617,210 shares of the bank's stock after buying an additional 58,660 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.12% of Shinhan Financial Group worth $19,800,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wayfinding Financial LLC purchased a new position in shares of Shinhan Financial Group during the first quarter worth $25,000. Cullen Frost Bankers Inc. purchased a new position in shares of Shinhan Financial Group during the first quarter worth $28,000. Tower Research Capital LLC TRC raised its holdings in shares of Shinhan Financial Group by 1,884.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,897 shares of the bank's stock worth $95,000 after purchasing an additional 2,751 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Shinhan Financial Group during the fourth quarter worth $125,000. Finally, Bessemer Group Inc. raised its holdings in shares of Shinhan Financial Group by 14.7% during the first quarter. Bessemer Group Inc. now owns 4,077 shares of the bank's stock worth $131,000 after purchasing an additional 522 shares during the last quarter. Hedge funds and other institutional investors own 7.76% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Shinhan Financial Group from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd.

Shinhan Financial Group Stock Performance

SHG stock traded up $1.21 during midday trading on Tuesday, hitting $50.98. 98,998 shares of the stock traded hands, compared to its average volume of 196,302. The stock's fifty day simple moving average is $47.01 and its 200-day simple moving average is $38.80. Shinhan Financial Group Co Ltd has a 1-year low of $28.76 and a 1-year high of $52.00. The firm has a market cap of $24.75 billion, a P/E ratio of 5.11, a PEG ratio of 0.54 and a beta of 0.93. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.04 and a quick ratio of 1.04.

Shinhan Financial Group Profile

Shinhan Financial Group Co, Ltd. provides financial products and services in South Korea and internationally. The company operates through six segments: Banking, Credit Card, Securities, Insurance, Credit, and Others. It offers retail banking services, including demand, savings, and fixed deposit-taking; checking accounts; mortgage and home equity, and retail lending; electronic banking and automatic teller machines (ATM); and bill paying, payroll and check-cashing, currency exchange, and wire fund transfer services.