Connor Clark & Lunn Investment Management Ltd. Acquires 58,660 Shares of Shinhan Financial Group Co Ltd (NYSE:SHG)

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 holdings in Shinhan Financial Group Co Ltd (NYSE:SHG - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 617,210 shares of the bank's stock after buying an additional 58,660 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.12% of Shinhan Financial Group worth $19,800,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of Shinhan Financial Group by 3.2% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 38,576 shares of the bank's stock worth $1,232,000 after acquiring an additional 1,214 shares in the last quarter. US Bancorp DE raised its position in shares of Shinhan Financial Group by 5.0% in the 1st quarter. US Bancorp DE now owns 28,603 shares of the bank's stock worth $918,000 after acquiring an additional 1,350 shares in the last quarter. XTX Topco Ltd bought a new position in Shinhan Financial Group during the 1st quarter valued at approximately $227,000. Ramirez Asset Management Inc. increased its position in Shinhan Financial Group by 11.2% during the 1st quarter. Ramirez Asset Management Inc. now owns 215,892 shares of the bank's stock valued at $6,926,000 after buying an additional 21,727 shares in the last quarter. Finally, HB Wealth Management LLC bought a new position in Shinhan Financial Group during the 1st quarter valued at approximately $203,000. Hedge funds and other institutional investors own 7.76% of the company's stock.

Wall Street Analysts Forecast Growth

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

Shinhan Financial Group Stock Down 1.1%

SHG stock traded down $0.56 on Thursday, reaching $49.88. 58,729 shares of the company traded hands, compared to its average volume of 231,943. Shinhan Financial Group Co Ltd has a one year low of $28.76 and a one year high of $52.00. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $24.22 billion, a P/E ratio of 5.00, a price-to-earnings-growth ratio of 0.55 and a beta of 0.93. The firm has a fifty day simple moving average of $47.15 and a 200-day simple moving average of $38.88.

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.