Ramirez Asset Management Inc. Boosts Stake in Shinhan Financial Group Co Ltd (NYSE:SHG)

Key Points

• Ramirez Asset Management Inc. increased its holdings in Shinhan Financial Group by 11.2%, totaling 215,892 shares worth approximately $6.93 million.
• Other institutional investors, including HB Wealth Management LLC and AMG National Trust Bank, have also made significant investments in Shinhan Financial Group during the first quarter.
• Shinhan Financial Group's stock has recently been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating positive market sentiment.

Ramirez Asset Management Inc. increased its stake in shares of Shinhan Financial Group Co Ltd (NYSE:SHG - Free Report) by 11.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 215,892 shares of the bank's stock after purchasing an additional 21,727 shares during the period. Shinhan Financial Group accounts for about 1.4% of Ramirez Asset Management Inc.'s holdings, making the stock its 12th biggest position. Ramirez Asset Management Inc.'s holdings in Shinhan Financial Group were worth $6,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently modified their holdings of the stock. Northern Trust Corp grew its stake in shares of Shinhan Financial Group by 249.2% during the 4th quarter. Northern Trust Corp now owns 1,445,120 shares of the bank's stock valued at $47,516,000 after buying an additional 1,031,257 shares during the period. Millennium Management LLC purchased a new stake in shares of Shinhan Financial Group during the 4th quarter valued at $7,600,000. D. E. Shaw & Co. Inc. purchased a new stake in shares of Shinhan Financial Group during the 4th quarter valued at $5,830,000. Renaissance Technologies LLC grew its stake in shares of Shinhan Financial Group by 606.8% during the 4th quarter. Renaissance Technologies LLC now owns 177,400 shares of the bank's stock valued at $5,833,000 after buying an additional 152,300 shares during the period. Finally, Voloridge Investment Management LLC purchased a new stake in Shinhan Financial Group during the 4th quarter worth $2,991,000. 7.76% of the stock is currently owned by institutional investors and hedge funds.

Shinhan Financial Group Stock Down 2.9%

Shinhan Financial Group stock traded down $1.43 during trading on Friday, reaching $47.28. 179,817 shares of the company's stock were exchanged, compared to its average volume of 237,786. The company's 50-day moving average is $45.64 and its two-hundred day moving average is $37.98. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.04 and a current ratio of 1.04. Shinhan Financial Group Co Ltd has a 52-week low of $28.76 and a 52-week high of $52.00. The firm has a market cap of $22.95 billion, a price-to-earnings ratio of 6.15, a PEG ratio of 0.53 and a beta of 0.92.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Shinhan Financial Group from a "hold" rating to a "buy" rating in a research report on Monday, May 19th.

About Shinhan Financial Group

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.