Ranmore Fund Management Ltd Makes New Investment in Shinhan Financial Group Co Ltd (NYSE:SHG)

Key Points

• Ranmore Fund Management Ltd has acquired a new stake in Shinhan Financial Group, purchasing 489,000 shares valued at approximately $15.7 million, making it the fund's third largest holding.
• Shinhan Financial Group's stock has recently seen increased institutional interest, with several funds boosting their positions in the bank during the last quarter.
• Shares of Shinhan Financial Group are currently trading at around $49.71, marking significant growth with a 12-month high of $52.00 and a P/E ratio of 4.98.

Ranmore Fund Management Ltd purchased a new stake in shares of Shinhan Financial Group Co Ltd (NYSE:SHG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 489,000 shares of the bank's stock, valued at approximately $15,687,000. Shinhan Financial Group makes up 9.4% of Ranmore Fund Management Ltd's investment portfolio, making the stock its 3rd biggest holding. Ranmore Fund Management Ltd owned about 0.10% of Shinhan Financial Group at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SHG. Northern Trust Corp boosted its holdings in shares of Shinhan Financial Group by 249.2% in the 4th quarter. Northern Trust Corp now owns 1,445,120 shares of the bank's stock valued at $47,516,000 after acquiring an additional 1,031,257 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Shinhan Financial Group in the 4th quarter valued at $7,600,000. D. E. Shaw & Co. Inc. purchased a new stake in shares of Shinhan Financial Group in the 4th quarter valued at $5,830,000. Renaissance Technologies LLC boosted its holdings in Shinhan Financial Group by 606.8% during the fourth quarter. Renaissance Technologies LLC now owns 177,400 shares of the bank's stock worth $5,833,000 after buying an additional 152,300 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in Shinhan Financial Group during the fourth quarter worth $2,991,000. Institutional investors and hedge funds own 7.76% of the company's stock.

Shinhan Financial Group Stock Performance

NYSE SHG traded down $0.08 during mid-day trading on Friday, reaching $49.86. 129,879 shares of the stock were exchanged, compared to its average volume of 168,560. The business's 50 day moving average is $47.43 and its 200-day moving average is $39.08. Shinhan Financial Group Co Ltd has a 1 year low of $28.76 and a 1 year high of $52.00. The company has a market capitalization of $24.21 billion, a P/E ratio of 5.00, a P/E/G ratio of 0.54 and a beta of 0.93. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.04 and a current ratio of 1.04.

Analyst Upgrades and Downgrades

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 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.