Rhumbline Advisers Lowers Stock Position in Shinhan Financial Group Co Ltd $SHG

Key Points

• Rhumbline Advisers reduced its holdings in Shinhan Financial Group by 10.2%, selling 7,544 shares and owning 66,255 shares worth approximately $2.1 million as of the latest SEC filing.
• Institutional investors have shown varied interest, with Goldman Sachs increasing its stake by 57.9% and Millennium Management LLC boosting its position by 152.0% during the same period.
• Following a recent analysis, Wall Street Zen downgraded Shinhan Financial Group from a "buy" rating to a "hold" rating, indicating a cautious outlook for the stock.

Rhumbline Advisers cut its holdings in Shinhan Financial Group Co Ltd (NYSE:SHG - Free Report) by 10.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,255 shares of the bank's stock after selling 7,544 shares during the period. Rhumbline Advisers' holdings in Shinhan Financial Group were worth $2,125,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SHG. Ameriprise Financial Inc. increased its position in shares of Shinhan Financial Group by 4.3% during the fourth quarter. Ameriprise Financial Inc. now owns 8,575 shares of the bank's stock worth $282,000 after purchasing an additional 351 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Shinhan Financial Group by 5.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,321 shares of the bank's stock worth $274,000 after purchasing an additional 442 shares in the last quarter. Bessemer Group Inc. increased its position 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 in the last quarter. Invesco Ltd. increased its position in shares of Shinhan Financial Group by 1.7% during the first quarter. Invesco Ltd. now owns 39,492 shares of the bank's stock worth $1,267,000 after purchasing an additional 649 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Shinhan Financial Group by 8.2% during the first quarter. Bank of New York Mellon Corp now owns 8,994 shares of the bank's stock worth $289,000 after purchasing an additional 682 shares in the last quarter. 7.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Shinhan Financial Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th.

Shinhan Financial Group Stock Performance

SHG stock traded up $0.40 during trading on Friday, hitting $49.67. The company had a trading volume of 209,293 shares, compared to its average volume of 204,339. The firm has a market cap of $24.11 billion, a PE ratio of 4.98, a price-to-earnings-growth ratio of 0.53 and a beta of 0.96. 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 50-day moving average price of $48.92 and a 200-day moving average price of $41.69. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.48.

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.