Shinhan Financial Group Co Ltd $SHG Stock Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its Shinhan Financial Group stake by 48.5% in the third quarter, selling 324,885 shares; it retained 344,589 shares valued at about $26.8 million.
• Other institutional investors added to or initiated positions, while institutional investors and hedge funds collectively held 7.76% of the company’s stock.
• Analyst views were mixed, but MarketBeat reported a consensus “Strong Buy” rating. SHG opened at $63.11 on Friday, down 3.0%.

Pzena Investment Management LLC trimmed its stake in shares of Shinhan Financial Group Co Ltd (NYSE:SHG - Free Report) by 48.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 344,589 shares of the bank's stock after selling 324,885 shares during the quarter. Pzena Investment Management LLC owned about 0.07% of Shinhan Financial Group worth $26,764,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of SHG. Vise Technologies Inc. raised its stake in shares of Shinhan Financial Group by 35.3% during the third quarter. Vise Technologies Inc. now owns 50,225 shares of the bank's stock worth $3,901,000 after purchasing an additional 13,107 shares during the last quarter. Canopy Partners LLC grew its position in Shinhan Financial Group by 10.9% in the 3rd quarter. Canopy Partners LLC now owns 6,078 shares of the bank's stock valued at $472,000 after buying an additional 595 shares during the last quarter. Angeles Wealth Management LLC purchased a new position in Shinhan Financial Group in the 3rd quarter valued at $212,000. Verdence Capital Advisors LLC acquired a new position in Shinhan Financial Group in the 3rd quarter valued at $217,000. Finally, Signaturefd LLC increased its stake in Shinhan Financial Group by 1.9% in the 3rd quarter. Signaturefd LLC now owns 35,683 shares of the bank's stock valued at $2,771,000 after buying an additional 663 shares during the period. Institutional investors and hedge funds own 7.76% of the company's stock.

Analysts Set New Price Targets

SHG has been the subject of several recent analyst reports. Wall Street Zen cut shares of Shinhan Financial Group from a "buy" rating to a "hold" rating in a research note on Saturday, October 31st. Zacks Research upgraded shares of Shinhan Financial Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 12th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Shinhan Financial Group in a research note on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Strong Buy".

Shinhan Financial Group Stock Down 3.0%

SHG opened at $63.11 on Friday. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.98 and a quick ratio of 0.98. Shinhan Financial Group Co Ltd has a 12 month low of $51.59 and a 12 month high of $85.57. The stock has a market capitalization of $29.63 billion, a P/E ratio of 8.43, a P/E/G ratio of 0.45 and a beta of 1.07. The business has a 50 day simple moving average of $75.56 and a 200-day simple moving average of $68.72.

Shinhan Financial Group (NYSE:SHG - Get Free Report) last announced its quarterly earnings data on Friday, August 14th. The bank reported $2.26 earnings per share for the quarter. The firm had revenue of $2.96 billion for the quarter. Shinhan Financial Group had a return on equity of 8.81% and a net margin of 15.68%. On average, equities analysts anticipate that Shinhan Financial Group Co Ltd will post 9.38 earnings per share for the current fiscal year.

Shinhan Financial Group Profile

Shinhan Financial Group Co, Ltd. is a South Korean financial holding company headquartered in Seoul. Established in 2001, the group operates through subsidiaries that provide a broad range of financial products and services to individuals, businesses and institutional customers.

Its principal businesses include commercial and retail banking through Shinhan Bank; credit card and payment services through Shinhan Card; securities brokerage, investment banking and wealth management through Shinhan Securities; and insurance, consumer finance, leasing and asset-management services through other group affiliates.

Shinhan serves customers primarily in South Korea and maintains an international presence across markets in Asia, North America and other regions.

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