Zacks Investment Research Upgrades Shinhan Financial Group (NYSE:SHG) to "Hold"

Thursday, April 8, 2021 | MarketBeat

Shinhan Financial Group (NYSE:SHG) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research note issued on Thursday, Zacks.com reports.

According to Zacks, "Shinhan Financial Group is Korea's largest financial services company. Shinhan Bank is the Group's flagship subsidiary, and, when combined with the recently acquired Chohung Bank, is Korea's second largest banking operation. Besides banking, the Group operates subsidiaries in securities, credit cards, asset management, leasing, bancassurance, and project finance. "

SHG opened at $33.78 on Thursday. The company has a fifty day moving average of $31.03 and a two-hundred day moving average of $29.16. The stock has a market capitalization of $17.45 billion, a price-to-earnings ratio of 5.90, a PEG ratio of 2.16 and a beta of 0.86. Shinhan Financial Group has a fifty-two week low of $21.61 and a fifty-two week high of $33.78. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.07 and a current ratio of 1.07.

Shinhan Financial Group (NYSE:SHG) last posted its earnings results on Wednesday, March 3rd. The bank reported $0.69 EPS for the quarter. The firm had revenue of $3.14 billion for the quarter. Shinhan Financial Group had a return on equity of 8.26% and a net margin of 17.06%. On average, equities research analysts forecast that Shinhan Financial Group will post 5.9 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership raised its holdings in shares of Shinhan Financial Group by 258.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 143,105 shares of the bank's stock valued at $3,287,000 after acquiring an additional 103,156 shares during the last quarter. Jane Street Group LLC purchased a new position in Shinhan Financial Group in the 3rd quarter valued at $1,226,000. Wetherby Asset Management Inc. lifted its holdings in Shinhan Financial Group by 12.2% in the 4th quarter. Wetherby Asset Management Inc. now owns 46,592 shares of the bank's stock valued at $1,387,000 after purchasing an additional 5,057 shares in the last quarter. JustInvest LLC grew its position in shares of Shinhan Financial Group by 21.0% in the fourth quarter. JustInvest LLC now owns 35,478 shares of the bank's stock valued at $1,056,000 after purchasing an additional 6,150 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in Shinhan Financial Group by 12.8% in the 4th quarter. First Trust Advisors LP now owns 30,167 shares of the bank's stock valued at $898,000 after purchasing an additional 3,434 shares during the last quarter. 2.81% of the stock is currently owned by hedge funds and other institutional investors.

Shinhan Financial Group Company Profile

Shinhan Financial Group Co, Ltd. provides financial products and services in South Korea and internationally. The company operates through five segments: Commercial Banking Services, Credit Card Services, Securities Brokerage Services, Life Insurance Services, 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.

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