Shinhan Financial Group Co Ltd (NYSE:SHG) Stock Short Interest Drops 39.6%

Key Points

• Short interest fell 39.6% to 425,767 shares as of October 15, representing about 0.1% of Shinhan Financial Group’s outstanding shares and a two-day days-to-cover ratio.
• SHG shares opened at $65.56, down 0.5%, while the company reported quarterly EPS of $2.26 on $2.96 billion in revenue. Analysts expect full-year EPS of $9.38.
• Analyst sentiment remains favorable, with a consensus “Strong Buy” rating, while institutional investors own 7.76% of the stock and several recently increased their positions.

Shinhan Financial Group Co Ltd (NYSE:SHG - Get Free Report) was the recipient of a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 425,767 shares, a drop of 39.6% from the September 30th total of 705,452 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily volume of 217,447 shares, the days-to-cover ratio is currently 2.0 days.

Shinhan Financial Group Stock Down 0.5%

Shares of NYSE:SHG opened at $65.56 on Friday. The firm has a fifty day moving average price of $76.53 and a two-hundred day moving average price of $68.52. The company has a market cap of $30.78 billion, a price-to-earnings ratio of 8.49, a PEG ratio of 0.46 and a beta of 0.98. 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 has a one year low of $51.07 and a one year high of $85.57.

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

Analyst Ratings Changes

A number of brokerages recently commented on SHG. Weiss Ratings restated a "buy (b)" rating on shares of Shinhan Financial Group in a research note on Friday, August 14th. Wall Street Zen lowered shares of Shinhan Financial Group from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Zacks Research raised shares of Shinhan Financial Group from a "hold" rating to a "strong-buy" rating in a report on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy".

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Ascent Group LLC increased its holdings in shares of Shinhan Financial Group by 8.3% in the third quarter. Ascent Group LLC now owns 3,966 shares of the bank's stock worth $308,000 after buying an additional 304 shares during the period. Vise Technologies Inc. lifted its stake in shares of Shinhan Financial Group by 35.3% in the 3rd quarter. Vise Technologies Inc. now owns 50,225 shares of the bank's stock valued at $3,901,000 after acquiring an additional 13,107 shares during the last quarter. Canopy Partners LLC lifted its stake in shares of 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 acquiring an additional 595 shares during the last quarter. Angeles Wealth Management LLC purchased a new stake in Shinhan Financial Group during the 3rd quarter valued at about $212,000. Finally, Verdence Capital Advisors LLC purchased a new stake in Shinhan Financial Group during the 3rd quarter valued at about $217,000. 7.76% of the stock is currently owned by institutional investors.

About Shinhan Financial Group

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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