Shinhan Financial Group (NYSE:SHG) Reaches New 52-Week High - Here's Why

Key Points

• Shinhan Financial Group reached a new 52-week high, trading as high as $77.92 and up 0.8%, supported by momentum above its 50-day and 200-day moving averages.
• Analyst sentiment is strongly positive: Zacks Research upgraded the stock to “strong buy,” while Weiss Ratings reaffirmed a “buy” rating. MarketBeat reports an average rating of “Strong Buy.”
• Institutional ownership increased as major investors including Millennium Management, Goldman Sachs and UBS expanded their positions; institutional investors collectively own 7.76% of the company.

Shinhan Financial Group Co Ltd (NYSE:SHG - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $77.92 and last traded at $77.6160, with a volume of 5466 shares changing hands. The stock had previously closed at $76.81.

Wall Street Analysts Forecast Growth

SHG has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Shinhan Financial Group in a research note on Friday, August 14th. Zacks Research raised Shinhan Financial Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. According to MarketBeat, Shinhan Financial Group has an average rating of "Strong Buy".

Shinhan Financial Group Stock Up 0.8%

The company has a market capitalization of $36.35 billion, a P/E ratio of 10.41, a P/E/G ratio of 0.57 and a beta of 0.94. The company has a quick ratio of 1.00, a current ratio of 0.98 and a debt-to-equity ratio of 1.45. The firm has a fifty day simple moving average of $70.40 and a 200-day simple moving average of $67.01.

Shinhan Financial Group (NYSE:SHG - Get Free Report) last released its quarterly earnings data on Friday, August 14th. The bank reported $2.26 earnings per share for the quarter. Shinhan Financial Group had a return on equity of 8.63% and a net margin of 15.69%.The business had revenue of $2.96 billion for the quarter. On average, equities research analysts expect that Shinhan Financial Group Co Ltd will post 8.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC boosted its stake in Shinhan Financial Group by 152.0% in the 1st quarter. Millennium Management LLC now owns 582,570 shares of the bank's stock worth $18,689,000 after purchasing an additional 351,413 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Shinhan Financial Group by 57.9% in the first quarter. Goldman Sachs Group Inc. now owns 323,444 shares of the bank's stock valued at $10,376,000 after purchasing an additional 118,548 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Shinhan Financial Group by 6.0% in the fourth quarter. Lazard Asset Management LLC now owns 1,671,184 shares of the bank's stock valued at $89,626,000 after purchasing an additional 94,449 shares in the last quarter. UBS Group AG boosted its position in shares of Shinhan Financial Group by 129.1% during the fourth quarter. UBS Group AG now owns 151,613 shares of the bank's stock worth $8,131,000 after buying an additional 85,446 shares during the period. Finally, Nykredit A S acquired a new position in shares of Shinhan Financial Group during the second quarter worth about $5,326,000. Institutional investors and hedge funds own 7.76% of the company's stock.

Shinhan Financial Group Company Profile

Shinhan Financial Group is a South Korea–based financial holding company headquartered in Seoul. Established in 2001 as a banking and financial services group, it brings together a range of financial subsidiaries operating under the Shinhan brand, including commercial banking, card services, life insurance, securities and asset management businesses. The group serves both retail and corporate clients and is one of the leading diversified financial institutions in Korea.

The company's principal activities span retail and corporate banking, credit card issuance and payment services, life insurance and related protection products, brokerage and investment banking, and asset and wealth management.

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