Shinhan Financial Group Co Ltd (NYSE:SHG) Sees Significant Drop in Short Interest

Key Points

• Shinhan Financial Group experienced a significant 41.7% drop in short interest in July, with total short interest falling to 145,400 shares.
• The company was upgraded from a "hold" to a "buy" rating by Wall Street Zen on August 2nd.
• Institutional investors have been active, with Bessemer Group Inc. increasing its holdings by 14.7% during the first quarter.

Shinhan Financial Group Co Ltd (NYSE:SHG - Get Free Report) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totaling 145,400 shares, adecreaseof41.7% from the July 15th total of 249,400 shares. Approximately0.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 207,800 shares, the days-to-cover ratio is currently 0.7 days. Based on an average daily trading volume, of 207,800 shares, the days-to-cover ratio is currently 0.7 days. Approximately0.0% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Shinhan Financial Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd.

Shinhan Financial Group Price Performance

Shares of SHG stock traded up $0.84 during trading hours on Friday, hitting $48.95. 98,810 shares of the company's stock were exchanged, compared to its average volume of 152,734. The company has a quick ratio of 1.04, a current ratio of 1.03 and a debt-to-equity ratio of 1.48. The firm has a market cap of $23.76 billion, a P/E ratio of 4.90, a P/E/G ratio of 0.52 and a beta of 0.93. The firm has a 50 day moving average of $47.90 and a two-hundred day moving average of $39.54. Shinhan Financial Group has a fifty-two week low of $28.76 and a fifty-two week high of $52.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Evergreen Capital Management LLC acquired a new position in Shinhan Financial Group in the 2nd quarter valued at $306,000. Tower Research Capital LLC TRC raised its stake in Shinhan Financial Group by 9,389.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,730 shares of the bank's stock valued at $394,000 after purchasing an additional 8,638 shares during the last quarter. Corient Private Wealth LLC raised its stake in Shinhan Financial Group by 64.7% in the 2nd quarter. Corient Private Wealth LLC now owns 32,710 shares of the bank's stock valued at $1,478,000 after purchasing an additional 12,847 shares during the last quarter. Orion Porfolio Solutions LLC raised its stake in Shinhan Financial Group by 73.0% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 104,396 shares of the bank's stock valued at $4,717,000 after purchasing an additional 44,053 shares during the last quarter. Finally, Lazard Asset Management LLC raised its stake in Shinhan Financial Group by 2.8% in the 2nd quarter. Lazard Asset Management LLC now owns 1,497,967 shares of the bank's stock valued at $67,677,000 after purchasing an additional 40,448 shares during the last quarter. 7.76% of the stock is owned by institutional investors and hedge funds.

Shinhan Financial Group Company 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.