Shinhan Financial Group Co Ltd (NYSE:SHG) Sees Large Decrease 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) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 145,400 shares, adeclineof41.7% from the July 15th total of 249,400 shares. Approximately0.0% of the company's shares are short sold. Based on an average daily trading volume, of 207,800 shares, the days-to-cover ratio is presently 0.7 days. Based on an average daily trading volume, of 207,800 shares, the days-to-cover ratio is presently 0.7 days. Approximately0.0% of the company's shares are short sold.

Analyst Ratings Changes

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

Shinhan Financial Group Trading Down 0.2%

NYSE SHG opened at $49.86 on Monday. The stock has a market capitalization of $24.21 billion, a price-to-earnings ratio of 5.00, a PEG ratio of 0.54 and a beta of 0.93. The stock's 50 day moving average price is $47.43 and its two-hundred day moving average price is $39.13. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.04 and a current ratio of 1.04. Shinhan Financial Group has a 52 week low of $28.76 and a 52 week high of $52.00.

Institutional Investors Weigh In On Shinhan Financial Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. grew its holdings in Shinhan Financial Group by 14.7% during the first quarter. Bessemer Group Inc. now owns 4,077 shares of the bank's stock worth $131,000 after purchasing an additional 522 shares during the period. Jane Street Group LLC bought a new position in Shinhan Financial Group during the fourth quarter worth about $690,000. Envestnet Asset Management Inc. raised its stake in Shinhan Financial Group by 22.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 197,709 shares of the bank's stock valued at $6,343,000 after acquiring an additional 35,682 shares during the period. HB Wealth Management LLC bought a new stake in Shinhan Financial Group in the 1st quarter valued at $203,000. Finally, Ramirez Asset Management Inc. raised its stake in Shinhan Financial Group by 11.2% in the 1st quarter. Ramirez Asset Management Inc. now owns 215,892 shares of the bank's stock valued at $6,926,000 after acquiring an additional 21,727 shares during the period. Institutional investors own 7.76% of the company's stock.

About Shinhan Financial Group

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.

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