Shinhan Financial Group (NYSE:SHG) Upgraded to Buy at Wall Street Zen

Key Points

• Shinhan Financial Group was upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, signaling positive investor sentiment.
• The company's market capitalization stands at $22.90 billion with a price-to-earnings ratio of 6.14, suggesting strong valuation metrics.
• In recent months, several hedge funds have significantly increased their stakes in Shinhan Financial Group, indicating growing institutional interest in the company.

Shinhan Financial Group (NYSE:SHG - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Shinhan Financial Group Price Performance

Shinhan Financial Group stock traded up $0.75 during mid-day trading on Friday, reaching $48.91. The company had a trading volume of 104,301 shares, compared to its average volume of 237,107. Shinhan Financial Group has a 1 year low of $28.76 and a 1 year high of $52.00. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market capitalization of $23.75 billion, a P/E ratio of 6.36, a P/E/G ratio of 0.51 and a beta of 0.93. The stock's 50-day simple moving average is $45.95 and its 200-day simple moving average is $38.21.

Hedge Funds Weigh In On Shinhan Financial Group

A number of hedge funds have recently made changes to their positions in SHG. Wayfinding Financial LLC acquired a new position in shares of Shinhan Financial Group in the 1st quarter valued at $25,000. Cullen Frost Bankers Inc. acquired a new position in shares of Shinhan Financial Group in the 1st quarter valued at $28,000. Farther Finance Advisors LLC raised its stake in shares of Shinhan Financial Group by 240.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,908 shares of the bank's stock valued at $86,000 after acquiring an additional 1,348 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Shinhan Financial Group by 1,884.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,897 shares of the bank's stock valued at $95,000 after acquiring an additional 2,751 shares during the period. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of Shinhan Financial Group in the 4th quarter valued at $125,000. Institutional investors and hedge funds own 7.76% of the company's stock.

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.