Shinhan Financial Group (NYSE:SHG) Reaches New 12-Month High - Here's What Happened

Key Points

• Shinhan Financial Group (NYSE:SHG) reached a new 52-week high of $52.08 during trading, closing at $51.88 with a trading volume of 124,346 shares.
• Analysts have given mixed ratings on the stock; Weiss Ratings maintains a "buy (b-)" rating, while others like Wall Street Zen and Zacks Research have downgraded it to "hold".
• The company has seen significant institutional investment activity, with firms like Millennium Management LLC and Goldman Sachs increasing their stakes in recent quarters.

Shinhan Financial Group Co Ltd (NYSE:SHG - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $52.08 and last traded at $51.88, with a volume of 124346 shares traded. The stock had previously closed at $50.62.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SHG. Weiss Ratings restated a "buy (b-)" rating on shares of Shinhan Financial Group in a report on Wednesday, October 8th. Wall Street Zen cut Shinhan Financial Group from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Finally, Zacks Research cut Shinhan Financial Group from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 24th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy".

Shinhan Financial Group Trading Up 2.2%

The stock has a market cap of $25.11 billion, a price-to-earnings ratio of 5.18, a PEG ratio of 0.53 and a beta of 0.94. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.48. The business has a 50-day moving average of $49.13 and a 200-day moving average of $43.76.

Institutional Trading of Shinhan Financial Group

A number of institutional investors have recently bought and sold shares of SHG. Ranmore Fund Management Ltd acquired a new stake in Shinhan Financial Group during the first quarter valued at $15,687,000. Millennium Management LLC boosted its position in Shinhan Financial Group by 152.0% during the first quarter. Millennium Management LLC now owns 582,570 shares of the bank's stock valued at $18,689,000 after purchasing an additional 351,413 shares during the last quarter. Causeway Capital Management LLC boosted its position in Shinhan Financial Group by 56.6% during the first quarter. Causeway Capital Management LLC now owns 509,806 shares of the bank's stock valued at $16,355,000 after purchasing an additional 184,167 shares during the last quarter. American Century Companies Inc. boosted its position in Shinhan Financial Group by 16.5% during the second quarter. American Century Companies Inc. now owns 979,011 shares of the bank's stock valued at $44,232,000 after purchasing an additional 138,779 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Shinhan Financial Group by 57.9% during 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 during the last quarter. 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.

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