Shinhan Financial Group (NYSE:SHG) Reaches New 1-Year High - Here's Why

Shinhan Financial Group Co Ltd (NYSE:SHG - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $51.21 and last traded at $50.40, with a volume of 513029 shares changing hands. The stock had previously closed at $46.36.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Shinhan Financial Group from a "hold" rating to a "buy" rating in a research note on Monday, May 19th.

Shinhan Financial Group Trading Up 1.7%

The company has a 50 day simple moving average of $41.59 and a 200 day simple moving average of $36.20. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $24.91 billion, a PE ratio of 6.54, a P/E/G ratio of 0.61 and a beta of 0.92.

Hedge Funds Weigh In On Shinhan Financial Group

A number of large investors have recently modified their holdings of the business. Ameriprise Financial Inc. raised its stake in shares of Shinhan Financial Group by 4.3% during the 4th quarter. Ameriprise Financial Inc. now owns 8,575 shares of the bank's stock worth $282,000 after buying an additional 351 shares in the last quarter. Aquatic Capital Management LLC grew its holdings in shares of Shinhan Financial Group by 2.8% in the 4th quarter. Aquatic Capital Management LLC now owns 14,471 shares of the bank's stock worth $476,000 after acquiring an additional 392 shares during the period. Sterling Capital Management LLC grew its holdings in shares of Shinhan Financial Group by 8.1% in the 4th quarter. Sterling Capital Management LLC now owns 5,564 shares of the bank's stock worth $183,000 after acquiring an additional 415 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Shinhan Financial Group by 5.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,321 shares of the bank's stock worth $274,000 after acquiring an additional 442 shares during the period. Finally, Bessemer Group Inc. grew its holdings in shares of Shinhan Financial Group by 14.7% in the 1st quarter. Bessemer Group Inc. now owns 4,077 shares of the bank's stock worth $131,000 after acquiring an additional 522 shares during the period. 7.76% of the stock is owned by hedge funds and other institutional investors.

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.