Shinhan Financial Group (NYSE:SHG) Shares Gap Down - Here's What Happened

Key Points

• Shinhan Financial Group's stock price experienced a significant drop, opening at $48.67 after closing at $50.91, with shares last traded at $48.40.
• Wall Street Zen upgraded the rating of Shinhan Financial Group from a "hold" to a "buy" on May 19th, indicating increased investor confidence.
• Institutional investors have shown interest, with notable purchases including a 240.7% increase by Farther Finance Advisors and a 1,884.2% increase by Tower Research Capital LLC.

Shinhan Financial Group Co Ltd (NYSE:SHG - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $50.91, but opened at $48.67. Shinhan Financial Group shares last traded at $48.40, with a volume of 62,434 shares.

Wall Street Analyst Weigh In

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

Shinhan Financial Group Price Performance

The stock has a fifty day moving average of $45.64 and a two-hundred day moving average of $37.98. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.51. The stock has a market cap of $22.90 billion, a price-to-earnings ratio of 6.14, a price-to-earnings-growth ratio of 0.53 and a beta of 0.92.

Institutional Trading of Shinhan Financial Group

Hedge funds have recently added to or reduced their stakes in the business. Wayfinding Financial LLC purchased a new position in shares of Shinhan Financial Group in the 1st quarter valued at $25,000. Cullen Frost Bankers Inc. purchased a new position in Shinhan Financial Group in the first quarter valued at about $28,000. Farther Finance Advisors LLC lifted its stake in shares of Shinhan Financial Group by 240.7% during the second quarter. Farther Finance Advisors LLC now owns 1,908 shares of the bank's stock worth $86,000 after purchasing an additional 1,348 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in 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 buying an additional 2,751 shares during the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Shinhan Financial Group in the fourth quarter worth about $125,000. 7.76% of the stock is owned by institutional investors and hedge funds.

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.