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Shinhan Financial Group (NYSE:SHG) Shares Gap Up - Time to Buy?

Shinhan Financial Group logo with Finance background

Shares of Shinhan Financial Group Co Ltd (NYSE:SHG - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $46.36, but opened at $51.17. Shinhan Financial Group shares last traded at $50.49, with a volume of 89,937 shares changing hands.

Wall Street Analysts Forecast Growth

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

Get Our Latest Research Report on SHG

Shinhan Financial Group Stock Performance

The stock has a 50 day simple moving average of $41.59 and a 200 day simple moving average of $36.20. The company has a market cap of $24.91 billion, a price-to-earnings ratio of 6.54, a PEG ratio of 0.62 and a beta of 0.92. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.51.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SHG. Northern Trust Corp lifted its stake in shares of Shinhan Financial Group by 249.2% during the fourth quarter. Northern Trust Corp now owns 1,445,120 shares of the bank's stock worth $47,516,000 after purchasing an additional 1,031,257 shares in the last quarter. Ranmore Fund Management Ltd acquired a new position in shares of Shinhan Financial Group during the first quarter worth about $15,687,000. Millennium Management LLC lifted its stake in shares of Shinhan Financial Group by 152.0% in the first quarter. Millennium Management LLC now owns 582,570 shares of the bank's stock worth $18,689,000 after acquiring an additional 351,413 shares in the last quarter. Causeway Capital Management LLC lifted its stake in shares of Shinhan Financial Group by 56.6% in the first quarter. Causeway Capital Management LLC now owns 509,806 shares of the bank's stock worth $16,355,000 after acquiring an additional 184,167 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of Shinhan Financial Group in the fourth quarter worth about $5,830,000. Institutional investors and hedge funds own 7.76% of the company's stock.

Shinhan Financial Group Company Profile

(Get Free Report)

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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