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

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.

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

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.