Zacks Research Upgrades Shinhan Financial Group (NYSE:SHG) to Strong-Buy

Shinhan Financial Group (NYSE:SHG) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Shinhan Financial Group in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Strong Buy”.

Shinhan Financial Group Trading Down 1.8%

NYSE SHG traded down $1.08 during mid-day trading on Thursday, reaching $59.79. 513,245 shares of the stock were exchanged, compared to its average volume of 332,895. The stock has a market capitalization of $29.03 billion, a PE ratio of 6.64, a PEG ratio of 0.49 and a beta of 0.97. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.03 and a current ratio of 1.00. Shinhan Financial Group has a 1-year low of $28.76 and a 1-year high of $73.40. The business’s fifty day simple moving average is $60.88 and its 200 day simple moving average is $54.66.

Institutional Investors Weigh In On Shinhan Financial Group

A number of institutional investors have recently added to or reduced their stakes in SHG. Millennium Management LLC lifted its position in Shinhan Financial Group by 152.0% during the 1st 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. American Century Companies Inc. grew its position in Shinhan Financial Group by 16.5% in the second quarter. American Century Companies Inc. now owns 979,011 shares of the bank’s stock valued at $44,232,000 after acquiring an additional 138,779 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of 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 period. Arbiter Partners Capital Management LLC lifted its position in shares of Shinhan Financial Group by 246.4% during the third quarter. Arbiter Partners Capital Management LLC now owns 137,169 shares of the bank’s stock worth $6,909,000 after purchasing an additional 97,569 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of Shinhan Financial Group by 6.0% during the fourth quarter. Lazard Asset Management LLC now owns 1,671,184 shares of the bank’s stock worth $89,626,000 after purchasing an additional 94,449 shares in the last quarter. Hedge funds and other institutional investors own 7.76% of the company’s stock.

About Shinhan Financial Group

Shinhan Financial Group is a South Korea–based financial holding company headquartered in Seoul. Established in 2001 as a banking and financial services group, it brings together a range of financial subsidiaries operating under the Shinhan brand, including commercial banking, card services, life insurance, securities and asset management businesses. The group serves both retail and corporate clients and is one of the leading diversified financial institutions in Korea.

The company’s principal activities span retail and corporate banking, credit card issuance and payment services, life insurance and related protection products, brokerage and investment banking, and asset and wealth management.