Wall Street Zen Upgrades Shinhan Financial Group (NYSE:SHG) to “Buy”

Shinhan Financial Group (NYSE:SHG) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday, Wall Street Zen reports.

Several other research analysts have also recently weighed in on the stock. Zacks Research upgraded shares of Shinhan Financial Group from a “hold” rating to a “strong-buy” rating in a report on Monday, October 12th. Weiss Ratings reissued a “buy (b)” rating on shares of Shinhan Financial Group in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Strong Buy”.

Shinhan Financial Group Price Performance

Shares of SHG opened at $70.36 on Friday. The stock has a 50 day simple moving average of $78.10 and a 200 day simple moving average of $70.96. Shinhan Financial Group has a 52-week low of $50.85 and a 52-week high of $85.57. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $33.03 billion, a PE ratio of 9.46, a P/E/G ratio of 0.49 and a beta of 0.98.

Shinhan Financial Group (NYSE:SHG) last posted its earnings results on Friday, August 14th. The bank reported $2.26 earnings per share (EPS) for the quarter. The business had revenue of $2.96 billion during the quarter. Shinhan Financial Group had a return on equity of 8.63% and a net margin of 15.69%. Sell-side analysts predict that Shinhan Financial Group will post 9.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its position in shares of Shinhan Financial Group by 2.3% in the second quarter. Wellington Management Group LLP now owns 215,080 shares of the bank’s stock valued at $13,604,000 after acquiring an additional 4,872 shares during the last quarter. Quantinno Capital Management LP raised its holdings in Shinhan Financial Group by 40.5% during the first quarter. Quantinno Capital Management LP now owns 173,250 shares of the bank’s stock worth $10,624,000 after acquiring an additional 49,966 shares in the last quarter. NewEdge Wealth LLC raised its holdings in Shinhan Financial Group by 10.9% during the first quarter. NewEdge Wealth LLC now owns 102,659 shares of the bank’s stock worth $6,295,000 after acquiring an additional 10,050 shares in the last quarter. Nykredit A S acquired a new position in Shinhan Financial Group during the second quarter valued at approximately $5,326,000. Finally, Ritholtz Wealth Management boosted its position in Shinhan Financial Group by 5.4% during the first quarter. Ritholtz Wealth Management now owns 81,018 shares of the bank’s stock valued at $4,968,000 after purchasing an additional 4,124 shares during the last quarter. Institutional investors own 7.76% of the company’s stock.

Shinhan Financial Group Company Profile

Shinhan Financial Group Co, Ltd. is a South Korean financial holding company headquartered in Seoul. Established in 2001, the group operates through subsidiaries that provide a broad range of financial products and services to individuals, businesses and institutional customers.

Its principal businesses include commercial and retail banking through Shinhan Bank; credit card and payment services through Shinhan Card; securities brokerage, investment banking and wealth management through Shinhan Securities; and insurance, consumer finance, leasing and asset-management services through other group affiliates.

Shinhan serves customers primarily in South Korea and maintains an international presence across markets in Asia, North America and other regions.