StockNews.com Upgrades Shinhan Financial Group (NYSE:SHG) to Buy

Shinhan Financial Group (NYSE:SHG) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

Shinhan Financial Group Trading Up 2.1%

Shinhan Financial Group stock traded up $0.78 during midday trading on Monday, reaching $38.05. 244,442 shares of the stock traded hands, compared to its average volume of 178,267. The company has a 50-day simple moving average of $33.63 and a two-hundred day simple moving average of $34.79. Shinhan Financial Group has a 12-month low of $28.76 and a 12-month high of $46.05. The firm has a market cap of $19.16 billion, a PE ratio of 5.97, a price-to-earnings-growth ratio of 0.44 and a beta of 0.84. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.53.

Shinhan Financial Group (NYSE:SHG) last announced its quarterly earnings data on Tuesday, March 4th. The bank reported $1.94 earnings per share (EPS) for the quarter. The business had revenue of $2.82 billion during the quarter. Shinhan Financial Group had a return on equity of 7.34% and a net margin of 12.21%. Research analysts expect that Shinhan Financial Group will post 5.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shinhan Financial Group

Several hedge funds and other institutional investors have recently made changes to their positions in SHG. Northern Trust Corp boosted its stake in shares of Shinhan Financial Group by 249.2% in the 4th quarter. Northern Trust Corp now owns 1,445,120 shares of the bank’s stock valued at $47,516,000 after buying an additional 1,031,257 shares during the period. Ranmore Fund Management Ltd purchased a new stake in Shinhan Financial Group during the first quarter worth approximately $15,687,000. Millennium Management LLC lifted its stake in Shinhan Financial Group by 152.0% during the first quarter. Millennium Management LLC now owns 582,570 shares of the bank’s stock worth $18,689,000 after purchasing an additional 351,413 shares during the last quarter. Causeway Capital Management LLC lifted its stake in Shinhan Financial Group by 56.6% during the first quarter. Causeway Capital Management LLC now owns 509,806 shares of the bank’s stock worth $16,355,000 after purchasing an additional 184,167 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new stake in Shinhan Financial Group during the fourth quarter worth approximately $5,830,000. Hedge funds and other institutional investors 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.