Shinhan Financial Group (NYSE:SHG) Shares Gap Down – Here’s What Happened

Shinhan Financial Group Co Ltd (NYSE:SHG)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $53.42, but opened at $51.73. Shinhan Financial Group shares last traded at $52.20, with a volume of 13,437 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wall Street Zen lowered Shinhan Financial Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Shinhan Financial Group in a report on Monday. Finally, Zacks Research downgraded shares of Shinhan Financial Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, December 2nd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

Shinhan Financial Group Trading Up 3.0%

The stock has a market cap of $26.28 billion, a price-to-earnings ratio of 5.27, a P/E/G ratio of 0.58 and a beta of 1.01. The business has a 50-day simple moving average of $53.23 and a two-hundred day simple moving average of $49.92. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.03 and a current ratio of 1.03.

Shinhan Financial Group (NYSE:SHG) last posted its quarterly earnings data on Friday, November 14th. The bank reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.08. Shinhan Financial Group had a net margin of 22.38% and a return on equity of 12.45%. The company had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $3.79 billion. As a group, research analysts forecast that Shinhan Financial Group Co Ltd will post 5.97 EPS for the current year.

Hedge Funds Weigh In On Shinhan Financial Group

Several hedge funds have recently modified their holdings of the stock. Lazard Asset Management LLC raised its holdings in Shinhan Financial Group by 5.3% during the third quarter. Lazard Asset Management LLC now owns 1,576,735 shares of the bank’s stock worth $79,420,000 after acquiring an additional 78,768 shares in the last quarter. Northern Trust Corp increased its position in shares of Shinhan Financial Group by 3.9% during the 1st quarter. Northern Trust Corp now owns 1,501,208 shares of the bank’s stock worth $48,159,000 after purchasing an additional 56,088 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Shinhan Financial Group by 11.3% during the 3rd quarter. American Century Companies Inc. now owns 1,089,798 shares of the bank’s stock worth $54,893,000 after purchasing an additional 110,787 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Shinhan Financial Group by 0.5% in the 3rd quarter. Bank of America Corp DE now owns 686,044 shares of the bank’s stock valued at $34,556,000 after buying an additional 3,709 shares during the last quarter. Finally, Millennium Management LLC grew 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 valued at $18,689,000 after buying an additional 351,413 shares in the last quarter. 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.