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

Shares of Shinhan Financial Group Co Ltd (NYSE:SHG) gapped down before the market opened on Friday . The stock had previously closed at $84.47, but opened at $80.52. Shinhan Financial Group shares last traded at $81.63, with a volume of 17,050 shares.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SHG. Weiss Ratings restated a “buy (b)” rating on shares of Shinhan Financial Group in a research note on Friday, August 14th. Zacks Research upgraded Shinhan Financial Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to MarketBeat.com, Shinhan Financial Group currently has a consensus rating of “Strong Buy”.

Shinhan Financial Group Trading Down 2.8%

The stock’s fifty day simple moving average is $72.45 and its 200-day simple moving average is $67.67. The firm has a market cap of $38.53 billion, a PE ratio of 11.03, a PEG ratio of 0.61 and a beta of 0.96. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.98 and a quick ratio of 0.98.

Shinhan Financial Group (NYSE:SHG) last announced its quarterly earnings data on Friday, August 14th. The bank reported $2.26 earnings per share for the quarter. Shinhan Financial Group had a net margin of 15.69% and a return on equity of 8.63%. The firm had revenue of $2.96 billion for the quarter. On average, sell-side analysts forecast that Shinhan Financial Group Co Ltd will post 8.53 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SHG. Corient Private Wealth LP lifted its holdings in shares of Shinhan Financial Group by 46.4% during the second quarter. Corient Private Wealth LP now owns 38,537 shares of the bank’s stock worth $2,437,000 after purchasing an additional 12,212 shares during the period. HB Wealth Management LLC raised its position in Shinhan Financial Group by 22.1% during the 2nd quarter. HB Wealth Management LLC now owns 10,672 shares of the bank’s stock worth $675,000 after buying an additional 1,935 shares during the last quarter. MW Advisory LLC acquired a new stake in Shinhan Financial Group during the 2nd quarter valued at approximately $356,000. Plan A Wealth LLC lifted its stake in Shinhan Financial Group by 2.0% during the 2nd quarter. Plan A Wealth LLC now owns 15,305 shares of the bank’s stock valued at $968,000 after acquiring an additional 306 shares during the period. Finally, Syon Capital LLC boosted its holdings in shares of Shinhan Financial Group by 85.9% in the 2nd quarter. Syon Capital LLC now owns 8,679 shares of the bank’s stock valued at $549,000 after acquiring an additional 4,011 shares during the last quarter. 7.76% of the stock is currently owned by hedge funds and other institutional investors.

Shinhan Financial Group Company Profile

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.