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

Shinhan Financial Group Co Ltd (NYSE:SHG) gapped down prior to trading on Wednesday. The stock had previously closed at $81.79, but opened at $79.10. Shinhan Financial Group shares last traded at $77.8790, with a volume of 33,590 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Shinhan Financial Group in a research report on Friday, August 14th. Zacks Research lowered Shinhan Financial Group from a “strong-buy” rating to a “hold” rating in a report on Friday, September 11th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Shinhan Financial Group presently has a consensus rating of “Moderate Buy”.

Shinhan Financial Group Trading Down 5.8%

The firm has a 50-day moving average of $77.15 and a two-hundred day moving average of $69.65. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.45. The firm has a market capitalization of $36.16 billion, a P/E ratio of 10.34, a P/E/G ratio of 0.61 and a beta of 0.96.

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

Institutional Investors Weigh In On Shinhan Financial Group

A number of institutional investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. grew its stake in shares of Shinhan Financial Group by 16.1% in the second quarter. QRG Capital Management Inc. now owns 25,601 shares of the bank’s stock worth $1,619,000 after purchasing an additional 3,544 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in Shinhan Financial Group by 17.3% in the second quarter. Sequoia Financial Advisors LLC now owns 44,560 shares of the bank’s stock valued at $2,818,000 after buying an additional 6,558 shares during the period. WINTON GROUP Ltd bought a new position in Shinhan Financial Group during the second quarter worth $202,000. Integrated Wealth Concepts LLC increased its position in Shinhan Financial Group by 14.2% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 9,965 shares of the bank’s stock valued at $630,000 after buying an additional 1,242 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Shinhan Financial Group by 4.5% during the second quarter. NewEdge Advisors LLC now owns 13,944 shares of the bank’s stock worth $882,000 after purchasing an additional 595 shares during the period. 7.76% of the stock is owned by institutional investors.

Shinhan Financial Group Company Profile

Shinhan Financial Group Co, Ltd. is a South Korean financial holding company that provides a broad range of financial services through its subsidiaries. Its businesses include commercial and retail banking, credit cards, securities and investment banking, insurance, asset management, consumer finance, and other related financial services.

The group’s principal banking subsidiary is Shinhan Bank, which serves individual, corporate, and institutional customers with deposit accounts, loans, payment services, foreign exchange, wealth management, and digital banking products.