Shinhan Financial Group (NYSE:SHG) Stock Price Breaks Above 200-Day Moving Average – Here’s What Happened

Shinhan Financial Group Co Ltd (NYSE:SHG)’s stock price passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $70.37 and traded as high as $77.35. Shinhan Financial Group shares last traded at $77.0350, with a volume of 148,346 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Shinhan Financial Group in a report on Friday, August 14th. Zacks Research lowered shares of 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

Shinhan Financial Group Stock Up 0.2%

The firm’s 50-day moving average price is $78.05 and its two-hundred day moving average price is $70.46. 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 cap of $35.46 billion, a PE ratio of 10.15, a P/E/G ratio of 0.58 and a beta of 0.98.

Shinhan Financial Group (NYSE:SHG) last announced its earnings results on Friday, August 14th. The bank reported $2.26 earnings per share (EPS) for the quarter. The firm 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%. As a group, equities research analysts expect that Shinhan Financial Group Co Ltd will post 8.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Shinhan Financial Group

Several hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP grew its holdings in Shinhan Financial Group by 2.3% during the 2nd quarter. Wellington Management Group LLP now owns 215,080 shares of the bank’s stock worth $13,604,000 after acquiring an additional 4,872 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in Shinhan Financial Group by 40.5% in the first quarter. Quantinno Capital Management LP now owns 173,250 shares of the bank’s stock worth $10,624,000 after purchasing an additional 49,966 shares during the period. O Shaughnessy Asset Management LLC increased its stake in Shinhan Financial Group by 11.6% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 194,096 shares of the bank’s stock valued at $10,409,000 after purchasing an additional 20,217 shares during the last quarter. NewEdge Wealth LLC raised its holdings in shares of 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 purchasing an additional 10,050 shares during the period. Finally, Nykredit A S bought a new position in shares of Shinhan Financial Group in the 2nd quarter worth about $5,326,000. 7.76% of the stock is currently owned by hedge funds and other institutional investors.

About Shinhan Financial Group

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.