Shinhan Financial Group Co Ltd (NYSE:SHG) Sees Significant Decline in Short Interest

Shinhan Financial Group Co Ltd (NYSE:SHG) was the recipient of a large decrease in short interest during the month of October. As of October 15th, there was short interest totaling 425,767 shares, a decrease of 39.6% from the September 30th total of 705,452 shares. Based on an average daily volume of 217,447 shares, the days-to-cover ratio is presently 2.0 days. Approximately 0.1% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shinhan Financial Group in a research note on Friday, August 14th. Zacks Research upgraded shares of Shinhan Financial Group from a “hold” rating to a “strong-buy” rating in a report on Monday, October 12th. Finally, Wall Street Zen downgraded shares of Shinhan Financial Group from a “buy” rating to a “hold” rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Strong Buy”.

Shinhan Financial Group Trading Down 1.4%

SHG stock traded down $0.90 during trading on Tuesday, reaching $63.41. 50,513 shares of the stock were exchanged, compared to its average volume of 252,108. 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 $29.77 billion, a price-to-earnings ratio of 8.21, a P/E/G ratio of 0.46 and a beta of 1.07. The business has a 50 day moving average price of $76.32 and a 200-day moving average price of $68.57. Shinhan Financial Group has a 1 year low of $51.59 and a 1 year high of $85.57.

Shinhan Financial Group (NYSE:SHG) last issued its quarterly earnings data on Friday, August 14th. The bank reported $2.26 earnings per share (EPS) for the quarter. Shinhan Financial Group had a return on equity of 8.81% and a net margin of 15.68%. The firm had revenue of $2.96 billion during the quarter. On average, research analysts predict that Shinhan Financial Group will post 9.38 earnings per share for the current year.

Hedge Funds Weigh In On Shinhan Financial Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Nykredit A S purchased a new position in shares of Shinhan Financial Group in the 2nd quarter worth $5,326,000. Quantinno Capital Management LP grew its position in Shinhan Financial Group by 40.5% during the first quarter. Quantinno Capital Management LP now owns 173,250 shares of the bank’s stock valued at $10,624,000 after acquiring an additional 49,966 shares during the period. First Trust Advisors LP increased its stake in Shinhan Financial Group by 107.5% during the first quarter. First Trust Advisors LP now owns 34,286 shares of the bank’s stock worth $2,102,000 after acquiring an additional 17,759 shares during the last quarter. Vise Technologies Inc. increased its position in Shinhan Financial Group by 35.3% during the 3rd quarter. Vise Technologies Inc. now owns 50,225 shares of the bank’s stock worth $3,901,000 after purchasing an additional 13,107 shares in the last quarter. Finally, Gabelli Funds LLC lifted its stake in shares of Shinhan Financial Group by 28.0% during the first quarter. Gabelli Funds LLC now owns 56,276 shares of the bank’s stock worth $3,451,000 after purchasing an additional 12,300 shares in the last quarter. Hedge funds and other institutional investors own 7.76% of the company’s stock.

About Shinhan Financial Group

Shinhan Financial Group Co, Ltd. is a South Korean financial holding company headquartered in Seoul. Established in 2001, the group operates through subsidiaries that provide a broad range of financial products and services to individuals, businesses and institutional customers.

Its principal businesses include commercial and retail banking through Shinhan Bank; credit card and payment services through Shinhan Card; securities brokerage, investment banking and wealth management through Shinhan Securities; and insurance, consumer finance, leasing and asset-management services through other group affiliates.

Shinhan serves customers primarily in South Korea and maintains an international presence across markets in Asia, North America and other regions.