Shinhan Financial Group Co Ltd (SHG) Upgraded by Zacks Investment Research to “Strong-Buy”
Zacks Investment Research upgraded shares of Shinhan Financial Group Co Ltd (NYSE:SHG) from a sell rating to a strong-buy rating in a research note released on Thursday morning. The firm currently has $52.00 price objective on the bank’s stock.
According to Zacks, “Shinhan Financial Group is Korea’s largest financial services company. Shinhan Bank is the Group’s flagship subsidiary, and, when combined with the recently acquired Chohung Bank, is Korea’s second largest banking operation. Besides banking, the Group operates subsidiaries in securities, credit cards, asset management, leasing, bancassurance, and project finance. “
Separately, HSBC Holdings plc raised Shinhan Financial Group Co from a hold rating to a buy rating in a report on Tuesday, August 22nd.
Shinhan Financial Group Co (NYSE:SHG) traded up $0.26 during mid-day trading on Thursday, hitting $45.64. 42,056 shares of the stock traded hands, compared to its average volume of 69,986. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.46. Shinhan Financial Group Co has a twelve month low of $36.06 and a twelve month high of $48.98. The firm has a market capitalization of $21,680.00, a price-to-earnings ratio of 3.91, a PEG ratio of 1.48 and a beta of 1.08.
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A number of large investors have recently added to or reduced their stakes in SHG. Arrowstreet Capital Limited Partnership bought a new stake in Shinhan Financial Group Co during the second quarter valued at about $5,712,000. Northern Trust Corp grew its holdings in Shinhan Financial Group Co by 6.6% during the second quarter. Northern Trust Corp now owns 1,266,029 shares of the bank’s stock valued at $55,060,000 after purchasing an additional 78,581 shares during the period. Crossmark Global Holdings Inc. bought a new stake in Shinhan Financial Group Co during the third quarter valued at about $3,157,000. Hexavest Inc. grew its holdings in Shinhan Financial Group Co by 39,365.8% during the second quarter. Hexavest Inc. now owns 58,804 shares of the bank’s stock valued at $2,557,000 after purchasing an additional 58,655 shares during the period. Finally, Aperio Group LLC grew its holdings in Shinhan Financial Group Co by 17.3% during the second quarter. Aperio Group LLC now owns 352,859 shares of the bank’s stock valued at $15,346,000 after purchasing an additional 51,915 shares during the period. 2.32% of the stock is owned by institutional investors and hedge funds.
About Shinhan Financial Group Co
Shinhan Financial Group Co, Ltd. (SFG) is a financial holding company. The Company operates through five segments: commercial banking services, which are provided by Shinhan Bank Co, Ltd. (Shinhan Bank); credit card services, which are provided by Shinhan Card Co, Ltd. (Shinhan Card); securities brokerage services, which are provided by Shinhan Investment Corp.
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