Shinhan Financial Group (NYSE:SHG) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Shinhan Financial Group Co Ltd (NYSE:SHG)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $62.05 and traded as high as $63.45. Shinhan Financial Group shares last traded at $62.6450, with a volume of 380,688 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Zacks Research lowered shares of Shinhan Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings raised Shinhan Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Shinhan Financial Group currently has a consensus rating of “Moderate Buy”.

Shinhan Financial Group Stock Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.43. The firm’s 50-day moving average is $65.84 and its two-hundred day moving average is $62.10. The stock has a market cap of $28.73 billion, a price-to-earnings ratio of 6.57, a P/E/G ratio of 0.55 and a beta of 0.93.

Shinhan Financial Group (NYSE:SHG) last posted its quarterly earnings data on Tuesday, March 31st. The bank reported $1.98 earnings per share (EPS) for the quarter. Shinhan Financial Group had a return on equity of 10.97% and a net margin of 20.07%. As a group, sell-side analysts expect that Shinhan Financial Group Co Ltd will post 7.99 earnings per share for the current year.

Institutional Trading of Shinhan Financial Group

Several large investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its holdings in Shinhan Financial Group by 9.1% in the 1st quarter. Royal Bank of Canada now owns 126,217 shares of the bank’s stock valued at $4,049,000 after purchasing an additional 10,534 shares in the last quarter. AQR Capital Management LLC purchased a new stake in shares of Shinhan Financial Group during the first quarter worth $210,000. Millennium Management LLC grew its holdings in shares of Shinhan Financial Group by 152.0% during the first quarter. Millennium Management LLC now owns 582,570 shares of the bank’s stock worth $18,689,000 after buying an additional 351,413 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Shinhan Financial Group by 57.9% in the first quarter. Goldman Sachs Group Inc. now owns 323,444 shares of the bank’s stock valued at $10,376,000 after buying an additional 118,548 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Shinhan Financial Group by 1,465.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 908 shares of the bank’s stock valued at $41,000 after buying an additional 850 shares during the last quarter. 7.76% of the stock is currently owned by hedge funds and other institutional investors.

About Shinhan Financial Group

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.