Shinhan Financial Group (NYSE:SHG) Stock 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 Monday . The stock has a 200-day moving average of $50.91 and traded as high as $53.79. Shinhan Financial Group shares last traded at $53.63, with a volume of 125,445 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Zacks Research cut shares of Shinhan Financial Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, December 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shinhan Financial Group in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold”.

Shinhan Financial Group Stock Down 0.6%

The firm has a market cap of $26.04 billion, a PE ratio of 5.22, a PEG ratio of 0.57 and a beta of 1.01. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50-day simple moving average is $53.74 and its two-hundred day simple moving average is $50.91.

Shinhan Financial Group (NYSE:SHG) last released its quarterly earnings data on Friday, November 14th. The bank reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.08. The firm had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $3.79 billion. Shinhan Financial Group had a net margin of 22.38% and a return on equity of 12.45%. On average, analysts predict that Shinhan Financial Group Co Ltd will post 5.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shinhan Financial Group

Large investors have recently made changes to their positions in the business. American Century Companies Inc. increased its stake in shares of Shinhan Financial Group by 16.5% during the second quarter. American Century Companies Inc. now owns 979,011 shares of the bank’s stock valued at $44,232,000 after purchasing an additional 138,779 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Shinhan Financial Group by 20.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 12,056 shares of the bank’s stock worth $558,000 after buying an additional 2,080 shares during the last quarter. Ramirez Asset Management Inc. increased its position in Shinhan Financial Group by 1.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 218,158 shares of the bank’s stock valued at $9,856,000 after buying an additional 2,266 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Shinhan Financial Group during the second quarter valued at $1,138,000. Finally, Creative Planning boosted its holdings in Shinhan Financial Group by 70.3% in the second quarter. Creative Planning now owns 162,873 shares of the bank’s stock worth $7,359,000 after acquiring an additional 67,223 shares in the last quarter. 7.76% of the stock is currently owned by 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.