Shinhan Financial Group (NYSE:SHG) Shares Pass Above 200-Day Moving Average – What’s Next?

Shinhan Financial Group Co Ltd (NYSE:SHG) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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 trading hands.

Analysts Set New Price Targets

A number of analysts recently commented on SHG shares. Weiss Ratings upgraded shares of Shinhan Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, May 19th. 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. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Shinhan Financial Group has a consensus rating of “Moderate Buy”.

Shinhan Financial Group Trading Down 4.1%

The firm has a 50 day simple moving average of $65.97 and a 200 day simple moving average of $62.05. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $29.73 billion, a P/E ratio of 6.80, a P/E/G ratio of 0.58 and a beta of 0.93.

Shinhan Financial Group (NYSE:SHG) last posted its earnings results on Tuesday, March 31st. The bank reported $1.98 earnings per share for the quarter. Shinhan Financial Group had a return on equity of 10.97% and a net margin of 20.07%. On average, equities research analysts predict that Shinhan Financial Group Co Ltd will post 7.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Shinhan Financial Group

Several hedge funds have recently bought and sold shares of the company. Lazard Asset Management LLC increased its holdings in Shinhan Financial Group by 6.0% during the 4th quarter. Lazard Asset Management LLC now owns 1,671,184 shares of the bank’s stock worth $89,626,000 after acquiring an additional 94,449 shares during the period. Northern Trust Corp boosted its holdings in Shinhan Financial Group by 0.5% in the 3rd quarter. Northern Trust Corp now owns 1,498,706 shares of the bank’s stock valued at $75,490,000 after purchasing an additional 7,518 shares during the period. American Century Companies Inc. boosted its holdings in Shinhan Financial Group by 11.3% in the 3rd quarter. American Century Companies Inc. now owns 1,089,798 shares of the bank’s stock valued at $54,893,000 after purchasing an additional 110,787 shares during the period. Bank of America Corp DE boosted its holdings in Shinhan Financial Group by 0.5% in the 3rd quarter. Bank of America Corp DE now owns 686,044 shares of the bank’s stock valued at $34,556,000 after purchasing an additional 3,709 shares during the period. Finally, Millennium Management LLC grew its position in shares of Shinhan Financial Group by 152.0% during the 1st quarter. Millennium Management LLC now owns 582,570 shares of the bank’s stock valued at $18,689,000 after purchasing an additional 351,413 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 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.