Shinhan Financial Group Co Ltd (NYSE:SHG) Upgraded by Zacks Investment Research to “Buy”

Shinhan Financial Group Co Ltd (NYSE:SHG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday, July 22nd. The brokerage currently has a $51.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.79% from the company’s previous close.

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. “

Shinhan Financial Group Co (SHG) traded up 0.22% during mid-day trading on Friday, reaching $45.62. 92,135 shares of the company’s stock traded hands. The stock has a market cap of $21.63 billion, a P/E ratio of 7.75 and a beta of 1.08. Shinhan Financial Group Co has a 12 month low of $35.15 and a 12 month high of $48.98. The company has a 50 day moving average price of $45.89 and a 200-day moving average price of $43.39.

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A number of hedge funds have recently added to or reduced their stakes in SHG. Dynamic Technology Lab Private Ltd bought a new position in shares of Shinhan Financial Group Co during the second quarter worth approximately $298,000. GRATRY & Co LLC bought a new position in shares of Shinhan Financial Group Co during the second quarter worth approximately $263,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Shinhan Financial Group Co during the second quarter worth approximately $5,712,000. Cubist Systematic Strategies LLC bought a new position in shares of Shinhan Financial Group Co during the second quarter worth approximately $354,000. Finally, State Street Corp boosted its position in shares of Shinhan Financial Group Co by 2.0% in the second quarter. State Street Corp now owns 38,645 shares of the bank’s stock worth $1,680,000 after buying an additional 745 shares during the period. 2.30% of the stock is currently owned by institutional investors and hedge funds.

Shinhan Financial Group Co Company Profile

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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