Sumitomo Mitsui Financial Group (NYSE:SMFG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Sumitomo Mitsui Financial Group (NYSE:SMFG) from a hold rating to a buy rating in a research report sent to investors on Saturday.

SMFG has been the topic of a number of other reports. Zacks Research lowered shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 15th. Weiss Ratings restated a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Sumitomo Mitsui Financial Group currently has an average rating of “Hold”.

Sumitomo Mitsui Financial Group Stock Performance

NYSE:SMFG opened at $23.80 on Friday. The stock has a 50 day simple moving average of $20.61 and a 200 day simple moving average of $18.02. The stock has a market cap of $152.55 billion, a P/E ratio of 19.83, a PEG ratio of 0.92 and a beta of 0.36. Sumitomo Mitsui Financial Group has a 1-year low of $11.83 and a 1-year high of $24.33. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.63.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its quarterly earnings data on Friday, January 30th. The bank reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.24). Sumitomo Mitsui Financial Group had a return on equity of 9.38% and a net margin of 13.81%.The firm had revenue of $17.71 billion for the quarter, compared to the consensus estimate of $7.93 billion. Research analysts anticipate that Sumitomo Mitsui Financial Group will post 0.39 earnings per share for the current year.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. raised its position in shares of Sumitomo Mitsui Financial Group by 67.4% during the third quarter. Federated Hermes Inc. now owns 424,283 shares of the bank’s stock worth $7,102,000 after acquiring an additional 170,789 shares during the last quarter. Osaic Holdings Inc. increased its position in Sumitomo Mitsui Financial Group by 846.2% during the 2nd quarter. Osaic Holdings Inc. now owns 548,474 shares of the bank’s stock valued at $8,465,000 after purchasing an additional 490,506 shares during the period. ABC Arbitrage SA bought a new position in Sumitomo Mitsui Financial Group during the 3rd quarter worth approximately $1,546,000. Oppenheimer Asset Management Inc. bought a new position in Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $267,000. Finally, Haven Private LLC acquired a new position in shares of Sumitomo Mitsui Financial Group in the 2nd quarter worth approximately $341,000. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Sumitomo Mitsui Financial Group Company Profile

Sumitomo Mitsui Financial Group, Inc (SMFG) is a Tokyo-based financial holding company that provides a broad range of banking and financial services through a network of domestic and international subsidiaries. Established in 2002 as a holding company for the Sumitomo Mitsui banking operations, SMFG’s core banking business is conducted primarily through its main operating bank, Sumitomo Mitsui Banking Corporation (SMBC), alongside other affiliates covering trust banking, securities, leasing and consumer finance.

The group’s product and service mix spans corporate and commercial banking, retail deposit and loan services, trade and project finance, cash management, syndicated lending, foreign exchange and treasury services, and capital markets and investment banking activities through its securities arm.