Sumitomo Mitsui Financial Group (NYSE:SMFG) Share Price Crosses Above 200-Day Moving Average – Should You Sell?

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $20.30 and traded as high as $22.90. Sumitomo Mitsui Financial Group shares last traded at $22.7250, with a volume of 1,485,531 shares.

Analyst Ratings Changes

A number of research firms recently commented on SMFG. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Friday. Zacks Research upgraded Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Finally, Wall Street Zen cut Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy”.

Sumitomo Mitsui Financial Group Trading Up 1.1%

The company has a market capitalization of $146.40 billion, a PE ratio of 17.13, a PEG ratio of 0.64 and a beta of 0.43. The firm’s 50-day simple moving average is $20.94 and its 200-day simple moving average is $20.34.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last released its quarterly earnings data on Tuesday, March 31st. The bank reported $0.18 earnings per share (EPS) for the quarter. The company had revenue of $7.31 billion during the quarter. Sumitomo Mitsui Financial Group had a net margin of 15.68% and a return on equity of 10.57%. As a group, analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 1.74 EPS for the current year.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Several hedge funds have recently made changes to their positions in the company. Modern Wealth Management LLC lifted its holdings in shares of Sumitomo Mitsui Financial Group by 3.1% in the 1st quarter. Modern Wealth Management LLC now owns 16,042 shares of the bank’s stock worth $332,000 after buying an additional 482 shares during the period. Bridgewater Advisors Inc. lifted its holdings in shares of Sumitomo Mitsui Financial Group by 2.2% in the 4th quarter. Bridgewater Advisors Inc. now owns 24,656 shares of the bank’s stock worth $513,000 after buying an additional 530 shares during the period. Park Square Financial Group LLC lifted its holdings in shares of Sumitomo Mitsui Financial Group by 58.0% in the 4th quarter. Park Square Financial Group LLC now owns 1,629 shares of the bank’s stock worth $31,000 after buying an additional 598 shares during the period. Sound Income Strategies LLC lifted its holdings in shares of Sumitomo Mitsui Financial Group by 76.8% in the 4th quarter. Sound Income Strategies LLC now owns 1,404 shares of the bank’s stock worth $30,000 after buying an additional 610 shares during the period. Finally, Traveka Wealth LLC lifted its holdings in shares of Sumitomo Mitsui Financial Group by 2.3% in the 1st quarter. Traveka Wealth LLC now owns 26,726 shares of the bank’s stock worth $528,000 after buying an additional 613 shares during the period. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

About Sumitomo Mitsui Financial Group

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.