Sumitomo Mitsui Financial Group (NYSE:SMFG) Reaches New 12-Month High – Here’s What Happened

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) reached a new 52-week high during trading on Friday . The stock traded as high as $24.37 and last traded at $24.3550, with a volume of 631465 shares trading hands. The stock had previously closed at $23.82.

Analyst Ratings Changes

SMFG has been the subject of several research reports. Zacks Research raised shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a report on Friday, May 22nd. Finally, Wall Street Zen lowered shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Two research analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the company. According to MarketBeat, Sumitomo Mitsui Financial Group currently has an average rating of “Buy”.

Sumitomo Mitsui Financial Group Stock Performance

The business’s fifty day simple moving average is $21.83 and its 200-day simple moving average is $20.88. The firm has a market capitalization of $155.81 billion, a PE ratio of 18.23, a price-to-earnings-growth ratio of 0.66 and a beta of 0.43.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced its quarterly earnings data on Tuesday, March 31st. The bank reported $0.18 earnings per share (EPS) for the quarter. Sumitomo Mitsui Financial Group had a net margin of 15.68% and a return on equity of 10.57%. The business had revenue of $7.31 billion during the quarter. Sell-side analysts expect that Sumitomo Mitsui Financial Group Inc will post 1.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

A number of institutional investors have recently added to or reduced their stakes in SMFG. PFS Partners LLC purchased a new stake in Sumitomo Mitsui Financial Group during the 4th quarter valued at approximately $27,000. Ascentis Independent Advisors bought a new stake in Sumitomo Mitsui Financial Group in the first quarter worth $27,000. Pin Oak Investment Advisors Inc. purchased a new stake in Sumitomo Mitsui Financial Group during the third quarter valued at $29,000. Sound Income Strategies LLC raised its stake in Sumitomo Mitsui Financial Group by 76.8% during the fourth quarter. Sound Income Strategies LLC now owns 1,404 shares of the bank’s stock valued at $30,000 after purchasing an additional 610 shares in the last quarter. Finally, Bayban purchased a new stake in Sumitomo Mitsui Financial Group during the fourth quarter valued at $30,000. 3.85% of the stock is 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.