Sumitomo Mitsui Financial Group (NYSE:SMFG) Stock Rating Lowered by Zacks Research

Sumitomo Mitsui Financial Group (NYSE:SMFG) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

SMFG has been the topic of a number of other reports. Wall Street Zen cut shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Sumitomo Mitsui Financial Group has an average rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Stock Down 4.3%

NYSE:SMFG opened at $23.96 on Monday. The stock’s 50 day moving average price is $22.37 and its 200 day moving average price is $21.23. The company has a market capitalization of $152.84 billion, a PE ratio of 17.88, a P/E/G ratio of 0.68 and a beta of 0.43. Sumitomo Mitsui Financial Group has a 52-week low of $14.40 and a 52-week high of $25.35.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SMFG. Parallel Advisors LLC increased its holdings in shares of Sumitomo Mitsui Financial Group by 9.2% in the first quarter. Parallel Advisors LLC now owns 57,620 shares of the bank’s stock valued at $1,138,000 after purchasing an additional 4,847 shares during the period. Glenmede Trust Co. NA lifted its holdings in shares of Sumitomo Mitsui Financial Group by 6.9% during the first quarter. Glenmede Trust Co. NA now owns 43,988 shares of the bank’s stock worth $869,000 after purchasing an additional 2,830 shares during the period. CCM Investment Advisers LLC purchased a new position in Sumitomo Mitsui Financial Group in the 1st quarter valued at $6,039,000. Bank of America Corp DE grew its position in Sumitomo Mitsui Financial Group by 20.9% in the 1st quarter. Bank of America Corp DE now owns 1,846,335 shares of the bank’s stock valued at $36,465,000 after buying an additional 319,140 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Sumitomo Mitsui Financial Group by 6.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 32,834 shares of the bank’s stock valued at $648,000 after buying an additional 1,972 shares during the last quarter. 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.