Sumitomo Mitsui Financial Group (NYSE:SMFG) Hits New 52-Week High – Here’s What Happened

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $21.90 and last traded at $21.7820, with a volume of 202185 shares. The stock had previously closed at $21.34.

Analyst Ratings Changes

Several brokerages have issued reports on SMFG. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research report on Monday, December 29th. Wall Street Zen lowered shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Zacks Research downgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Sumitomo Mitsui Financial Group has an average rating of “Hold”.

Sumitomo Mitsui Financial Group Price Performance

The company has a market cap of $139.67 billion, a P/E ratio of 18.17, a P/E/G ratio of 1.10 and a beta of 0.36. The company’s 50-day moving average price is $19.78 and its two-hundred day moving average price is $17.54. 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 results on Friday, January 30th. The bank reported $0.16 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $7.93 billion. As a group, sell-side analysts expect that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current year.

Institutional Trading of Sumitomo Mitsui Financial Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Drive Wealth Management LLC boosted its holdings in shares of Sumitomo Mitsui Financial Group by 14.7% in the 4th quarter. Drive Wealth Management LLC now owns 24,417 shares of the bank’s stock valued at $472,000 after buying an additional 3,137 shares during the period. NewEdge Wealth LLC increased its holdings in shares of Sumitomo Mitsui Financial Group by 138.4% in the 4th quarter. NewEdge Wealth LLC now owns 36,153 shares of the bank’s stock worth $699,000 after acquiring an additional 20,989 shares during the period. Ethic Inc. increased its stake in shares of Sumitomo Mitsui Financial Group by 2.1% in the fourth quarter. Ethic Inc. now owns 385,023 shares of the bank’s stock valued at $7,442,000 after purchasing an additional 8,054 shares during the period. Ballentine Partners LLC increased its position in Sumitomo Mitsui Financial Group by 2.1% in the 4th quarter. Ballentine Partners LLC now owns 70,777 shares of the bank’s stock valued at $1,368,000 after acquiring an additional 1,444 shares during the period. Finally, Diversify Wealth Management LLC increased its holdings in shares of Sumitomo Mitsui Financial Group by 4.4% during the fourth quarter. Diversify Wealth Management LLC now owns 85,837 shares of the bank’s stock valued at $1,762,000 after purchasing an additional 3,592 shares during the period. 3.85% of the stock is 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.