Sumitomo Mitsui Financial Group (NYSE:SMFG) Reaches New 52-Week High – Time to Buy?

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) reached a new 52-week high on Monday . The company traded as high as $25.40 and last traded at $25.3350, with a volume of 206509 shares. The stock had previously closed at $24.53.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SMFG shares. Weiss Ratings upgraded shares of Sumitomo Mitsui Financial Group from a “hold (c)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. Zacks Research lowered shares of Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Wall Street Zen cut shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Sumitomo Mitsui Financial Group has an average rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Stock Performance

The company has a market cap of $161.25 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 0.69 and a beta of 0.42. The firm has a 50-day simple moving average of $23.02 and a 200 day simple moving average of $21.60. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 1.48.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its quarterly earnings data on Tuesday, March 31st. The bank reported $0.18 earnings per share for the quarter. The business had revenue of $7.31 billion during the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.19% and a net margin of 15.68%. On average, sell-side analysts predict that Sumitomo Mitsui Financial Group Inc will post 1.83 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. PFS Partners LLC purchased a new stake in shares of Sumitomo Mitsui Financial Group in the fourth quarter valued at about $27,000. Ascentis Independent Advisors purchased a new position in shares of Sumitomo Mitsui Financial Group during the first quarter worth about $27,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Sumitomo Mitsui Financial Group during the third quarter worth about $29,000. Sound Income Strategies LLC raised its stake in Sumitomo Mitsui Financial Group by 76.8% during the 4th quarter. Sound Income Strategies LLC now owns 1,404 shares of the bank’s stock valued at $30,000 after acquiring an additional 610 shares during the last quarter. Finally, Bayban acquired a new stake in Sumitomo Mitsui Financial Group during the 4th quarter worth approximately $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.