Sumitomo Mitsui Financial Group (NYSE:SMFG) Shares Cross Above 200 Day Moving Average – Time to Sell?

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $19.60 and traded as high as $21.33. Sumitomo Mitsui Financial Group shares last traded at $21.2450, with a volume of 3,698,801 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have commented on SMFG. Zacks Research upgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Wall Street Zen lowered 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy”.

Sumitomo Mitsui Financial Group Trading Up 2.3%

The stock has a market capitalization of $135.53 billion, a PE ratio of 17.70, a price-to-earnings-growth ratio of 0.68 and a beta of 0.40. The firm has a 50-day moving average price of $20.65 and a 200-day moving average price of $19.60.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last issued its quarterly earnings results on Friday, January 30th. The bank reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.24). The company had revenue of $7.27 billion during the quarter, compared to analysts’ expectations of $7.93 billion. Sumitomo Mitsui Financial Group had a return on equity of 9.38% and a net margin of 13.81%. Sell-side analysts expect that Sumitomo Mitsui Financial Group Inc will post 1.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMFG. Bridgewater Advisors Inc. raised its stake in shares of Sumitomo Mitsui Financial Group by 2.2% in the fourth quarter. Bridgewater Advisors Inc. now owns 24,656 shares of the bank’s stock valued at $513,000 after buying an additional 530 shares during the period. Park Square Financial Group LLC grew its stake in shares of Sumitomo Mitsui Financial Group by 58.0% during the 4th quarter. Park Square Financial Group LLC now owns 1,629 shares of the bank’s stock worth $31,000 after acquiring an additional 598 shares during the period. Sound Income Strategies LLC grew its stake in shares of 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 worth $30,000 after acquiring an additional 610 shares during the period. Traveka Wealth LLC increased its holdings in 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 acquiring an additional 613 shares during the last quarter. Finally, Anchyra Partners LLC increased its holdings in Sumitomo Mitsui Financial Group by 4.5% in the 1st quarter. Anchyra Partners LLC now owns 14,329 shares of the bank’s stock worth $283,000 after acquiring an additional 620 shares during the last quarter. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

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.