Sumitomo Mitsui Financial Group (NYSE:SMFG) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Sumitomo Mitsui Financial Group (NYSE:SMFG) from a hold rating to a strong-buy rating in a research note released on Tuesday,Zacks.com reports.

A number of other research analysts have also weighed in on SMFG. Weiss Ratings raised Sumitomo Mitsui Financial Group from a “hold (c)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Wall Street Zen downgraded Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to data from MarketBeat, Sumitomo Mitsui Financial Group currently has an average rating of “Strong Buy”.

Sumitomo Mitsui Financial Group Price Performance

Shares of SMFG opened at $26.11 on Tuesday. Sumitomo Mitsui Financial Group has a fifty-two week low of $14.92 and a fifty-two week high of $26.67. The firm’s 50-day simple moving average is $23.97 and its two-hundred day simple moving average is $22.09. The stock has a market cap of $166.58 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 0.99 and a beta of 0.42. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.06 and a current ratio of 1.06.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last released its earnings results 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 10.19%. The firm had revenue of $7.31 billion during the quarter. Analysts anticipate that Sumitomo Mitsui Financial Group will post 1.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

A number of hedge funds have recently bought and sold shares of the business. Modern Wealth Management LLC boosted its stake in shares of Sumitomo Mitsui Financial Group by 3.1% in the first quarter. Modern Wealth Management LLC now owns 16,042 shares of the bank’s stock worth $332,000 after acquiring an additional 482 shares during the period. Bridgewater Advisors Inc. boosted its position in shares of Sumitomo Mitsui Financial Group by 2.2% during the fourth quarter. Bridgewater Advisors Inc. now owns 24,656 shares of the bank’s stock worth $513,000 after acquiring an additional 530 shares during the last quarter. Park Square Financial Group LLC boosted its position in shares of Sumitomo Mitsui Financial Group by 58.0% during the fourth 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 last quarter. Sound Income Strategies LLC grew 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 acquiring an additional 610 shares in the last quarter. Finally, Traveka Wealth LLC grew its stake in Sumitomo Mitsui Financial Group by 2.3% during the first quarter. Traveka Wealth LLC now owns 26,726 shares of the bank’s stock valued at $528,000 after acquiring an additional 613 shares in the last quarter. Hedge funds and other institutional investors own 3.85% of the company’s stock.

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.