Sumitomo Mitsui Financial Group (NYSE:SMFG) Downgraded to Hold Rating by Zacks Research

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

Separately, Weiss Ratings cut shares of Sumitomo Mitsui Financial Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Sumitomo Mitsui Financial Group Stock Performance

Shares of SMFG opened at $24.57 on Wednesday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.05 and a quick ratio of 1.05. Sumitomo Mitsui Financial Group has a 1 year low of $15.18 and a 1 year high of $26.67. The company has a 50 day simple moving average of $25.20 and a two-hundred day simple moving average of $22.82. The firm has a market cap of $156.80 billion, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 0.97 and a beta of 0.42.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last released its earnings results on Tuesday, June 30th. The bank reported $0.49 EPS for the quarter. Sumitomo Mitsui Financial Group had a net margin of 16.24% and a return on equity of 10.65%. The firm had revenue of $8.71 billion for the quarter. On average, equities analysts expect that Sumitomo Mitsui Financial Group will post 1.81 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Kazuyuki Anchi sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $42.47, for a total transaction of $169,880.00. Following the transaction, the chief financial officer owned 48,857 shares of the company’s stock, valued at approximately $2,074,956.79. This represents a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Ascentis Independent Advisors purchased a new stake in Sumitomo Mitsui Financial Group in the 1st quarter valued at about $27,000. Bayban purchased a new position in shares of Sumitomo Mitsui Financial Group during the fourth quarter worth approximately $30,000. Cornerstone Planning Group LLC raised its stake in shares of Sumitomo Mitsui Financial Group by 3,149.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 1,592 shares of the bank’s stock valued at $33,000 after acquiring an additional 1,543 shares in the last quarter. Park Square Financial Group LLC raised its stake 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 valued at $31,000 after acquiring an additional 598 shares in the last quarter. Finally, Pin Oak Investment Advisors Inc. bought a new stake in shares of Sumitomo Mitsui Financial Group during the third quarter valued at approximately $29,000. 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.