Sumitomo Mitsui Financial Group (NYSE:SMFG) Shares Cross Below 200 Day Moving Average – Here’s Why

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) passed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $23.45 and traded as low as $22.71. Sumitomo Mitsui Financial Group shares last traded at $23.3560, with a volume of 1,965,497 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SMFG. Zacks Research cut shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 6th. Weiss Ratings downgraded shares of Sumitomo Mitsui Financial Group from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold”.

Sumitomo Mitsui Financial Group Price Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.05 and a current ratio of 1.05. The company has a fifty day moving average price of $25.46 and a two-hundred day moving average price of $23.45. The company has a market cap of $147.97 billion, a P/E ratio of 16.22, a PEG ratio of 1.53 and a beta of 0.52.

Insider Buying and Selling

In related news, CFO Kazuyuki Anchi sold 4,000 shares of the 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 completion of the transaction, the chief financial officer directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Ascentis Independent Advisors acquired a new stake in shares of Sumitomo Mitsui Financial Group in the 1st quarter valued at approximately $27,000. Continuum Advisory LLC bought a new position in shares of Sumitomo Mitsui Financial Group in the second quarter valued at $28,000. West Financial Advisors LLC bought a new position in shares of Sumitomo Mitsui Financial Group in the third quarter valued at $33,000. Root Financial Partners LLC bought a new position in shares of Sumitomo Mitsui Financial Group in the third quarter valued at $45,000. Finally, Livelsberger Financial Advisory acquired a new position in Sumitomo Mitsui Financial Group during the third quarter worth $51,000. Institutional investors and hedge funds own 3.85% of the company’s stock.

Sumitomo Mitsui Financial Group Company Profile

Sumitomo Mitsui Financial Group, Inc (SMFG) is a Japan-based financial holding company whose principal subsidiary is Sumitomo Mitsui Banking Corporation (SMBC). The group provides banking and other financial services to individuals, businesses and institutions.

Its activities include deposits, lending, payments, foreign exchange, securities and investment banking, as well as leasing, credit cards, consumer finance and asset management. SMFG serves customers in Japan and internationally through its subsidiaries, offices and other operations across the Americas, Europe and Asia.

SMFG was established in 2002, following the integration of Sumitomo Bank and Sakura Bank.