Sumitomo Mitsui Financial Group, Inc. (SMFG) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) from a strong sell rating to a hold rating in a research note published on Thursday, November 2nd.

According to Zacks, “SUMITOMO MITSUI FINANCIAL GROUP, INC., is a financial holding company established through a share transfer from Sumitomo Mitsui Banking Corporation. As a holding company, SMFG has functions such as strategic planning, management, resource allocation, strategic planning of information systems, financial management, investor relations, risk management, human resource management for group executives, and business auditing of the group as a whole. Sumitomo Mitsui Card Company, Limited, SMBC Leasing Company, Limited, SMBC Friend Securities and The Japan Research Institute are wholly-owned subsidiaries of SMFG. “

Other equities research analysts have also recently issued reports about the stock. BidaskClub upgraded shares of Sumitomo Mitsui Financial Group from a strong sell rating to a sell rating in a research report on Friday, October 27th. ValuEngine lowered shares of Sumitomo Mitsui Financial Group from a strong-buy rating to a buy rating in a research note on Monday, August 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of Hold and an average price target of $8.25.

Sumitomo Mitsui Financial Group (SMFG) traded up $0.07 on Thursday, reaching $7.89. 573,171 shares of the company’s stock traded hands, compared to its average volume of 1,211,910. The stock has a market capitalization of $54,960.00, a P/E ratio of 7.57 and a beta of 1.32. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.93. Sumitomo Mitsui Financial Group has a fifty-two week low of $6.93 and a fifty-two week high of $8.30.

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Institutional investors have recently made changes to their positions in the company. Fisher Asset Management LLC increased its stake in Sumitomo Mitsui Financial Group by 3.7% in the 3rd quarter. Fisher Asset Management LLC now owns 50,794,116 shares of the bank’s stock valued at $391,623,000 after buying an additional 1,819,198 shares during the period. Cambiar Investors LLC boosted its position in shares of Sumitomo Mitsui Financial Group by 6.0% in the 3rd quarter. Cambiar Investors LLC now owns 24,739,946 shares of the bank’s stock worth $190,745,000 after buying an additional 1,399,760 shares in the last quarter. Northern Trust Corp boosted its position in shares of Sumitomo Mitsui Financial Group by 22.4% in the 2nd quarter. Northern Trust Corp now owns 8,576,126 shares of the bank’s stock worth $67,408,000 after buying an additional 1,566,794 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of Sumitomo Mitsui Financial Group by 7.0% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 5,169,056 shares of the bank’s stock worth $40,629,000 after buying an additional 339,788 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Sumitomo Mitsui Financial Group by 4.7% in the 3rd quarter. Wells Fargo & Company MN now owns 4,635,719 shares of the bank’s stock worth $35,742,000 after buying an additional 209,872 shares in the last quarter. 2.34% of the stock is currently owned by institutional investors and hedge funds.

About Sumitomo Mitsui Financial Group

Sumitomo Mitsui Financial Group, Inc is a holding company for Sumitomo Mitsui Banking Corporation (the Bank) and its subsidiaries. The Company operates through four segments: Commercial Banking, Leasing, Securities and Consumer Finance. The Company and its subsidiaries offer a range of financial services, including commercial banking, leasing, securities, consumer finance and other services.

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