Zacks Investment Research downgraded shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) from a hold rating to a strong sell rating in a research report sent to investors on Thursday morning.
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 research analysts have also issued research reports about the stock. UBS AG upgraded shares of Sumitomo Mitsui Financial Group from a neutral rating to a buy rating in a report on Wednesday, June 21st. ValuEngine lowered shares of Sumitomo Mitsui Financial Group from a strong-buy rating to a buy rating in a report on Friday, June 2nd. Finally, BidaskClub upgraded shares of Sumitomo Mitsui Financial Group from a sell rating to a hold rating in a report on Friday, June 30th. Two analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $8.25.
Sumitomo Mitsui Financial Group (SMFG) traded up 1.22% during midday trading on Thursday, hitting $7.44. 879,493 shares of the company were exchanged. Sumitomo Mitsui Financial Group has a one year low of $6.39 and a one year high of $8.30. The firm’s 50-day moving average price is $7.57 and its 200-day moving average price is $7.53. The stock has a market capitalization of $52.46 billion, a PE ratio of 8.20 and a beta of 1.32.
Sumitomo Mitsui Financial Group (NYSE:SMFG) last issued its quarterly earnings data on Monday, July 31st. The bank reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.11. The business had revenue of $12.25 billion during the quarter. Sumitomo Mitsui Financial Group had a net margin of 14.43% and a return on equity of 6.95%. Equities research analysts anticipate that Sumitomo Mitsui Financial Group will post $0.87 earnings per share for the current year.
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A number of institutional investors have recently added to or reduced their stakes in SMFG. Park Avenue Securities LLC bought a new position in Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $105,000. Park National Corp OH bought a new position in Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $107,000. Neuberger Berman Group LLC bought a new position in Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $120,000. People s United Financial Inc. bought a new position in Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $134,000. Finally, Proficio Capital Partners LLC raised its holdings in Sumitomo Mitsui Financial Group by 75.1% during the 2nd quarter. Proficio Capital Partners LLC now owns 18,171 shares of the bank’s stock worth $142,000 after purchasing an additional 7,791 shares during the last quarter. Hedge funds and other institutional investors own 2.24% of the company’s stock.
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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