Sumitomo Mitsui Financial Group (NYSE:SMFG) Releases Earnings Results, Beats Expectations By $0.19 EPS

Sumitomo Mitsui Financial Group (NYSE:SMFG) announced its quarterly earnings results on Thursday. The bank reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.19, Zacks reports. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%.

Sumitomo Mitsui Financial Group Trading Up 5.4%

NYSE SMFG traded up $0.89 on Friday, hitting $17.46. 3,766,167 shares of the company were exchanged, compared to its average volume of 1,955,156. The company’s 50 day moving average price is $16.39 and its 200-day moving average price is $15.68. The firm has a market capitalization of $112.28 billion, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 0.78 and a beta of 0.36. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.03 and a quick ratio of 1.03. Sumitomo Mitsui Financial Group has a twelve month low of $11.83 and a twelve month high of $17.58.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Zacks Research downgraded shares of Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Weiss Ratings restated a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Sumitomo Mitsui Financial Group from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy”.

Institutional Trading of Sumitomo Mitsui Financial Group

Several hedge funds have recently modified their holdings of SMFG. Sivia Capital Partners LLC increased its stake in shares of Sumitomo Mitsui Financial Group by 43.9% in the second quarter. Sivia Capital Partners LLC now owns 32,398 shares of the bank’s stock valued at $490,000 after buying an additional 9,876 shares during the period. Acadian Asset Management LLC lifted its holdings in Sumitomo Mitsui Financial Group by 336.4% during the first quarter. Acadian Asset Management LLC now owns 39,574 shares of the bank’s stock worth $610,000 after acquiring an additional 30,506 shares during the period. Schonfeld Strategic Advisors LLC lifted its stake in Sumitomo Mitsui Financial Group by 23.2% in the third quarter. Schonfeld Strategic Advisors LLC now owns 59,961 shares of the bank’s stock valued at $1,004,000 after purchasing an additional 11,286 shares during the last quarter. Vident Advisory LLC increased its stake in shares of Sumitomo Mitsui Financial Group by 14.3% in the third quarter. Vident Advisory LLC now owns 194,846 shares of the bank’s stock worth $3,262,000 after purchasing an additional 24,449 shares in the last quarter. Finally, Evergreen Capital Management LLC boosted its stake in Sumitomo Mitsui Financial Group by 22.8% in the 2nd quarter. Evergreen Capital Management LLC now owns 83,255 shares of the bank’s stock worth $1,258,000 after purchasing an additional 15,431 shares during the period. Institutional investors and hedge funds own 3.85% of the company’s stock.

About Sumitomo Mitsui Financial Group

Sumitomo Mitsui Financial Group, Inc, together with its subsidiaries, provides banking, leasing, securities, credit card, and consumer finance services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania. It operates through Wholesale Business Unit, Retail Business Unit, Global Business Unit, and Global Markets Business Unit segments.