Sumitomo Mitsui Financial Group (NYSE:SMFG) Reaches New 52-Week High – What’s Next?

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) hit a new 52-week high during trading on Friday . The stock traded as high as $24.37 and last traded at $24.3550, with a volume of 631465 shares. The stock had previously closed at $23.82.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Zacks Research upgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Friday, May 22nd. Finally, Wall Street Zen cut shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Two analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy”.

Sumitomo Mitsui Financial Group Trading Up 2.1%

The firm’s 50-day moving average price is $21.76 and its 200-day moving average price is $20.86. The stock has a market capitalization of $155.17 billion, a PE ratio of 18.15, a PEG ratio of 0.62 and a beta of 0.43.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced its earnings results on Tuesday, March 31st. The bank reported $0.18 earnings per share (EPS) for the quarter. The firm had revenue of $7.31 billion for the quarter. Sumitomo Mitsui Financial Group had a net margin of 15.68% and a return on equity of 10.57%. On average, equities research analysts predict that Sumitomo Mitsui Financial Group Inc will post 1.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Several hedge funds have recently added to or reduced their stakes in SMFG. AQR Capital Management LLC grew its holdings in Sumitomo Mitsui Financial Group by 26.0% during the 1st quarter. AQR Capital Management LLC now owns 177,249 shares of the bank’s stock valued at $2,740,000 after purchasing an additional 36,522 shares during the last quarter. Focus Partners Wealth grew its holdings in Sumitomo Mitsui Financial Group by 40.5% during the 1st quarter. Focus Partners Wealth now owns 18,253 shares of the bank’s stock valued at $282,000 after purchasing an additional 5,258 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in Sumitomo Mitsui Financial Group by 41.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 3,163 shares of the bank’s stock valued at $49,000 after purchasing an additional 930 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Sumitomo Mitsui Financial Group by 336.4% during the 1st quarter. Acadian Asset Management LLC now owns 39,574 shares of the bank’s stock valued at $610,000 after purchasing an additional 30,506 shares during the last quarter. Finally, Sivia Capital Partners LLC grew its holdings in Sumitomo Mitsui Financial Group by 43.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 32,398 shares of the bank’s stock valued at $490,000 after purchasing an additional 9,876 shares during the last quarter. 3.85% of the stock is currently owned by institutional investors.

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.