Sumitomo Mitsui Financial Group (NYSE:SMFG) Cut to “Hold” at Zacks Research

Sumitomo Mitsui Financial Group (NYSE:SMFG) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other research firms have also recently commented on SMFG. Wall Street Zen cut Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Stock Performance

NYSE SMFG opened at $23.96 on Monday. The business’s fifty day moving average is $22.37 and its 200 day moving average is $21.23. The company has a market capitalization of $152.84 billion, a PE ratio of 17.88, a price-to-earnings-growth ratio of 0.68 and a beta of 0.43. Sumitomo Mitsui Financial Group has a fifty-two week low of $14.40 and a fifty-two week high of $25.35.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its quarterly earnings data on Tuesday, March 31st. The bank reported $0.18 earnings per share for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.57% and a net margin of 15.68%.The firm had revenue of $7.31 billion for the quarter. On average, sell-side analysts forecast that Sumitomo Mitsui Financial Group will post 1.83 EPS for the current year.

Institutional Trading of Sumitomo Mitsui Financial Group

Several hedge funds and other institutional investors have recently bought and sold shares of SMFG. Modern Wealth Management LLC increased its holdings in Sumitomo Mitsui Financial Group by 3.1% during the first quarter. Modern Wealth Management LLC now owns 16,042 shares of the bank’s stock valued at $332,000 after buying an additional 482 shares during the period. Bridgewater Advisors Inc. boosted its position in Sumitomo Mitsui Financial Group by 2.2% during the 4th quarter. Bridgewater Advisors Inc. now owns 24,656 shares of the bank’s stock valued at $513,000 after acquiring an additional 530 shares in the last quarter. Park Square Financial Group LLC increased its holdings in shares of Sumitomo Mitsui Financial Group by 58.0% in the 4th quarter. Park Square Financial Group LLC now owns 1,629 shares of the bank’s stock valued at $31,000 after acquiring an additional 598 shares during the period. Sound Income Strategies LLC raised its position in shares of Sumitomo Mitsui Financial Group by 76.8% in the 4th quarter. Sound Income Strategies LLC now owns 1,404 shares of the bank’s stock worth $30,000 after acquiring an additional 610 shares in the last quarter. Finally, Traveka Wealth LLC lifted its stake in shares of Sumitomo Mitsui Financial Group by 2.3% during the 1st quarter. Traveka Wealth LLC now owns 26,726 shares of the bank’s stock worth $528,000 after purchasing an additional 613 shares during the last quarter. Hedge funds and other institutional investors own 3.85% of the company’s stock.

About Sumitomo Mitsui Financial Group

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.