Barometer Capital Management Inc. Invests $2.51 Million in Sumitomo Mitsui Financial Group Inc $SMFG

Barometer Capital Management Inc. acquired a new stake in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) during the first quarter, according to its most recent filing with the SEC. The fund acquired 126,900 shares of the bank’s stock, valued at approximately $2,506,000. Sumitomo Mitsui Financial Group accounts for approximately 1.0% of Barometer Capital Management Inc.’s investment portfolio, making the stock its 25th biggest holding.

A number of other large investors also recently modified their holdings of SMFG. Bridgewater Advisors Inc. grew its position in shares of 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 purchasing an additional 530 shares in the last quarter. Park Square Financial Group LLC grew its position in Sumitomo Mitsui Financial Group by 58.0% during the fourth quarter. Park Square Financial Group LLC now owns 1,629 shares of the bank’s stock worth $31,000 after buying an additional 598 shares in the last quarter. Sound Income Strategies LLC grew its position in Sumitomo Mitsui Financial Group by 76.8% during the fourth quarter. Sound Income Strategies LLC now owns 1,404 shares of the bank’s stock worth $30,000 after buying an additional 610 shares in the last quarter. Traveka Wealth LLC increased its stake in Sumitomo Mitsui Financial Group by 2.3% in the 1st quarter. Traveka Wealth LLC now owns 26,726 shares of the bank’s stock worth $528,000 after acquiring an additional 613 shares during the last quarter. Finally, Anchyra Partners LLC raised its holdings in shares of Sumitomo Mitsui Financial Group by 4.5% in the 1st quarter. Anchyra Partners LLC now owns 14,329 shares of the bank’s stock valued at $283,000 after acquiring an additional 620 shares in the last quarter. 3.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SMFG has been the subject of a number of research analyst reports. Zacks Research downgraded Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Wall Street Zen downgraded shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Weiss Ratings raised shares of Sumitomo Mitsui Financial Group from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Trading Up 4.0%

NYSE SMFG opened at $25.89 on Wednesday. Sumitomo Mitsui Financial Group Inc has a 1-year low of $14.86 and a 1-year high of $26.67. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.48. The stock has a 50-day moving average of $23.90 and a 200-day moving average of $22.04. The firm has a market cap of $165.18 billion, a PE ratio of 19.32, a price-to-earnings-growth ratio of 0.96 and a beta of 0.42.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its quarterly earnings results on Tuesday, March 31st. The bank reported $0.18 earnings per share (EPS) for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.19% and a net margin of 15.68%.The business had revenue of $7.31 billion for the quarter. As a group, sell-side analysts forecast that Sumitomo Mitsui Financial Group Inc will post 1.86 EPS for the current year.

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.