Sumitomo Mitsui Financial Group (NYSE:SMFG) Hits New 1-Year High – Here’s Why

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) hit a new 52-week high on Wednesday . The stock traded as high as $26.67 and last traded at $26.6750, with a volume of 241551 shares changing hands. The stock had previously closed at $26.03.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Zacks Research downgraded Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 19th. Weiss Ratings cut Sumitomo Mitsui Financial Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, August 5th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, Sumitomo Mitsui Financial Group currently has an average rating of “Hold”.

Sumitomo Mitsui Financial Group Trading Up 2.2%

The firm has a 50 day moving average of $25.34 and a 200 day moving average of $23.00. The firm has a market cap of $168.61 billion, a PE ratio of 18.46, a P/E/G ratio of 1.02 and a beta of 0.42. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.65.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last issued its quarterly earnings results on Tuesday, June 30th. The bank reported $0.49 EPS for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.65% and a net margin of 16.24%.The firm had revenue of $8.71 billion for the quarter. Equities analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 1.81 earnings per share for the current year.

Insider Transactions at Sumitomo Mitsui Financial Group

In other Sumitomo Mitsui Financial Group news, CFO Kazuyuki Anchi sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $42.47, for a total transaction of $169,880.00. Following the sale, the chief financial officer owned 48,857 shares of the company’s stock, valued at $2,074,956.79. The trade was a 7.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.05% of the stock is owned by insiders.

Institutional Trading of Sumitomo Mitsui Financial Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Morgan Stanley boosted its stake in Sumitomo Mitsui Financial Group by 1.9% in the 4th quarter. Morgan Stanley now owns 21,541,139 shares of the bank’s stock worth $416,390,000 after purchasing an additional 404,435 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Sumitomo Mitsui Financial Group by 1.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 10,997,774 shares of the bank’s stock worth $212,587,000 after buying an additional 161,026 shares in the last quarter. Northern Trust Corp boosted its position in shares of Sumitomo Mitsui Financial Group by 2.6% in the third quarter. Northern Trust Corp now owns 5,743,128 shares of the bank’s stock valued at $96,140,000 after acquiring an additional 147,963 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Sumitomo Mitsui Financial Group by 7.6% in the first quarter. Dimensional Fund Advisors LP now owns 3,090,741 shares of the bank’s stock valued at $61,042,000 after acquiring an additional 217,929 shares during the period. Finally, Wells Fargo & Company MN grew its stake in Sumitomo Mitsui Financial Group by 0.9% during the fourth quarter. Wells Fargo & Company MN now owns 2,151,904 shares of the bank’s stock valued at $41,596,000 after acquiring an additional 19,520 shares in 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.