Sumitomo Mitsui Financial Group (NYSE:SMFG) Issues Earnings Results

Sumitomo Mitsui Financial Group (NYSE:SMFG) released its quarterly earnings results on Friday. The bank reported $0.16 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.24), Zacks reports. Sumitomo Mitsui Financial Group had a net margin of 13.80% and a return on equity of 9.14%. The firm had revenue of $17.71 billion for the quarter, compared to analysts’ expectations of $7.93 billion.

Sumitomo Mitsui Financial Group Stock Performance

Shares of SMFG opened at $20.99 on Friday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.03 and a current ratio of 1.04. The stock has a 50-day moving average of $19.63 and a two-hundred day moving average of $17.43. The stock has a market cap of $134.58 billion, a P/E ratio of 17.79, a P/E/G ratio of 1.11 and a beta of 0.36. Sumitomo Mitsui Financial Group has a one year low of $11.83 and a one year high of $21.54.

Analysts Set New Price Targets

SMFG has been the subject of several analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a report on Monday, December 29th. Zacks Research cut Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 15th. Finally, Wall Street Zen downgraded Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Institutional investors and hedge funds have recently modified their holdings of the company. Coldstream Capital Management Inc. boosted its position in Sumitomo Mitsui Financial Group by 65.2% in the third quarter. Coldstream Capital Management Inc. now owns 87,964 shares of the bank’s stock valued at $1,473,000 after buying an additional 34,707 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Sumitomo Mitsui Financial Group by 225.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,919 shares of the bank’s stock valued at $32,000 after acquiring an additional 1,329 shares during the last quarter. FWL Investment Management LLC boosted its holdings in shares of Sumitomo Mitsui Financial Group by 207.7% in the 3rd quarter. FWL Investment Management LLC now owns 2,311 shares of the bank’s stock valued at $39,000 after acquiring an additional 1,560 shares during the last quarter. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Sumitomo Mitsui Financial Group in the third quarter worth $29,000. Finally, United Capital Financial Advisors LLC raised its holdings in shares of Sumitomo Mitsui Financial Group by 5.2% during the third quarter. United Capital Financial Advisors LLC now owns 84,346 shares of the bank’s stock worth $1,412,000 after purchasing an additional 4,161 shares during the last quarter. Institutional investors and hedge funds 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.