Sumitomo Mitsui Financial Group (NYSE:SMFG) Hits New 1-Year High – Still a Buy?

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $21.90 and last traded at $21.7820, with a volume of 202185 shares trading hands. The stock had previously closed at $21.34.

Wall Street Analysts Forecast Growth

SMFG has been the subject of several research reports. Wall Street Zen lowered Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Monday, December 29th. Finally, Zacks Research lowered Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 15th. One investment 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 presently has an average rating of “Hold”.

Sumitomo Mitsui Financial Group Trading Up 2.1%

The company’s fifty day moving average is $19.78 and its 200-day moving average is $17.54. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.63. The firm has a market capitalization of $139.67 billion, a P/E ratio of 18.17, a P/E/G ratio of 1.10 and a beta of 0.36.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced its earnings results on Friday, January 30th. The bank reported $0.16 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.24). The firm had revenue of $17.71 billion during the quarter, compared to the consensus estimate of $7.93 billion. Sumitomo Mitsui Financial Group had a return on equity of 9.38% and a net margin of 13.81%. As a group, sell-side analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current fiscal year.

Institutional Trading of Sumitomo Mitsui Financial Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bridgewater Advisors Inc. boosted its position in shares of Sumitomo Mitsui Financial Group by 2.2% in the fourth quarter. Bridgewater Advisors Inc. now owns 24,656 shares of the bank’s stock valued at $513,000 after acquiring an additional 530 shares during the period. Sound Income Strategies LLC grew its position in 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 purchasing an additional 610 shares during the last quarter. Aprio Wealth Management LLC grew its position in Sumitomo Mitsui Financial Group by 3.9% in the 3rd quarter. Aprio Wealth Management LLC now owns 16,517 shares of the bank’s stock worth $276,000 after purchasing an additional 626 shares during the last quarter. Pzena Investment Management LLC increased its holdings in shares of Sumitomo Mitsui Financial Group by 2.6% during the 3rd quarter. Pzena Investment Management LLC now owns 24,687 shares of the bank’s stock worth $413,000 after purchasing an additional 635 shares during the period. Finally, Apollon Wealth Management LLC raised its position in shares of Sumitomo Mitsui Financial Group by 4.9% during the second quarter. Apollon Wealth Management LLC now owns 13,807 shares of the bank’s stock valued at $209,000 after buying an additional 651 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.