Sumitomo Mitsui Financial Group (NYSE:SMFG) Downgraded by Zacks Research to Hold

Zacks Research downgraded shares of Sumitomo Mitsui Financial Group (NYSE:SMFG) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a report on Friday, May 22nd. Wall Street Zen downgraded shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Trading Down 4.3%

Shares of NYSE SMFG opened at $23.96 on Monday. The stock 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. The stock’s fifty day simple moving average is $22.37 and its two-hundred day simple moving average is $21.23. Sumitomo Mitsui Financial Group has a 12-month low of $14.40 and a 12-month high of $25.35.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced 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 10.57% and a net margin of 15.68%.The business had revenue of $7.31 billion for the quarter. On average, equities analysts predict that Sumitomo Mitsui Financial Group will post 1.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

A number of large investors have recently modified their holdings of the business. PFS Partners LLC acquired a new position in shares of Sumitomo Mitsui Financial Group during the fourth quarter valued at about $27,000. Ascentis Independent Advisors acquired a new stake in Sumitomo Mitsui Financial Group in the 1st quarter worth approximately $27,000. Pin Oak Investment Advisors Inc. acquired a new stake in Sumitomo Mitsui Financial Group in the 3rd quarter worth approximately $29,000. Sound Income Strategies LLC grew its position in Sumitomo Mitsui Financial Group by 76.8% during 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. Finally, Bayban purchased a new stake in Sumitomo Mitsui Financial Group during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 3.85% of the company’s stock.

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.