Gateway Wealth Partners LLC Takes $563,000 Position in Sumitomo Mitsui Financial Group Inc $SMFG

Gateway Wealth Partners LLC purchased a new stake in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 28,492 shares of the bank’s stock, valued at approximately $563,000.

Other hedge funds also recently added to or reduced their stakes in the company. PFS Partners LLC purchased a new stake in Sumitomo Mitsui Financial Group during the 4th quarter valued at $27,000. Ascentis Independent Advisors bought a new stake in shares of Sumitomo Mitsui Financial Group in the 1st quarter worth $27,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Sumitomo Mitsui Financial Group in the third quarter worth $29,000. Sound Income Strategies LLC raised its stake in shares of Sumitomo Mitsui Financial Group by 76.8% in the fourth 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 position in shares of Sumitomo Mitsui Financial Group in the fourth quarter worth $30,000. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

Sumitomo Mitsui Financial Group Trading Up 3.2%

NYSE:SMFG opened at $25.75 on Friday. The company has a market cap of $164.30 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 0.96 and a beta of 0.42. 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 company has a 50 day simple moving average of $24.40 and a two-hundred day simple moving average of $22.34. Sumitomo Mitsui Financial Group Inc has a 12 month low of $14.92 and a 12 month high of $26.67.

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

Analyst Ratings Changes

Several research firms recently commented on SMFG. Weiss Ratings raised Sumitomo Mitsui Financial Group from a “hold (c)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Zacks Research raised Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat, Sumitomo Mitsui Financial Group presently has an average rating of “Strong Buy”.

Sumitomo Mitsui Financial Group 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.