Sumitomo Mitsui Financial Group (NYSE:SMFG) Shares Gap Up – Here’s What Happened

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG)’s share price gapped up prior to trading on Tuesday. The stock had previously closed at $24.28, but opened at $25.08. Sumitomo Mitsui Financial Group shares last traded at $24.2750, with a volume of 603,345 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently issued reports on SMFG shares. Weiss Ratings cut shares of Sumitomo Mitsui Financial Group from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, October 28th. Zacks Research downgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 6th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold”.

Sumitomo Mitsui Financial Group Price Performance

The stock has a 50-day moving average price of $25.42 and a 200 day moving average price of $23.47. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $153.91 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 1.61 and a beta of 0.52.

Insider Activity

In related news, CFO Kazuyuki Anchi sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $42.47, for a total transaction of $169,880.00. Following the transaction, the chief financial officer owned 48,857 shares in the company, valued at $2,074,956.79. This trade represents a 7.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.05% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMFG. Modern Wealth Management LLC lifted its position in Sumitomo Mitsui Financial Group by 3.1% during the first quarter. Modern Wealth Management LLC now owns 16,042 shares of the bank’s stock worth $332,000 after buying an additional 482 shares during the period. Harbour Investments Inc. grew its holdings in Sumitomo Mitsui Financial Group by 11.1% in the 3rd quarter. Harbour Investments Inc. now owns 5,510 shares of the bank’s stock valued at $143,000 after buying an additional 552 shares during the period. Fifth Third Bancorp grew its holdings in Sumitomo Mitsui Financial Group by 15.1% in the 3rd quarter. Fifth Third Bancorp now owns 4,664 shares of the bank’s stock valued at $121,000 after buying an additional 612 shares during the period. Bridgewater Advisors Inc. increased its stake in shares of Sumitomo Mitsui Financial Group by 2.5% during the 1st quarter. Bridgewater Advisors Inc. now owns 25,274 shares of the bank’s stock valued at $499,000 after acquiring an additional 618 shares during the last quarter. Finally, XXI Wealth LLC increased its stake in shares of Sumitomo Mitsui Financial Group by 5.8% during the 3rd quarter. XXI Wealth LLC now owns 11,435 shares of the bank’s stock valued at $296,000 after acquiring an additional 631 shares during the last quarter. 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 Japan-based financial holding company whose principal subsidiary is Sumitomo Mitsui Banking Corporation (SMBC). The group provides banking and other financial services to individuals, businesses and institutions. Its activities include deposits, lending, payments, foreign exchange, securities and investment banking, as well as leasing, credit cards, consumer finance and asset management. SMFG serves customers in Japan and internationally through its subsidiaries, offices and other operations across the Americas, Europe and Asia.