Sumitomo Mitsui Financial Group (NYSE:SMFG) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Sumitomo Mitsui Financial Group (NYSE:SMFG) from a hold rating to a strong-buy rating in a research note released on Tuesday morning,Zacks.com reports.

Several other equities research analysts have also weighed in on SMFG. Weiss Ratings reiterated a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Monday, December 29th. Wall Street Zen lowered shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Two equities research analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy”.

Sumitomo Mitsui Financial Group Stock Performance

Shares of Sumitomo Mitsui Financial Group stock opened at $20.37 on Tuesday. The firm’s 50-day simple moving average is $20.99 and its 200-day simple moving average is $19.43. Sumitomo Mitsui Financial Group has a twelve month low of $13.58 and a twelve month high of $24.33. The firm has a market cap of $129.93 billion, a P/E ratio of 16.97, a price-to-earnings-growth ratio of 0.67 and a beta of 0.40.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its quarterly earnings results on Friday, January 30th. The bank reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.24). The business had revenue of $7.27 billion during the quarter, compared to analyst estimates of $7.93 billion. Sumitomo Mitsui Financial Group had a return on equity of 9.38% and a net margin of 13.81%. On average, equities analysts forecast that Sumitomo Mitsui Financial Group will post 1.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Morgan Stanley lifted its stake in shares of Sumitomo Mitsui Financial Group by 1.9% during the fourth quarter. Morgan Stanley now owns 21,541,139 shares of the bank’s stock valued at $416,390,000 after acquiring an additional 404,435 shares during the period. Goldman Sachs Group Inc. lifted its position in Sumitomo Mitsui Financial Group by 1.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,997,774 shares of the bank’s stock valued at $212,587,000 after purchasing an additional 161,026 shares during the period. Northern Trust Corp lifted its position in Sumitomo Mitsui Financial Group by 2.6% during the 3rd quarter. Northern Trust Corp now owns 5,743,128 shares of the bank’s stock valued at $96,140,000 after purchasing an additional 147,963 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Sumitomo Mitsui Financial Group by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,886,033 shares of the bank’s stock valued at $48,312,000 after purchasing an additional 9,022 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Sumitomo Mitsui Financial Group by 0.9% in the 4th quarter. Wells Fargo & Company MN now owns 2,151,904 shares of the bank’s stock valued at $41,596,000 after purchasing an additional 19,520 shares during the last quarter. 3.85% of the stock is owned by institutional investors and hedge funds.

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.