Sumitomo Mitsui Financial Group (NYSE:SMFG) Hits New 12-Month High – Should You Buy?

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $24.89 and last traded at $24.5960, with a volume of 2884841 shares traded. The stock had previously closed at $24.17.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Zacks Research raised Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a research report on Friday, May 22nd. Finally, Wall Street Zen lowered Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Two equities research analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy”.

Sumitomo Mitsui Financial Group Stock Up 1.8%

The firm has a market capitalization of $156.90 billion, a price-to-earnings ratio of 18.36, a P/E/G ratio of 0.65 and a beta of 0.43. The stock has a 50 day moving average of $22.07 and a 200 day moving average of $21.05.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its quarterly earnings results on Tuesday, March 31st. The bank reported $0.18 EPS for the quarter. The business had revenue of $7.31 billion during the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.57% and a net margin of 15.68%. Analysts predict that Sumitomo Mitsui Financial Group Inc will post 1.83 earnings per share for the current year.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

A number of hedge funds and other institutional investors have recently bought and sold shares of SMFG. Ferguson Wellman Capital Management Inc. acquired a new position in Sumitomo Mitsui Financial Group in the first quarter valued at approximately $33,801,000. Jane Street Group LLC boosted its stake in Sumitomo Mitsui Financial Group by 1,246.6% in the fourth quarter. Jane Street Group LLC now owns 1,318,753 shares of the bank’s stock valued at $25,491,000 after acquiring an additional 1,220,821 shares during the period. Voloridge Investment Management LLC acquired a new position in Sumitomo Mitsui Financial Group in the third quarter valued at approximately $14,018,000. Orion Porfolio Solutions LLC boosted its stake in Sumitomo Mitsui Financial Group by 606.2% in the second quarter. Orion Porfolio Solutions LLC now owns 709,707 shares of the bank’s stock valued at $10,724,000 after acquiring an additional 609,212 shares during the period. Finally, Massar Capital Management LP acquired a new position in Sumitomo Mitsui Financial Group in the second quarter valued at approximately $7,555,000. 3.85% of the stock is currently 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.