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

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $26.67 and last traded at $26.6750, with a volume of 241551 shares trading hands. The stock had previously closed at $26.03.

Wall Street Analysts Forecast Growth

SMFG has been the topic of several recent analyst reports. Zacks Research downgraded Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. Weiss Ratings raised Sumitomo Mitsui Financial Group from a “hold (c+)” rating to a “buy (b+)” rating in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Sumitomo Mitsui Financial Group currently has an average rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Stock Performance

The firm has a 50-day moving average of $25.48 and a 200-day moving average of $23.05. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $174.54 billion, a price-to-earnings ratio of 19.13, a P/E/G ratio of 1.05 and a beta of 0.42.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last issued its quarterly earnings results on Tuesday, June 30th. The bank reported $0.49 earnings per share for the quarter. Sumitomo Mitsui Financial Group had a net margin of 16.24% and a return on equity of 10.65%. The company had revenue of $8.71 billion for the quarter. As a group, sell-side analysts predict that Sumitomo Mitsui Financial Group Inc will post 1.81 earnings per share for the current year.

Insider Buying and Selling at Sumitomo Mitsui Financial Group

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

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Institutional investors have recently modified their holdings of the stock. Continuum Advisory LLC acquired a new stake in Sumitomo Mitsui Financial Group during the second quarter worth about $28,000. Ascentis Independent Advisors purchased a new stake in Sumitomo Mitsui Financial Group during the first quarter worth $27,000. Bayban purchased a new stake in Sumitomo Mitsui Financial Group during the fourth quarter worth $30,000. Park Square Financial Group LLC grew its position in Sumitomo Mitsui Financial Group by 58.0% during the fourth quarter. Park Square Financial Group LLC now owns 1,629 shares of the bank’s stock valued at $31,000 after buying an additional 598 shares during the period. Finally, Pin Oak Investment Advisors Inc. acquired a new stake in Sumitomo Mitsui Financial Group during the third quarter valued at $29,000. Hedge funds and other institutional investors own 3.85% of the company’s stock.

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.