Ritholtz Wealth Management Sells 10,583 Shares of Sumitomo Mitsui Financial Group Inc $SMFG

Ritholtz Wealth Management cut its holdings in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) by 7.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 127,335 shares of the bank’s stock after selling 10,583 shares during the period. Ritholtz Wealth Management’s holdings in Sumitomo Mitsui Financial Group were worth $1,924,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of SMFG. Private Trust Co. NA boosted its holdings in Sumitomo Mitsui Financial Group by 1,044.1% in the 1st quarter. Private Trust Co. NA now owns 2,334 shares of the bank’s stock valued at $36,000 after purchasing an additional 2,130 shares during the period. Zions Bancorporation National Association UT bought a new position in Sumitomo Mitsui Financial Group in the 1st quarter valued at $42,000. Geneos Wealth Management Inc. boosted its holdings in Sumitomo Mitsui Financial Group by 41.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 3,163 shares of the bank’s stock valued at $49,000 after purchasing an additional 930 shares during the period. TD Private Client Wealth LLC boosted its holdings in Sumitomo Mitsui Financial Group by 823.7% in the 1st quarter. TD Private Client Wealth LLC now owns 4,138 shares of the bank’s stock valued at $64,000 after purchasing an additional 3,690 shares during the period. Finally, Brooklyn Investment Group boosted its holdings in Sumitomo Mitsui Financial Group by 654.7% in the 1st quarter. Brooklyn Investment Group now owns 5,947 shares of the bank’s stock valued at $92,000 after purchasing an additional 5,159 shares during the period. 3.85% of the stock is owned by institutional investors.

Sumitomo Mitsui Financial Group Stock Performance

Sumitomo Mitsui Financial Group stock opened at $15.77 on Friday. The firm’s fifty day moving average price is $16.48 and its 200-day moving average price is $15.24. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $101.39 billion, a P/E ratio of 16.60, a price-to-earnings-growth ratio of 0.76 and a beta of 0.37. Sumitomo Mitsui Financial Group Inc has a fifty-two week low of $11.83 and a fifty-two week high of $17.46.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its quarterly earnings data on Thursday, July 31st. The bank reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.09. The firm had revenue of $16.41 billion for the quarter, compared to analysts’ expectations of $1,094.67 billion. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%. On average, equities research analysts expect that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on SMFG. Wall Street Zen raised shares of Sumitomo Mitsui Financial Group from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Nomura Securities raised shares of Sumitomo Mitsui Financial Group to a “strong-buy” rating in a report on Thursday, July 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Sumitomo Mitsui Financial Group has an average rating of “Buy”.

About Sumitomo Mitsui Financial Group

Sumitomo Mitsui Financial Group, Inc, together with its subsidiaries, provides banking, leasing, securities, credit card, and consumer finance services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania. It operates through Wholesale Business Unit, Retail Business Unit, Global Business Unit, and Global Markets Business Unit segments.