Sumitomo Mitsui Financial Group (NYSE:SMFG) Lowered to Hold Rating by Zacks Research

Sumitomo Mitsui Financial Group (NYSE:SMFG) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. 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. Weiss Ratings reissued a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Trading Down 4.3%

Shares of NYSE:SMFG opened at $23.96 on Monday. The company’s 50 day moving average is $22.37 and its 200 day moving average is $21.23. The company has a market cap of $152.84 billion, a PE ratio of 17.88, a price-to-earnings-growth ratio of 0.68 and a beta of 0.43. Sumitomo Mitsui Financial Group has a twelve month low of $14.40 and a twelve month high of $25.35.

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

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tudor Investment Corp ET AL increased its stake in Sumitomo Mitsui Financial Group by 112.5% during the third quarter. Tudor Investment Corp ET AL now owns 927,179 shares of the bank’s stock worth $15,521,000 after acquiring an additional 490,891 shares during the last quarter. American Century Companies Inc. increased its position in shares of Sumitomo Mitsui Financial Group by 16.9% during the 3rd quarter. American Century Companies Inc. now owns 2,036,709 shares of the bank’s stock worth $34,095,000 after purchasing an additional 294,124 shares during the last quarter. XY Capital Ltd purchased a new stake in Sumitomo Mitsui Financial Group in the 3rd quarter valued at about $1,164,000. Fisher Asset Management LLC lifted its position in Sumitomo Mitsui Financial Group by 12.3% in the third quarter. Fisher Asset Management LLC now owns 1,524,435 shares of the bank’s stock valued at $25,519,000 after buying an additional 167,242 shares during the last quarter. Finally, Ramirez Asset Management Inc. boosted its stake in Sumitomo Mitsui Financial Group by 35.7% during the third quarter. Ramirez Asset Management Inc. now owns 686,270 shares of the bank’s stock worth $11,488,000 after buying an additional 180,399 shares during the period. 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.