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

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

Separately, Weiss Ratings cut shares of Sumitomo Mitsui Financial Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Sumitomo Mitsui Financial Group Price Performance

Shares of NYSE SMFG opened at $24.57 on Wednesday. The business has a 50-day moving average of $25.20 and a two-hundred day moving average of $22.82. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.05 and a quick ratio of 1.05. Sumitomo Mitsui Financial Group has a 1 year low of $15.18 and a 1 year high of $26.67. The company has a market capitalization of $156.80 billion, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 0.97 and a beta of 0.42.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted 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 return on equity of 10.65% and a net margin of 16.24%.The firm had revenue of $8.71 billion for the quarter. On average, analysts forecast that Sumitomo Mitsui Financial Group will post 1.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Kazuyuki Anchi sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $42.47, for a total transaction of $169,880.00. Following the completion of the sale, the chief financial officer directly owned 48,857 shares of the company’s stock, valued at approximately $2,074,956.79. This represents a 7.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. AQR Capital Management LLC increased its holdings in shares of Sumitomo Mitsui Financial Group by 26.0% during the first quarter. AQR Capital Management LLC now owns 177,249 shares of the bank’s stock worth $2,740,000 after purchasing an additional 36,522 shares during the period. Focus Partners Wealth increased its stake in shares of Sumitomo Mitsui Financial Group by 40.5% in the first quarter. Focus Partners Wealth now owns 18,253 shares of the bank’s stock valued at $282,000 after buying an additional 5,258 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of 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 last quarter. Acadian Asset Management LLC increased its stake in shares of Sumitomo Mitsui Financial Group by 336.4% in the 1st quarter. Acadian Asset Management LLC now owns 39,574 shares of the bank’s stock valued at $610,000 after acquiring an additional 30,506 shares in the last quarter. Finally, Sivia Capital Partners LLC grew its position in Sumitomo Mitsui Financial Group by 43.9% in the 2nd quarter. Sivia Capital Partners LLC now owns 32,398 shares of the bank’s stock valued at $490,000 after purchasing an additional 9,876 shares during the period. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Sumitomo Mitsui Financial Group Company Profile

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.