Sumitomo Mitsui Financial Group (NYSE:SMFG) Reaches New 52-Week High – What’s Next?

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $24.37 and last traded at $24.3550, with a volume of 631465 shares changing hands. The stock had previously closed at $23.82.

Analysts Set New Price Targets

SMFG has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Weiss Ratings restated a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Friday, May 22nd. Finally, Wall Street Zen lowered Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Two equities research analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy”.

Sumitomo Mitsui Financial Group Stock Up 2.1%

The company’s 50 day moving average price is $21.76 and its 200 day moving average price is $20.86. The firm has a market capitalization of $155.17 billion, a price-to-earnings ratio of 18.15, a P/E/G ratio of 0.62 and a beta of 0.43.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Tudor Investment Corp ET AL raised its holdings in shares of 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 purchasing an additional 490,891 shares during the last quarter. Factory Mutual Insurance Co. purchased a new position in shares of Sumitomo Mitsui Financial Group during the third quarter worth $3,164,000. American Century Companies Inc. raised its holdings in shares of Sumitomo Mitsui Financial Group by 16.9% during the third 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. Assetmark Inc. raised its holdings in shares of Sumitomo Mitsui Financial Group by 72.7% during the third quarter. Assetmark Inc. now owns 101,571 shares of the bank’s stock worth $1,700,000 after purchasing an additional 42,766 shares during the last quarter. Finally, XY Capital Ltd purchased a new position in shares of Sumitomo Mitsui Financial Group during the third quarter worth $1,164,000. Hedge funds and other institutional investors own 3.85% of the company’s stock.

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.