Sumitomo Mitsui Financial Group (NYSE:SMFG) Share Price Crosses Above 200-Day Moving Average – Should You Sell?

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $23.74 and traded as high as $25.46. Sumitomo Mitsui Financial Group shares last traded at $25.4450, with a volume of 1,751,250 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on SMFG. Zacks Research cut shares of Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 19th. Weiss Ratings cut Sumitomo Mitsui Financial Group from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, September 28th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Trading Up 0.7%

The company has a 50 day moving average price of $25.98 and a 200 day moving average price of $23.74. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $161.20 billion, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 1.13 and a beta of 0.44.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced 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 business had revenue of $8.71 billion during the quarter. On average, research analysts expect that Sumitomo Mitsui Financial Group Inc will post 1.38 earnings per share for the current year.

Insider Transactions at Sumitomo Mitsui Financial Group

In other Sumitomo Mitsui Financial Group news, CFO Kazuyuki Anchi sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $42.47, for a total transaction of $169,880.00. Following the sale, the chief financial officer directly owned 48,857 shares in the company, valued at $2,074,956.79. This represents a 7.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.05% of the stock is owned by company insiders.

Institutional Trading of Sumitomo Mitsui Financial Group

Several hedge funds have recently modified their holdings of the stock. Ferguson Wellman Capital Management Inc. acquired a new stake in shares of Sumitomo Mitsui Financial Group during the first quarter worth about $33,801,000. Bank of America Corp DE boosted its holdings in shares of Sumitomo Mitsui Financial Group by 20.9% in the first quarter. Bank of America Corp DE now owns 1,846,335 shares of the bank’s stock valued at $36,465,000 after acquiring an additional 319,140 shares in the last quarter. CCM Investment Advisers LLC acquired a new position in Sumitomo Mitsui Financial Group during the 1st quarter worth approximately $6,039,000. Capital Wealth Planning LLC raised its position in Sumitomo Mitsui Financial Group by 37.7% in the fourth quarter. Capital Wealth Planning LLC now owns 1,083,145 shares of the bank’s stock worth $21,067,000 after acquiring an additional 296,280 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its stake in shares of Sumitomo Mitsui Financial Group by 17.9% in the first quarter. Quantinno Capital Management LP now owns 1,615,819 shares of the bank’s stock valued at $31,912,000 after purchasing an additional 245,231 shares during the period. 3.85% of the stock is currently owned by institutional investors and hedge funds.

About Sumitomo Mitsui Financial Group

Sumitomo Mitsui Financial Group, Inc (NYSE:SMFG) is a Japan-based financial services holding company headquartered in Tokyo. Through its subsidiaries, the group provides commercial and investment banking, financial advisory, payments, asset management, leasing, consumer finance and other related services to individuals, businesses, financial institutions and governments.

Its principal banking subsidiary is Sumitomo Mitsui Banking Corporation, which offers deposits, lending, foreign exchange, trade finance, capital markets services and wealth management.