Sumitomo Mitsui Financial Group (NYSE:SMFG) Share Price Crosses Above 200 Day Moving Average – What’s Next?

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $20.30 and traded as high as $22.90. Sumitomo Mitsui Financial Group shares last traded at $22.7250, with a volume of 1,485,531 shares.

Analyst Ratings Changes

A number of analysts recently commented on the company. Wall Street Zen lowered Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Zacks Research upgraded Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy”.

Sumitomo Mitsui Financial Group Stock Up 0.1%

The business has a fifty day simple moving average of $20.86 and a 200-day simple moving average of $20.30. The firm has a market cap of $144.97 billion, a P/E ratio of 16.96, a P/E/G ratio of 0.64 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 earnings per share (EPS) for the quarter. The business had revenue of $7.31 billion during the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.57% and a net margin of 15.68%. On average, sell-side analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 1.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. CCM Investment Advisers LLC bought a new position in shares of Sumitomo Mitsui Financial Group during the first quarter valued at $6,039,000. Bank of America Corp DE increased its holdings in shares of Sumitomo Mitsui Financial Group by 20.9% during 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. EverSource Wealth Advisors LLC increased its holdings in shares of Sumitomo Mitsui Financial Group by 6.4% during the first quarter. EverSource Wealth Advisors LLC now owns 32,834 shares of the bank’s stock valued at $648,000 after acquiring an additional 1,972 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of Sumitomo Mitsui Financial Group by 17.9% during the first quarter. Quantinno Capital Management LP now owns 1,615,819 shares of the bank’s stock valued at $31,912,000 after acquiring an additional 245,231 shares in the last quarter. Finally, Gateway Wealth Partners LLC bought a new position in shares of Sumitomo Mitsui Financial Group during the first quarter valued at $563,000. 3.85% of the stock is currently owned by institutional investors.

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.