Sumitomo Mitsui Financial Group (NYSE:SMFG) Releases Quarterly Earnings Results, Misses Estimates By $0.24 EPS

Sumitomo Mitsui Financial Group (NYSE:SMFG) issued its earnings results on Friday. The bank reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.24), Zacks reports. The firm had revenue of $17.71 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Sumitomo Mitsui Financial Group had a return on equity of 9.14% and a net margin of 13.80%.

Sumitomo Mitsui Financial Group Stock Down 1.4%

Shares of NYSE:SMFG opened at $20.99 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 1.65. The company has a market cap of $134.58 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 1.11 and a beta of 0.36. Sumitomo Mitsui Financial Group has a fifty-two week low of $11.83 and a fifty-two week high of $21.54. The firm’s 50-day simple moving average is $19.63 and its 200-day simple moving average is $17.43.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Pin Oak Investment Advisors Inc. purchased a new stake in Sumitomo Mitsui Financial Group during the third quarter worth $29,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Sumitomo Mitsui Financial Group by 163.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,979 shares of the bank’s stock worth $30,000 after buying an additional 1,227 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Sumitomo Mitsui Financial Group in the 3rd quarter worth about $32,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Sumitomo Mitsui Financial Group by 225.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,919 shares of the bank’s stock worth $32,000 after buying an additional 1,329 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Sumitomo Mitsui Financial Group in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 3.85% of the company’s stock.

Analyst Ratings Changes

SMFG has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research report on Monday, December 29th. Wall Street Zen lowered shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Zacks Research lowered shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Sumitomo Mitsui Financial Group presently has a consensus rating of “Hold”.

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.