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

Sumitomo Mitsui Financial Group (NYSE:SMFG) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Sumitomo Mitsui Financial Group Trading Down 0.2%

Shares of SMFG stock opened at $21.32 on Thursday. Sumitomo Mitsui Financial Group has a 1-year low of $11.83 and a 1-year high of $21.54. The firm has a market cap of $136.69 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 1.12 and a beta of 0.36. The company has a 50-day moving average of $18.79 and a two-hundred day moving average of $16.99. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.04 and a quick ratio of 1.03.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its quarterly earnings data on Friday, November 14th. The bank reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.19. Sumitomo Mitsui Financial Group had a net margin of 13.80% and a return on equity of 9.14%. The firm had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $7.41 billion. On average, analysts predict that Sumitomo Mitsui Financial Group will post 0.39 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SMFG. Park Avenue Securities LLC increased its position in Sumitomo Mitsui Financial Group by 13.4% in the 2nd quarter. Park Avenue Securities LLC now owns 221,149 shares of the bank’s stock valued at $3,342,000 after acquiring an additional 26,173 shares during the period. Osaic Holdings Inc. grew its stake in shares of Sumitomo Mitsui Financial Group by 846.2% in the 2nd quarter. Osaic Holdings Inc. now owns 548,474 shares of the bank’s stock valued at $8,465,000 after purchasing an additional 490,506 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of Sumitomo Mitsui Financial Group in the 2nd quarter valued at approximately $267,000. Haven Private LLC acquired a new position in shares of Sumitomo Mitsui Financial Group in the second quarter valued at approximately $341,000. Finally, Envestnet Asset Management Inc. raised its stake in shares of Sumitomo Mitsui Financial Group by 19.7% during the second quarter. Envestnet Asset Management Inc. now owns 2,302,411 shares of the bank’s stock worth $34,789,000 after purchasing an additional 378,909 shares during the last quarter. Hedge funds and other institutional investors own 3.85% of the company’s stock.

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.