Diversify Wealth Management LLC Raises Holdings in Sumitomo Mitsui Financial Group Inc $SMFG

Diversify Wealth Management LLC boosted its stake in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) by 38.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 119,247 shares of the bank’s stock after purchasing an additional 33,410 shares during the period. Diversify Wealth Management LLC’s holdings in Sumitomo Mitsui Financial Group were worth $2,477,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SMFG. Morgan Stanley increased its position in shares of Sumitomo Mitsui Financial Group by 1.9% in the 4th quarter. Morgan Stanley now owns 21,541,139 shares of the bank’s stock valued at $416,390,000 after acquiring an additional 404,435 shares during the period. Goldman Sachs Group Inc. raised its stake in Sumitomo Mitsui Financial Group by 1.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,997,774 shares of the bank’s stock worth $212,587,000 after acquiring an additional 161,026 shares during the last quarter. Northern Trust Corp lifted its position in Sumitomo Mitsui Financial Group by 2.6% during the 3rd quarter. Northern Trust Corp now owns 5,743,128 shares of the bank’s stock worth $96,140,000 after acquiring an additional 147,963 shares during the period. Dimensional Fund Advisors LP lifted its position in Sumitomo Mitsui Financial Group by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,886,033 shares of the bank’s stock worth $48,312,000 after acquiring an additional 9,022 shares during the period. Finally, Wells Fargo & Company MN lifted its position in Sumitomo Mitsui Financial Group by 0.9% during the 4th quarter. Wells Fargo & Company MN now owns 2,151,904 shares of the bank’s stock worth $41,596,000 after acquiring an additional 19,520 shares during the period. Institutional investors and hedge funds own 3.85% of the company’s stock.

Sumitomo Mitsui Financial Group Stock Performance

Shares of SMFG stock opened at $25.94 on Tuesday. The company has a market capitalization of $165.50 billion, a P/E ratio of 19.36, a P/E/G ratio of 0.99 and a beta of 0.42. The business’s 50 day moving average is $23.41 and its two-hundred day moving average is $21.78. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.48. Sumitomo Mitsui Financial Group Inc has a 12-month low of $14.40 and a 12-month high of $26.03.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last issued its quarterly earnings results on Tuesday, March 31st. The bank reported $0.18 EPS for the quarter. The company had revenue of $7.31 billion during the quarter. Sumitomo Mitsui Financial Group had a net margin of 15.68% and a return on equity of 10.19%. Analysts expect that Sumitomo Mitsui Financial Group Inc will post 1.87 EPS for the current fiscal year.

Analysts Set New Price Targets

SMFG has been the topic of several research reports. Weiss Ratings upgraded shares of Sumitomo Mitsui Financial Group from a “hold (c)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. Wall Street Zen cut shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Zacks Research cut shares of Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Sumitomo Mitsui Financial Group presently has an average rating of “Moderate Buy”.

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.