Sumitomo Mitsui Financial Group (NYSE:SMFG) Upgraded to Strong-Buy at Zacks Research

Sumitomo Mitsui Financial Group (NYSE:SMFG) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research analysts have also recently weighed in on SMFG. Weiss Ratings raised 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 lowered Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Strong Buy”.

Sumitomo Mitsui Financial Group Price Performance

Shares of NYSE:SMFG opened at $26.11 on Tuesday. The company has a 50 day moving average of $23.97 and a 200 day moving average of $22.09. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.48. The stock has a market cap of $166.58 billion, a P/E ratio of 19.49, a P/E/G ratio of 0.99 and a beta of 0.42. Sumitomo Mitsui Financial Group has a 12 month low of $14.92 and a 12 month high of $26.67.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its earnings results on Tuesday, March 31st. The bank reported $0.18 earnings per share (EPS) for the quarter. Sumitomo Mitsui Financial Group had a net margin of 15.68% and a return on equity of 10.19%. The business had revenue of $7.31 billion for the quarter. As a group, sell-side analysts forecast that Sumitomo Mitsui Financial Group will post 1.86 EPS for the current fiscal year.

Institutional Trading of Sumitomo Mitsui Financial Group

Hedge funds have recently bought and sold shares of the company. Ascentis Independent Advisors purchased a new position in shares of Sumitomo Mitsui Financial Group during the first quarter worth approximately $27,000. PFS Partners LLC bought a new position in shares of Sumitomo Mitsui Financial Group during the 4th quarter valued at $27,000. Sound Income Strategies LLC raised its position in Sumitomo Mitsui Financial Group by 76.8% in the 4th quarter. Sound Income Strategies LLC now owns 1,404 shares of the bank’s stock worth $30,000 after purchasing an additional 610 shares during the period. Bayban purchased a new position in Sumitomo Mitsui Financial Group in the 4th quarter worth $30,000. Finally, Cornerstone Planning Group LLC lifted its stake in Sumitomo Mitsui Financial Group by 3,149.0% in the fourth quarter. Cornerstone Planning Group LLC now owns 1,592 shares of the bank’s stock worth $33,000 after purchasing an additional 1,543 shares during the last quarter. 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.