Sumitomo Mitsui Financial Group (NYSE:SMFG) Shares Cross Below Two Hundred Day Moving Average – Here’s Why

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG)’s stock price crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $23.45 and traded as low as $22.71. Sumitomo Mitsui Financial Group shares last traded at $23.3560, with a volume of 1,965,497 shares trading hands.

Wall Street Analyst Weigh In

SMFG has been the subject of a number of research reports. Zacks Research downgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 6th. Weiss Ratings cut Sumitomo Mitsui Financial Group from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, October 28th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold”.

Sumitomo Mitsui Financial Group Trading Down 0.5%

The firm has a market capitalization of $147.97 billion, a P/E ratio of 16.22, a PEG ratio of 1.57 and a beta of 0.52. The stock has a fifty day simple moving average of $25.46 and a 200 day simple moving average of $23.45. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.65.

Insider Activity at Sumitomo Mitsui Financial Group

In other news, CFO Kazuyuki Anchi sold 4,000 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $42.47, for a total value of $169,880.00. Following the completion of the sale, the chief financial officer owned 48,857 shares of the company’s stock, valued at $2,074,956.79. This represents a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP boosted its holdings in shares of Sumitomo Mitsui Financial Group by 27.9% in the 3rd quarter. Allworth Financial LP now owns 9,256 shares of the bank’s stock worth $218,000 after buying an additional 2,018 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Sumitomo Mitsui Financial Group by 3.5% in the third quarter. Fisher Asset Management LLC now owns 6,510,745 shares of the bank’s stock valued at $168,693,000 after acquiring an additional 219,366 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Sumitomo Mitsui Financial Group by 55.8% during the third quarter. Russell Investments Group Ltd. now owns 371,168 shares of the bank’s stock worth $9,617,000 after buying an additional 132,875 shares in the last quarter. Fifth Third Bancorp raised its position in shares of Sumitomo Mitsui Financial Group by 15.1% in the 3rd quarter. Fifth Third Bancorp now owns 4,664 shares of the bank’s stock valued at $121,000 after purchasing an additional 612 shares in the last quarter. Finally, Ritholtz Wealth Management boosted its holdings in Sumitomo Mitsui Financial Group by 3.7% during the third quarter. Ritholtz Wealth Management now owns 144,792 shares of the bank’s stock worth $3,752,000 after buying an additional 5,167 shares in the last quarter. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Sumitomo Mitsui Financial Group Company Profile

Sumitomo Mitsui Financial Group, Inc (SMFG) is a Japan-based financial holding company whose principal subsidiary is Sumitomo Mitsui Banking Corporation (SMBC). The group provides banking and other financial services to individuals, businesses and institutions.

Its activities include deposits, lending, payments, foreign exchange, securities and investment banking, as well as leasing, credit cards, consumer finance and asset management. SMFG serves customers in Japan and internationally through its subsidiaries, offices and other operations across the Americas, Europe and Asia.

SMFG was established in 2002, following the integration of Sumitomo Bank and Sakura Bank.