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

Sumitomo Mitsui Financial Group (NYSE:SMFG) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other equities analysts also recently commented on the company. Wall Street Zen downgraded Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Weiss Ratings upgraded Sumitomo Mitsui Financial Group from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Strong Buy”.

Sumitomo Mitsui Financial Group Stock Performance

Shares of SMFG stock opened at $26.11 on Tuesday. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market cap of $166.58 billion, a price-to-earnings ratio of 19.49, a P/E/G ratio of 0.99 and a beta of 0.42. Sumitomo Mitsui Financial Group has a 52 week low of $14.92 and a 52 week high of $26.67. The firm’s 50-day simple moving average is $23.97 and its two-hundred day simple moving average is $22.09.

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

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

A number of hedge funds and other institutional investors have recently bought and sold shares of SMFG. Ascentis Independent Advisors bought a new position in shares of Sumitomo Mitsui Financial Group in the first quarter worth $27,000. PFS Partners LLC bought a new stake in shares of Sumitomo Mitsui Financial Group during the 4th quarter valued at $27,000. Sound Income Strategies LLC raised its stake in shares of Sumitomo Mitsui Financial Group by 76.8% during the 4th quarter. Sound Income Strategies LLC now owns 1,404 shares of the bank’s stock valued at $30,000 after purchasing an additional 610 shares during the period. Bayban purchased a new stake in Sumitomo Mitsui Financial Group during the 4th quarter worth about $30,000. Finally, Cornerstone Planning Group LLC lifted its holdings in Sumitomo Mitsui Financial Group by 3,149.0% during the 4th 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 in the last quarter. Institutional investors own 3.85% of the company’s stock.

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.