Sumitomo Mitsui Financial Group (NYSE:SMFG) Shares Gap Up – Should You Buy?

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG)’s share price gapped up before the market opened on Tuesday. The stock had previously closed at $24.28, but opened at $25.08. Sumitomo Mitsui Financial Group shares last traded at $24.2750, with a volume of 603,345 shares changing hands.

Analysts Set New Price Targets

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

Sumitomo Mitsui Financial Group Price Performance

The stock has a market capitalization of $154.74 billion, a PE ratio of 16.95, a P/E/G ratio of 1.59 and a beta of 0.52. The firm’s 50 day simple moving average is $25.37 and its 200 day simple moving average is $23.51. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.05 and a quick ratio of 1.05.

Institutional Trading of Sumitomo Mitsui Financial Group

Several institutional investors have recently added to or reduced their stakes in SMFG. Continuum Advisory LLC purchased a new position in shares of Sumitomo Mitsui Financial Group in the second quarter worth about $28,000. West Financial Advisors LLC purchased a new stake in Sumitomo Mitsui Financial Group during the 3rd quarter valued at about $33,000. Ascentis Independent Advisors purchased a new stake in Sumitomo Mitsui Financial Group during the 1st quarter valued at about $27,000. Root Financial Partners LLC bought a new position in Sumitomo Mitsui Financial Group during the 3rd quarter worth approximately $45,000. Finally, Livelsberger Financial Advisory bought a new position in Sumitomo Mitsui Financial Group during the 3rd quarter worth approximately $51,000. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

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.