Sumitomo Mitsui Financial Group (NYSE:SMFG) Posts Earnings Results, Misses Expectations By $0.24 EPS

Sumitomo Mitsui Financial Group (NYSE:SMFG) issued its earnings results on Friday. The bank reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.24), Zacks reports. The company had revenue of $17.71 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Sumitomo Mitsui Financial Group had a net margin of 13.80% and a return on equity of 9.14%.

Sumitomo Mitsui Financial Group Price Performance

Sumitomo Mitsui Financial Group stock opened at $20.99 on Friday. Sumitomo Mitsui Financial Group has a 52-week low of $11.83 and a 52-week high of $21.54. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 1.65. The firm’s fifty day moving average is $19.63 and its 200 day moving average is $17.43. The company has a market cap of $134.58 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 1.11 and a beta of 0.36.

Institutional Trading of Sumitomo Mitsui Financial Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Pin Oak Investment Advisors Inc. bought a new stake in Sumitomo Mitsui Financial Group in the third quarter worth about $29,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Sumitomo Mitsui Financial Group by 163.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,979 shares of the bank’s stock worth $30,000 after acquiring an additional 1,227 shares during the period. JPL Wealth Management LLC acquired a new position in Sumitomo Mitsui Financial Group in the third quarter valued at approximately $32,000. Caitong International Asset Management Co. Ltd raised its position in shares of Sumitomo Mitsui Financial Group by 225.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,919 shares of the bank’s stock worth $32,000 after acquiring an additional 1,329 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Sumitomo Mitsui Financial Group in the 2nd quarter valued at $39,000. Hedge funds and other institutional investors own 3.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Monday, December 29th. Wall Street Zen lowered Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Zacks Research downgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Sumitomo Mitsui Financial Group presently has a consensus rating of “Hold”.

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.