Cresset Asset Management LLC Cuts Stake in Sumitomo Mitsui Financial Group Inc $SMFG

Cresset Asset Management LLC decreased its position in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) by 6.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,348 shares of the bank’s stock after selling 1,106 shares during the period. Cresset Asset Management LLC’s holdings in Sumitomo Mitsui Financial Group were worth $240,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Sumitomo Mitsui Financial Group in the fourth quarter valued at about $1,585,000. First Trust Advisors LP purchased a new position in shares of Sumitomo Mitsui Financial Group during the 4th quarter worth approximately $4,484,000. Dimensional Fund Advisors LP lifted its holdings in shares of Sumitomo Mitsui Financial Group by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,899,574 shares of the bank’s stock valued at $42,015,000 after buying an additional 33,783 shares during the period. MML Investors Services LLC lifted its holdings in shares of Sumitomo Mitsui Financial Group by 23.5% in the 4th quarter. MML Investors Services LLC now owns 84,102 shares of the bank’s stock valued at $1,219,000 after buying an additional 16,030 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its stake in shares of Sumitomo Mitsui Financial Group by 2,178.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 3,099 shares of the bank’s stock valued at $45,000 after buying an additional 2,963 shares in the last quarter. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Sumitomo Mitsui Financial Group Stock Performance

Shares of SMFG stock opened at $16.74 on Wednesday. The stock has a fifty day moving average price of $15.50 and a 200 day moving average price of $15.00. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $108.36 billion, a PE ratio of 17.62, a P/E/G ratio of 0.74 and a beta of 0.41. Sumitomo Mitsui Financial Group Inc has a 1 year low of $11.83 and a 1 year high of $17.46.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced its quarterly earnings results on Thursday, July 31st. The bank reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.09. The business had revenue of $16.41 billion during the quarter, compared to analysts’ expectations of $1,094.67 billion. Sumitomo Mitsui Financial Group had a return on equity of 7.88% and a net margin of 11.78%. Sell-side analysts forecast that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wall Street Zen upgraded Sumitomo Mitsui Financial Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Nomura Securities raised shares of Sumitomo Mitsui Financial Group to a “strong-buy” rating in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Sumitomo Mitsui Financial Group has a consensus rating of “Strong Buy”.

Sumitomo Mitsui Financial Group Profile

Sumitomo Mitsui Financial Group, Inc, together with its subsidiaries, provides banking, leasing, securities, credit card, and consumer finance services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania. It operates through Wholesale Business Unit, Retail Business Unit, Global Business Unit, and Global Markets Business Unit segments.