Envestnet Asset Management Inc. Raises Stock Holdings in Sumitomo Mitsui Financial Group Inc $SMFG

Envestnet Asset Management Inc. boosted its holdings in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) by 19.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,302,411 shares of the bank’s stock after buying an additional 378,909 shares during the period. Envestnet Asset Management Inc.’s holdings in Sumitomo Mitsui Financial Group were worth $34,789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in SMFG. Goldman Sachs Group Inc. increased its holdings in shares of Sumitomo Mitsui Financial Group by 0.5% in the first quarter. Goldman Sachs Group Inc. now owns 11,271,361 shares of the bank’s stock valued at $174,255,000 after purchasing an additional 53,612 shares during the period. Clark Capital Management Group Inc. increased its holdings in shares of Sumitomo Mitsui Financial Group by 1.8% in the first quarter. Clark Capital Management Group Inc. now owns 6,496,260 shares of the bank’s stock valued at $100,432,000 after purchasing an additional 111,952 shares during the period. Northern Trust Corp increased its holdings in shares of Sumitomo Mitsui Financial Group by 3.2% in the first quarter. Northern Trust Corp now owns 5,188,817 shares of the bank’s stock valued at $80,219,000 after purchasing an additional 159,320 shares during the period. American Century Companies Inc. increased its holdings in shares of Sumitomo Mitsui Financial Group by 5.9% in the first quarter. American Century Companies Inc. now owns 1,605,115 shares of the bank’s stock valued at $24,815,000 after purchasing an additional 89,792 shares during the period. Finally, Natixis Advisors LLC increased its holdings in shares of Sumitomo Mitsui Financial Group by 59.8% in the first quarter. Natixis Advisors LLC now owns 1,439,197 shares of the bank’s stock valued at $22,250,000 after purchasing an additional 538,823 shares during the period. 3.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SMFG has been the topic of a number of research reports. Zacks Research raised Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a report on Friday, September 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a report on Wednesday, October 8th. Finally, Wall Street Zen raised Sumitomo Mitsui Financial Group from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Sumitomo Mitsui Financial Group has an average rating of “Buy”.

Sumitomo Mitsui Financial Group Stock Performance

Shares of SMFG stock opened at $16.31 on Monday. The company has a market capitalization of $104.83 billion, a P/E ratio of 17.16, a P/E/G ratio of 0.78 and a beta of 0.37. The business’s 50 day moving average is $16.39 and its two-hundred day moving average is $15.51. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.75. Sumitomo Mitsui Financial Group Inc has a 12-month low of $11.83 and a 12-month high of $17.46.

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

Sumitomo Mitsui Financial Group Company 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.