Sumitomo Mitsui Financial Group (NYSE:SMFG) Shares Gap Up Following Earnings Beat

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $16.57, but opened at $17.09. Sumitomo Mitsui Financial Group shares last traded at $17.3960, with a volume of 675,118 shares trading hands.

The bank reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.19. The company had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $7.41 billion. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Zacks Research downgraded shares of Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 4th. Wall Street Zen upgraded shares of Sumitomo Mitsui Financial Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Sumitomo Mitsui Financial Group has a consensus rating of “Moderate Buy”.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. lifted its holdings in shares of Sumitomo Mitsui Financial Group by 0.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 11,271,361 shares of the bank’s stock valued at $174,255,000 after acquiring an additional 53,612 shares in the last quarter. Clark Capital Management Group Inc. boosted its holdings in Sumitomo Mitsui Financial Group by 1.8% in the 1st quarter. Clark Capital Management Group Inc. now owns 6,496,260 shares of the bank’s stock worth $100,432,000 after acquiring an additional 111,952 shares during the period. Northern Trust Corp grew its position in 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 acquiring an additional 159,320 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Sumitomo Mitsui Financial Group by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 2,886,033 shares of the bank’s stock valued at $48,312,000 after acquiring an additional 9,022 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in shares of Sumitomo Mitsui Financial Group by 19.7% during the second quarter. Envestnet Asset Management Inc. now owns 2,302,411 shares of the bank’s stock valued at $34,789,000 after purchasing an additional 378,909 shares during the period. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

Sumitomo Mitsui Financial Group Price Performance

The stock has a market cap of $112.28 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 0.78 and a beta of 0.36. 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 business’s fifty day simple moving average is $16.39 and its 200 day simple moving average is $15.69.

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.