Sumitomo Mitsui Financial Group (NYSE:SMFG) Sets New 12-Month High on Earnings Beat

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) hit a new 52-week high during trading on Saturday following a stronger than expected earnings report. The company traded as high as $17.58 and last traded at $17.4640, with a volume of 3766167 shares changing hands. The stock had previously closed at $16.57.

The bank reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.19. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%. The firm had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $7.41 billion.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SMFG shares. Zacks Research downgraded Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Wall Street Zen raised 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 report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in SMFG. Charles Schwab Investment Management Inc. boosted its position in Sumitomo Mitsui Financial Group by 20.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 579,277 shares of the bank’s stock worth $8,956,000 after acquiring an additional 96,494 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Sumitomo Mitsui Financial Group by 0.5% during the first quarter. Goldman Sachs Group Inc. now owns 11,271,361 shares of the bank’s stock worth $174,255,000 after purchasing an additional 53,612 shares in the last quarter. Park Avenue Securities LLC boosted its position in shares of Sumitomo Mitsui Financial Group by 13.4% in the 2nd quarter. Park Avenue Securities LLC now owns 221,149 shares of the bank’s stock valued at $3,342,000 after purchasing an additional 26,173 shares during the period. Cordatus Wealth Management LLC acquired a new position in shares of Sumitomo Mitsui Financial Group in the 1st quarter valued at $570,000. Finally, Allianz SE purchased a new position in shares of Sumitomo Mitsui Financial Group in the 1st quarter valued at approximately $3,401,000. Institutional investors own 3.85% of the company’s stock.

Sumitomo Mitsui Financial Group Stock Up 5.4%

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.75. The stock has a market capitalization of $112.28 billion, a PE ratio of 18.38, a PEG ratio of 0.78 and a beta of 0.36. The firm’s fifty day moving average is $16.39 and its 200-day moving average is $15.70.

About Sumitomo Mitsui Financial Group

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.