Assetmark Inc. Buys 42,766 Shares of Sumitomo Mitsui Financial Group Inc $SMFG

Assetmark Inc. lifted its stake in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) by 72.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 101,571 shares of the bank’s stock after acquiring an additional 42,766 shares during the period. Assetmark Inc.’s holdings in Sumitomo Mitsui Financial Group were worth $1,700,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC acquired a new position in Sumitomo Mitsui Financial Group in the 3rd quarter valued at $27,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Sumitomo Mitsui Financial Group by 163.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,979 shares of the bank’s stock valued at $30,000 after acquiring an additional 1,227 shares during the period. NewSquare Capital LLC grew its position in shares of Sumitomo Mitsui Financial Group by 204.7% in the second quarter. NewSquare Capital LLC now owns 2,029 shares of the bank’s stock valued at $31,000 after purchasing an additional 1,363 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new position in shares of Sumitomo Mitsui Financial Group in the second quarter worth about $34,000. Finally, Salomon & Ludwin LLC lifted its position in shares of Sumitomo Mitsui Financial Group by 2,443.8% during the 3rd quarter. Salomon & Ludwin LLC now owns 2,035 shares of the bank’s stock worth $34,000 after purchasing an additional 1,955 shares during the last quarter. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on SMFG. Wall Street Zen raised Sumitomo Mitsui Financial Group from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Monday, December 29th. Finally, Zacks Research lowered shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 15th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold”.

Sumitomo Mitsui Financial Group Price Performance

Sumitomo Mitsui Financial Group stock opened at $23.39 on Friday. The business’s fifty day moving average is $20.87 and its two-hundred day moving average is $18.15. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $149.95 billion, a P/E ratio of 19.49, a P/E/G ratio of 0.89 and a beta of 0.36. Sumitomo Mitsui Financial Group Inc has a 52 week low of $11.83 and a 52 week high of $24.33.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last released its quarterly earnings results on Friday, January 30th. The bank reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.24). Sumitomo Mitsui Financial Group had a net margin of 13.81% and a return on equity of 9.38%. The business had revenue of $17.71 billion during the quarter, compared to the consensus estimate of $7.93 billion. Equities research analysts forecast that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current fiscal year.

About Sumitomo Mitsui Financial Group

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.