Sumitomo Mitsui Financial Group (NYSE:SMFG) Upgraded at Zacks Research

Zacks Research upgraded shares of Sumitomo Mitsui Financial Group (NYSE:SMFG) from a hold rating to a strong-buy rating in a research note released on Tuesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Monday, December 29th. Wall Street Zen cut shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Two research analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Sumitomo Mitsui Financial Group has a consensus rating of “Buy”.

Sumitomo Mitsui Financial Group Price Performance

Shares of Sumitomo Mitsui Financial Group stock opened at $20.11 on Tuesday. The stock has a market cap of $128.25 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 0.67 and a beta of 0.40. The firm’s 50-day moving average is $20.92 and its 200 day moving average is $19.44. Sumitomo Mitsui Financial Group has a 1 year low of $13.59 and a 1 year high of $24.33.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced 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). The firm had revenue of $7.27 billion during the quarter, compared to the consensus estimate of $7.93 billion. Sumitomo Mitsui Financial Group had a return on equity of 9.38% and a net margin of 13.81%. On average, equities analysts expect that Sumitomo Mitsui Financial Group will post 1.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Several hedge funds and other institutional investors have recently bought and sold shares of SMFG. True Wealth Design LLC bought a new position in Sumitomo Mitsui Financial Group during the 3rd quarter valued at about $27,000. PFS Partners LLC bought a new position in Sumitomo Mitsui Financial Group during the 4th quarter valued at about $27,000. Pin Oak Investment Advisors Inc. bought a new position in Sumitomo Mitsui Financial Group during the 3rd quarter valued at about $29,000. Sound Income Strategies LLC increased its position in shares of Sumitomo Mitsui Financial Group by 76.8% during the 4th quarter. Sound Income Strategies LLC now owns 1,404 shares of the bank’s stock valued at $30,000 after purchasing an additional 610 shares during the last quarter. Finally, Bayban purchased a new stake in shares of Sumitomo Mitsui Financial Group during the 4th quarter valued at about $30,000. Institutional investors own 3.85% of the company’s stock.

Sumitomo Mitsui Financial Group Company Profile

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.