CIBC Asset Management Inc Lowers Stock Position in Sumitomo Mitsui Financial Group Inc $SMFG

CIBC Asset Management Inc lessened its stake in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) by 27.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,232 shares of the bank’s stock after selling 32,411 shares during the period. CIBC Asset Management Inc’s holdings in Sumitomo Mitsui Financial Group were worth $1,460,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Sagespring Wealth Partners LLC lifted its holdings in shares of Sumitomo Mitsui Financial Group by 4.5% during the 3rd quarter. Sagespring Wealth Partners LLC now owns 26,257 shares of the bank’s stock worth $440,000 after acquiring an additional 1,134 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Sumitomo Mitsui Financial Group in the third quarter valued at $2,119,000. Envestnet Portfolio Solutions Inc. raised its position in Sumitomo Mitsui Financial Group by 5.8% during the third quarter. Envestnet Portfolio Solutions Inc. now owns 12,291 shares of the bank’s stock valued at $206,000 after purchasing an additional 678 shares in the last quarter. Bailard Inc. lifted its stake in Sumitomo Mitsui Financial Group by 25.3% during the third quarter. Bailard Inc. now owns 35,396 shares of the bank’s stock worth $593,000 after purchasing an additional 7,150 shares during the last quarter. Finally, Canopy Partners LLC lifted its stake in Sumitomo Mitsui Financial Group by 6.5% during the third quarter. Canopy Partners LLC now owns 13,368 shares of the bank’s stock worth $224,000 after purchasing an additional 810 shares during the last quarter. Institutional investors own 3.85% of the company’s stock.

Analyst Upgrades and Downgrades

SMFG has been the topic of several recent research reports. Wall Street Zen upgraded Sumitomo Mitsui Financial Group from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Zacks Research downgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 15th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Sumitomo Mitsui Financial Group Price Performance

Shares of Sumitomo Mitsui Financial Group stock opened at $20.96 on Thursday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.04 and a quick ratio of 1.03. Sumitomo Mitsui Financial Group Inc has a one year low of $11.83 and a one year high of $21.54. The business’s 50 day simple moving average is $19.45 and its two-hundred day simple moving average is $17.34. The stock has a market capitalization of $134.35 billion, a P/E ratio of 17.76, a price-to-earnings-growth ratio of 1.12 and a beta of 0.36.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last issued its earnings results on Friday, November 14th. The bank reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.19. Sumitomo Mitsui Financial Group had a net margin of 13.80% and a return on equity of 9.14%. The firm had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $7.41 billion. Analysts forecast that Sumitomo Mitsui Financial Group Inc will post 0.39 EPS for the current year.

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.