AlphaCore Capital LLC Increases Stock Position in Sumitomo Mitsui Financial Group Inc $SMFG

AlphaCore Capital LLC raised its holdings in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) by 140.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,312 shares of the bank’s stock after purchasing an additional 22,400 shares during the period. AlphaCore Capital LLC’s holdings in Sumitomo Mitsui Financial Group were worth $641,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. raised its position in Sumitomo Mitsui Financial Group by 67.4% in the 3rd quarter. Federated Hermes Inc. now owns 424,283 shares of the bank’s stock worth $7,102,000 after buying an additional 170,789 shares during the last quarter. Factory Mutual Insurance Co. purchased a new stake in shares of Sumitomo Mitsui Financial Group during the 3rd quarter valued at about $3,164,000. Osaic Holdings Inc. grew its stake in shares of Sumitomo Mitsui Financial Group by 846.2% in the second quarter. Osaic Holdings Inc. now owns 548,474 shares of the bank’s stock worth $8,465,000 after acquiring an additional 490,506 shares during the period. ABC Arbitrage SA bought a new stake in shares of Sumitomo Mitsui Financial Group in the third quarter worth approximately $1,546,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Sumitomo Mitsui Financial Group during the second quarter valued at approximately $267,000. Hedge funds and other institutional investors own 3.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Zacks Research cut Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 15th. Finally, Weiss Ratings reaffirmed 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. According to MarketBeat, the stock has an average rating of “Hold”.

Sumitomo Mitsui Financial Group Stock Down 1.7%

Shares of SMFG opened at $22.46 on Friday. The business’s 50 day moving average is $21.31 and its 200 day moving average is $18.45. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.63. Sumitomo Mitsui Financial Group Inc has a 12-month low of $11.83 and a 12-month high of $24.33. The company has a market capitalization of $144.01 billion, a PE ratio of 18.72, a price-to-earnings-growth ratio of 0.88 and a beta of 0.36.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced its quarterly earnings data 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 company had revenue of $17.71 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Sumitomo Mitsui Financial Group had a net margin of 13.81% and a return on equity of 9.38%. Research analysts expect that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current fiscal 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.