Sumitomo Mitsui Financial Group (NYSE:SMFG) Hits New 52-Week High – Still a Buy?

by · The Markets Daily

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG – Get Free Report)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $19.93 and last traded at $19.8240, with a volume of 5953 shares. The stock had previously closed at $19.06.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Zacks Research lowered shares of Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

Check Out Our Latest Research Report on SMFG

Sumitomo Mitsui Financial Group Stock Up 3.5%

The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $126.81 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 0.92 and a beta of 0.37. The firm has a 50 day moving average price of $16.91 and a two-hundred day moving average price of $16.19.

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

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. True Wealth Design LLC purchased a new position in Sumitomo Mitsui Financial Group in the third quarter valued at about $27,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Sumitomo Mitsui Financial Group in the third quarter valued at about $29,000. JPL Wealth Management LLC acquired a new stake in shares of Sumitomo Mitsui Financial Group in the third quarter valued at about $32,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Sumitomo Mitsui Financial Group by 225.3% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,919 shares of the bank’s stock valued at $32,000 after buying an additional 1,329 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Sumitomo Mitsui Financial Group by 163.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,979 shares of the bank’s stock worth $30,000 after acquiring an additional 1,227 shares in the last quarter. Institutional investors and hedge funds own 3.85% of the company’s stock.

About Sumitomo Mitsui Financial Group

(Get Free Report)

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.

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