Sumitomo Mitsui Financial Group (NYSE:SMFG) Hits New 12-Month High – Still a Buy?
by Tristan Rich · The Markets DailySumitomo Mitsui Financial Group Inc (NYSE:SMFG – Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $19.85 and last traded at $19.8350, with a volume of 300163 shares trading hands. The stock had previously closed at $19.45.
Analysts Set New Price Targets
Several analysts have recently issued reports on the stock. Zacks Research lowered shares of Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy”.
Sumitomo Mitsui Financial Group Stock Up 0.7%
The stock’s 50-day moving average price is $18.11 and its two-hundred day moving average price is $16.71. 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 stock has a market capitalization of $128.32 billion, a P/E ratio of 16.96, a P/E/G ratio of 0.96 and a beta of 0.36.
Sumitomo Mitsui Financial Group (NYSE:SMFG – Get Free Report) last posted its quarterly earnings data on Friday, November 14th. The bank reported $0.59 EPS for the quarter, beating the consensus estimate of $0.40 by $0.19. Sumitomo Mitsui Financial Group had a return on equity of 9.14% and a net margin of 13.80%.The business had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $7.41 billion. As a group, research analysts expect that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Sumitomo Mitsui Financial Group
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in Sumitomo Mitsui Financial Group by 0.5% during the first quarter. Goldman Sachs Group Inc. now owns 11,271,361 shares of the bank’s stock worth $174,255,000 after purchasing an additional 53,612 shares during the period. Northern Trust Corp lifted its stake in shares of Sumitomo Mitsui Financial Group by 2.6% during the 3rd quarter. Northern Trust Corp now owns 5,743,128 shares of the bank’s stock valued at $96,140,000 after buying an additional 147,963 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Sumitomo Mitsui Financial Group by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,886,033 shares of the bank’s stock worth $48,312,000 after buying an additional 9,022 shares during the period. Envestnet Asset Management Inc. grew its stake in Sumitomo Mitsui Financial Group by 19.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,302,411 shares of the bank’s stock valued at $34,789,000 after buying an additional 378,909 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Sumitomo Mitsui Financial Group by 16.9% in the 3rd quarter. American Century Companies Inc. now owns 2,036,709 shares of the bank’s stock valued at $34,095,000 after buying an additional 294,124 shares in the last quarter. 3.85% of the stock is currently owned by institutional investors.
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.