Zacks Investment Research upgraded shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) from a strong sell rating to a hold rating in a report released on Thursday.
According to Zacks, “SUMITOMO MITSUI FINANCIAL GROUP, INC., is a financial holding company established through a share transfer from Sumitomo Mitsui Banking Corporation. As a holding company, SMFG has functions such as strategic planning, management, resource allocation, strategic planning of information systems, financial management, investor relations, risk management, human resource management for group executives, and business auditing of the group as a whole. Sumitomo Mitsui Card Company, Limited, SMBC Leasing Company, Limited, SMBC Friend Securities and The Japan Research Institute are wholly-owned subsidiaries of SMFG. “
Other research analysts also recently issued reports about the company. ValuEngine downgraded Sumitomo Mitsui Financial Group from a strong-buy rating to a buy rating in a research note on Monday, August 28th. BidaskClub raised Sumitomo Mitsui Financial Group from a strong sell rating to a sell rating in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $8.25.
Sumitomo Mitsui Financial Group (NYSE:SMFG) traded down $0.02 during midday trading on Thursday, reaching $8.09. The company had a trading volume of 908,591 shares, compared to its average volume of 880,086. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $57,039.56, a price-to-earnings ratio of 7.78 and a beta of 1.35.
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Several institutional investors and hedge funds have recently modified their holdings of SMFG. Fisher Asset Management LLC acquired a new stake in shares of Sumitomo Mitsui Financial Group in the 2nd quarter worth $384,943,000. Cambiar Investors LLC acquired a new stake in shares of Sumitomo Mitsui Financial Group in the 2nd quarter worth $183,454,000. Wells Fargo & Company MN increased its stake in shares of Sumitomo Mitsui Financial Group by 79.1% in the 2nd quarter. Wells Fargo & Company MN now owns 4,425,847 shares of the bank’s stock worth $34,787,000 after acquiring an additional 1,954,818 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of Sumitomo Mitsui Financial Group in the 3rd quarter worth $14,663,000. Finally, Northern Trust Corp increased its stake in shares of Sumitomo Mitsui Financial Group by 22.4% in the 2nd quarter. Northern Trust Corp now owns 8,576,126 shares of the bank’s stock worth $67,408,000 after acquiring an additional 1,566,794 shares during the last quarter. 2.27% of the stock is owned by institutional investors and hedge funds.
About Sumitomo Mitsui Financial Group
Sumitomo Mitsui Financial Group, Inc is a holding company for Sumitomo Mitsui Banking Corporation (the Bank) and its subsidiaries. The Company operates through four segments: Commercial Banking, Leasing, Securities and Consumer Finance. The Company and its subsidiaries offer a range of financial services, including commercial banking, leasing, securities, consumer finance and other services.
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