Allianz SE Buys Shares of 220,000 Sumitomo Mitsui Financial Group Inc (NYSE:SMFG)

Key Points

• Allianz SE acquired a new stake in Sumitomo Mitsui Financial Group Inc valued at approximately $3.40 million, purchasing 220,000 shares in the 1st quarter.
• Research firms have recently upgraded Sumitomo Mitsui Financial Group's ratings, with Wall Street Zen changing its rating from "sell" to "hold," and Nomura Securities upgrading it to "strong-buy."
• Sumitomo Mitsui Financial Group reported earnings of $0.40 per share, exceeding estimates by $0.09, and generated a revenue of $16.41 billion in its latest quarterly results.

Allianz SE bought a new position in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 220,000 shares of the bank's stock, valued at approximately $3,401,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Blair William & Co. IL bought a new stake in shares of Sumitomo Mitsui Financial Group in the 1st quarter valued at about $378,000. US Bancorp DE lifted its position in Sumitomo Mitsui Financial Group by 20.8% during the first quarter. US Bancorp DE now owns 361,646 shares of the bank's stock valued at $5,591,000 after acquiring an additional 62,170 shares during the last quarter. Cordatus Wealth Management LLC acquired a new stake in Sumitomo Mitsui Financial Group in the first quarter valued at approximately $570,000. Natixis Advisors LLC grew its holdings in Sumitomo Mitsui Financial Group by 59.8% in the first quarter. Natixis Advisors LLC now owns 1,439,197 shares of the bank's stock worth $22,250,000 after purchasing an additional 538,823 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Sumitomo Mitsui Financial Group by 1.7% during the first quarter. Federated Hermes Inc. now owns 184,730 shares of the bank's stock worth $2,856,000 after purchasing an additional 3,139 shares in the last quarter. Institutional investors own 3.85% of the company's stock.

Sumitomo Mitsui Financial Group Stock Performance

NYSE:SMFG traded down $0.04 during mid-day trading on Tuesday, hitting $15.21. The company's stock had a trading volume of 1,797,056 shares, compared to its average volume of 2,153,268. The business's fifty day moving average is $15.13 and its two-hundred day moving average is $14.84. The stock has a market cap of $98.45 billion, a price-to-earnings ratio of 16.01, a PEG ratio of 0.67 and a beta of 0.41. Sumitomo Mitsui Financial Group Inc has a 1 year low of $10.81 and a 1 year high of $16.74. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.03 and a quick ratio of 1.03.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The bank reported $0.40 EPS for the quarter, beating the consensus estimate of $0.31 by $0.09. The company had revenue of $16.41 billion for the quarter, compared to analyst estimates of $1,094.67 billion. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%. Analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 0.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Nomura Securities raised Sumitomo Mitsui Financial Group to a "strong-buy" rating in a research report on Thursday, July 3rd. Wall Street Zen raised shares of Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a report on Saturday.

Sumitomo Mitsui Financial Group Company Profile

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.