Allspring Global Investments Holdings LLC Has $9.80 Million Position in Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in Sumitomo Mitsui Financial Group by 2.5%, now owning approximately $9.80 million worth of shares.
• Several other institutional investors have increased their positions in Sumitomo Mitsui Financial Group, with Bessemer Group Inc. boosting its holdings by 214.8% in the first quarter.
• Analysts have given varied ratings for the stock, with Nomura Securities and Zacks Research both assigning a "strong-buy" rating recently, while Weiss Ratings reaffirmed a "hold" rating.

Allspring Global Investments Holdings LLC trimmed its holdings in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 649,227 shares of the bank's stock after selling 16,722 shares during the period. Allspring Global Investments Holdings LLC's holdings in Sumitomo Mitsui Financial Group were worth $9,803,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sowell Financial Services LLC lifted its position in Sumitomo Mitsui Financial Group by 17.2% in the 1st quarter. Sowell Financial Services LLC now owns 17,605 shares of the bank's stock valued at $272,000 after acquiring an additional 2,590 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Sumitomo Mitsui Financial Group by 41.8% in the first quarter. Blue Trust Inc. now owns 17,434 shares of the bank's stock valued at $270,000 after purchasing an additional 5,137 shares in the last quarter. Channing Global Advisors LLC boosted its position in shares of Sumitomo Mitsui Financial Group by 11.8% during the first quarter. Channing Global Advisors LLC now owns 14,666 shares of the bank's stock valued at $227,000 after buying an additional 1,548 shares during the last quarter. Bessemer Group Inc. grew its holdings in Sumitomo Mitsui Financial Group by 214.8% during the first quarter. Bessemer Group Inc. now owns 6,072 shares of the bank's stock worth $94,000 after buying an additional 4,143 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in Sumitomo Mitsui Financial Group by 4.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 88,493 shares of the bank's stock valued at $1,368,000 after buying an additional 3,373 shares during the last quarter. 3.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on SMFG. Nomura Securities raised shares of Sumitomo Mitsui Financial Group to a "strong-buy" rating in a research report on Thursday, July 3rd. Zacks Research raised shares of Sumitomo Mitsui Financial Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 5th. Wall Street Zen upgraded Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Sumitomo Mitsui Financial Group in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy".

Sumitomo Mitsui Financial Group Price Performance

Shares of NYSE SMFG opened at $15.76 on Friday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.03 and a current ratio of 1.03. Sumitomo Mitsui Financial Group Inc has a fifty-two week low of $11.83 and a fifty-two week high of $17.46. The stock has a market cap of $101.29 billion, a PE ratio of 16.58, a price-to-earnings-growth ratio of 0.76 and a beta of 0.37. The stock has a fifty day moving average of $16.47 and a 200-day moving average of $15.24.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $1,094.67 billion. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%. Equities research analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current year.

About Sumitomo Mitsui Financial Group

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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