Ascent Group LLC Takes $235,000 Position in Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Ascent Group LLC has acquired a new stake in Sumitomo Mitsui Financial Group Inc, purchasing 15,205 shares valued at approximately $235,000.
• Several hedge funds have recently increased their positions in Sumitomo Mitsui Financial Group, with Lindbrook Capital LLC raising its stake by 3.8% and D Orazio & Associates Inc. raising it by 8.5%.
• Analysts' consensus rating for Sumitomo Mitsui Financial Group is classified as a "Strong Buy", reflecting positive sentiment towards the stock's performance.

Ascent Group LLC purchased a new stake in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 15,205 shares of the bank's stock, valued at approximately $235,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Lindbrook Capital LLC raised its position in shares of Sumitomo Mitsui Financial Group by 3.8% in the first quarter. Lindbrook Capital LLC now owns 20,072 shares of the bank's stock valued at $310,000 after buying an additional 729 shares in the last quarter. Wedmont Private Capital raised its position in shares of Sumitomo Mitsui Financial Group by 4.9% in the first quarter. Wedmont Private Capital now owns 17,160 shares of the bank's stock valued at $265,000 after buying an additional 801 shares in the last quarter. Pinnacle Wealth Planning Services Inc. raised its position in shares of Sumitomo Mitsui Financial Group by 2.6% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 32,243 shares of the bank's stock valued at $498,000 after buying an additional 809 shares in the last quarter. BSW Wealth Partners raised its position in shares of Sumitomo Mitsui Financial Group by 4.4% in the first quarter. BSW Wealth Partners now owns 19,652 shares of the bank's stock valued at $304,000 after buying an additional 837 shares in the last quarter. Finally, D Orazio & Associates Inc. raised its position in shares of Sumitomo Mitsui Financial Group by 8.5% in the first quarter. D Orazio & Associates Inc. now owns 11,105 shares of the bank's stock valued at $172,000 after buying an additional 867 shares in the last quarter. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SMFG shares. Nomura Securities upgraded shares of 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 research note on Saturday, August 2nd. Finally, Zacks Research raised shares of Sumitomo Mitsui Financial Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating, According to MarketBeat, Sumitomo Mitsui Financial Group has a consensus rating of "Strong Buy".

Sumitomo Mitsui Financial Group Stock Performance

Shares of NYSE:SMFG opened at $16.72 on Friday. The company's 50 day simple moving average is $15.88 and its 200 day simple moving average is $15.12. The stock has a market capitalization of $107.46 billion, a price-to-earnings ratio of 17.59, a price-to-earnings-growth ratio of 0.81 and a beta of 0.39. Sumitomo Mitsui Financial Group Inc has a 1 year low of $11.83 and a 1 year high of $17.46. 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 posted its earnings results on Thursday, July 31st. The bank reported $0.40 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.09. The firm had revenue of $16.41 billion for 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%. As a group, research analysts predict that Sumitomo Mitsui Financial Group Inc will post 0.39 EPS for the current fiscal year.

Sumitomo Mitsui Financial Group 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.

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