Assetmark Inc. Raises Position in Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Assetmark Inc. increased its stake in Sumitomo Mitsui Financial Group by 64.1% in the first quarter, adding 96,203 shares to reach 246,343 shares worth about $4.87 million.
• Other institutional investors also adjusted positions in SMFG, and hedge funds and other institutions now own about 3.85% of the company’s stock.
• SMFG shares opened at $25.89 and have traded near their 52-week high; the bank recently reported $0.18 EPS for the quarter, and analysts currently have a Moderate Buy consensus rating.

Assetmark Inc. boosted its holdings in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 64.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 246,343 shares of the bank's stock after acquiring an additional 96,203 shares during the quarter. Assetmark Inc.'s holdings in Sumitomo Mitsui Financial Group were worth $4,865,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Ascentis Independent Advisors purchased a new stake in shares of Sumitomo Mitsui Financial Group during the 1st quarter valued at $27,000. PFS Partners LLC purchased a new position in Sumitomo Mitsui Financial Group in the fourth quarter worth $27,000. Sound Income Strategies LLC increased its stake in Sumitomo Mitsui Financial Group by 76.8% in the fourth quarter. Sound Income Strategies LLC now owns 1,404 shares of the bank's stock valued at $30,000 after acquiring an additional 610 shares during the last quarter. Bayban bought a new position in Sumitomo Mitsui Financial Group in the fourth quarter valued at $30,000. Finally, Cornerstone Planning Group LLC raised its position in Sumitomo Mitsui Financial Group by 3,149.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 1,592 shares of the bank's stock valued at $33,000 after purchasing an additional 1,543 shares in the last quarter. Hedge funds and other institutional investors own 3.85% of the company's stock.

Sumitomo Mitsui Financial Group Stock Performance

Shares of NYSE:SMFG opened at $25.89 on Wednesday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.48. The company has a 50-day moving average price of $23.90 and a 200-day moving average price of $22.04. The company has a market cap of $165.18 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 0.96 and a beta of 0.42. Sumitomo Mitsui Financial Group Inc has a 12 month low of $14.86 and a 12 month high of $26.67.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The bank reported $0.18 EPS for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.19% and a net margin of 15.68%.The business had revenue of $7.31 billion during the quarter. As a group, equities analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 1.86 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on SMFG. Wall Street Zen lowered Sumitomo Mitsui Financial Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Zacks Research lowered Sumitomo Mitsui Financial Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. Finally, Weiss Ratings raised shares of Sumitomo Mitsui Financial Group from a "hold (c)" rating to a "buy (b-)" rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy".

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.

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