Causeway Capital Management LLC Buys 499,107 Shares of Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Causeway Capital Management LLC raised its stake in Sumitomo Mitsui Financial Group by 165.4%, buying 499,107 shares to own 800,903 shares worth about $13.41 million at quarter-end.
• SMFG missed recent quarterly EPS—$0.16 versus a $0.40 consensus—while reporting $17.71 billion in revenue; the stock trades near $20.35 with a market cap of about $129.8 billion and a P/E of 16.96.
• Other institutions also increased exposure (e.g., American Century now owns 2,036,709 shares worth ~$34.1M), and analyst opinion is mixed—one Strong Buy, one Hold and one Sell, giving an average rating of Hold.

Causeway Capital Management LLC raised its position in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 165.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 800,903 shares of the bank's stock after purchasing an additional 499,107 shares during the quarter. Causeway Capital Management LLC's holdings in Sumitomo Mitsui Financial Group were worth $13,407,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Federated Hermes Inc. grew its stake in shares of Sumitomo Mitsui Financial Group by 67.4% during the 3rd quarter. Federated Hermes Inc. now owns 424,283 shares of the bank's stock worth $7,102,000 after acquiring an additional 170,789 shares in the last quarter. Factory Mutual Insurance Co. bought a new position in shares of Sumitomo Mitsui Financial Group in the 3rd quarter valued at about $3,164,000. Osaic Holdings Inc. raised its holdings in Sumitomo Mitsui Financial Group by 846.2% during the second quarter. Osaic Holdings Inc. now owns 548,474 shares of the bank's stock worth $8,465,000 after acquiring an additional 490,506 shares in the last quarter. Assetmark Inc. grew its stake in Sumitomo Mitsui Financial Group by 72.7% in the third quarter. Assetmark Inc. now owns 101,571 shares of the bank's stock valued at $1,700,000 after purchasing an additional 42,766 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Sumitomo Mitsui Financial Group by 16.9% during the 3rd quarter. American Century Companies Inc. now owns 2,036,709 shares of the bank's stock worth $34,095,000 after purchasing an additional 294,124 shares during the last quarter. 3.85% of the stock is owned by institutional investors and hedge funds.

Sumitomo Mitsui Financial Group Trading Up 1.3%

Shares of SMFG stock opened at $20.35 on Tuesday. Sumitomo Mitsui Financial Group Inc has a 12-month low of $11.83 and a 12-month high of $24.33. The company has a market capitalization of $129.79 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 0.78 and a beta of 0.33. The firm has a 50 day moving average price of $21.44 and a two-hundred day moving average price of $18.65. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.63.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last posted its earnings results on Friday, January 30th. The bank reported $0.16 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.24). The firm had revenue of $17.71 billion during the quarter, compared to analyst estimates of $7.93 billion. Sumitomo Mitsui Financial Group had a net margin of 13.81% and a return on equity of 9.38%. As a group, analysts predict that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SMFG shares. Zacks Research downgraded shares of Sumitomo Mitsui Financial Group from a "hold" rating to a "strong sell" rating in a report on Thursday, January 15th. Wall Street Zen upgraded shares of Sumitomo Mitsui Financial Group from a "hold" rating to a "buy" rating in a research note on Saturday, February 14th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Sumitomo Mitsui Financial Group in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold".

Sumitomo Mitsui Financial Group Profile

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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