Ferguson Wellman Capital Management Inc. Decreases Stock Position in Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Ferguson Wellman Capital Management cut its SMFG stake by 6.4% in the third quarter, selling 109,785 shares and retaining 1,599,915 shares valued at approximately $41.5 million.
• Other institutional investors largely increased their positions, while institutional ownership of Sumitomo Mitsui Financial Group stands at 3.85%. The stock recently traded at $25.73, near its 52-week high of $27.61.
• SMFG reported quarterly revenue of $8.71 billion and EPS of $0.49, with analysts forecasting $1.38 in full-year EPS. Wall Street’s consensus rating remains “Moderate Buy,” despite recent rating downgrades by some firms.

Ferguson Wellman Capital Management Inc. lowered its stake in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 6.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,599,915 shares of the bank's stock after selling 109,785 shares during the quarter. Ferguson Wellman Capital Management Inc.'s holdings in Sumitomo Mitsui Financial Group were worth $41,454,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE increased its holdings in shares of Sumitomo Mitsui Financial Group by 20.9% in the 1st quarter. Bank of America Corp DE now owns 1,846,335 shares of the bank's stock worth $36,465,000 after buying an additional 319,140 shares during the last quarter. CCM Investment Advisers LLC purchased a new position in Sumitomo Mitsui Financial Group during the first quarter worth $6,039,000. Capital Wealth Planning LLC raised its stake in shares of Sumitomo Mitsui Financial Group by 37.7% in the fourth quarter. Capital Wealth Planning LLC now owns 1,083,145 shares of the bank's stock valued at $21,067,000 after acquiring an additional 296,280 shares during the period. Quantinno Capital Management LP lifted its holdings in shares of Sumitomo Mitsui Financial Group by 17.9% in the 1st quarter. Quantinno Capital Management LP now owns 1,615,819 shares of the bank's stock worth $31,912,000 after acquiring an additional 245,231 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Sumitomo Mitsui Financial Group by 7.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,090,741 shares of the bank's stock worth $61,042,000 after acquiring an additional 217,929 shares during the last quarter. 3.85% of the stock is currently owned by institutional investors.

Sumitomo Mitsui Financial Group Stock Performance

Shares of NYSE:SMFG traded up $0.33 on Monday, hitting $25.73. 712,754 shares of the company were exchanged, compared to its average volume of 1,969,669. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.65. The stock's 50 day moving average price is $25.98 and its 200 day moving average price is $23.77. The firm has a market capitalization of $162.97 billion, a P/E ratio of 17.86, a price-to-earnings-growth ratio of 1.13 and a beta of 0.44. Sumitomo Mitsui Financial Group Inc has a 1-year low of $15.18 and a 1-year high of $27.61.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last issued its earnings results on Tuesday, June 30th. The bank reported $0.49 earnings per share (EPS) for the quarter. Sumitomo Mitsui Financial Group had a net margin of 16.24% and a return on equity of 10.65%. The firm had revenue of $8.71 billion during the quarter. Sell-side analysts predict that Sumitomo Mitsui Financial Group Inc will post 1.38 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SMFG. Zacks Research downgraded Sumitomo Mitsui Financial Group from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 19th. Weiss Ratings lowered Sumitomo Mitsui Financial Group from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, September 28th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy".

Insider Activity

In other news, CFO Kazuyuki Anchi sold 4,000 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $42.47, for a total value of $169,880.00. Following the completion of the transaction, the chief financial officer owned 48,857 shares of the company's stock, valued at $2,074,956.79. The trade was a 7.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.05% of the stock is currently owned by company insiders.

Sumitomo Mitsui Financial Group Company Profile

Sumitomo Mitsui Financial Group, Inc NYSE: SMFG is a Japan-based financial services holding company headquartered in Tokyo. Through its subsidiaries, the group provides commercial and investment banking, financial advisory, payments, asset management, leasing, consumer finance and other related services to individuals, businesses, financial institutions and governments.

Its principal banking subsidiary is Sumitomo Mitsui Banking Corporation, which offers deposits, lending, foreign exchange, trade finance, capital markets services and wealth management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.