Ferguson Wellman Capital Management Inc. Takes $33.80 Million Position in Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Ferguson Wellman Capital Management opened a new position in Sumitomo Mitsui Financial Group, buying 1.71 million shares worth about $33.8 million in the first quarter.
• Several other institutional investors also increased their stakes, including Tudor Investment and Massachusetts Financial Services, though overall institutional ownership remains relatively modest at 3.85%.
• Analyst sentiment is mixed but leans positive, with the consensus rating at Moderate Buy; SMFG recently traded near its 52-week high after reporting quarterly EPS of $0.18.

Ferguson Wellman Capital Management Inc. purchased a new position in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,711,455 shares of the bank's stock, valued at approximately $33,801,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Tudor Investment Corp ET AL raised its holdings in Sumitomo Mitsui Financial Group by 112.5% during the third quarter. Tudor Investment Corp ET AL now owns 927,179 shares of the bank's stock worth $15,521,000 after buying an additional 490,891 shares during the last quarter. XY Capital Ltd bought a new stake in Sumitomo Mitsui Financial Group during the 3rd quarter worth approximately $1,164,000. Massachusetts Financial Services Co. MA boosted its position in shares of Sumitomo Mitsui Financial Group by 14.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 736,467 shares of the bank's stock valued at $14,236,000 after buying an additional 93,024 shares during the last quarter. Capital Wealth Planning LLC raised its position in Sumitomo Mitsui Financial Group by 31.7% in the 3rd quarter. Capital Wealth Planning LLC now owns 786,865 shares of the bank's stock valued at $13,172,000 after buying an additional 189,290 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in shares of Sumitomo Mitsui Financial Group by 47.8% in the fourth quarter. Assetmark Inc. now owns 150,140 shares of the bank's stock valued at $2,902,000 after purchasing an additional 48,569 shares during the last quarter. 3.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SMFG has been the subject of several research reports. Wall Street Zen lowered shares of Sumitomo Mitsui Financial Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Weiss Ratings raised Sumitomo Mitsui Financial Group from a "hold (c)" rating to a "buy (b-)" rating in a report on Wednesday, July 1st. Finally, Zacks Research cut shares of Sumitomo Mitsui Financial Group from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Sumitomo Mitsui Financial Group presently has a consensus rating of "Moderate Buy".

Sumitomo Mitsui Financial Group Price Performance

Shares of NYSE SMFG traded up $0.24 during trading hours on Friday, reaching $25.72. 2,620,440 shares of the stock traded hands, compared to its average volume of 1,792,215. The company's 50-day simple moving average is $23.32 and its two-hundred day simple moving average is $21.72. The company has a market capitalization of $164.10 billion, a P/E ratio of 19.20, a price-to-earnings-growth ratio of 0.99 and a beta of 0.42. Sumitomo Mitsui Financial Group Inc has a 52-week low of $14.40 and a 52-week high of $25.82. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 1.48.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The bank reported $0.18 EPS for the quarter. Sumitomo Mitsui Financial Group had a net margin of 15.68% and a return on equity of 10.19%. The firm had revenue of $7.31 billion for the quarter. Equities research analysts forecast that Sumitomo Mitsui Financial Group Inc will post 1.87 EPS for the current year.

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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