First Trust Advisors LP Raises Position in Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• First Trust Advisors LP increased its SMFG position by 38.2% in the first quarter, adding 53,666 shares to own 193,986 shares valued at approximately $3.83 million. Several other institutional investors also raised their stakes.
• SMFG shares were trading at $25.38, up 2.1%, near the company’s 52-week high of $26.67. The bank reported quarterly EPS of $0.49 on revenue of $8.71 billion, with a 10.65% return on equity and 16.24% net margin.
• Analyst sentiment improved as Weiss Ratings upgraded the stock to “buy” and Zacks Research raised it to “strong buy.” MarketBeat data shows a consensus rating of “Strong Buy.”

First Trust Advisors LP lifted its position in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 38.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 193,986 shares of the bank's stock after buying an additional 53,666 shares during the period. First Trust Advisors LP's holdings in Sumitomo Mitsui Financial Group were worth $3,831,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of Sumitomo Mitsui Financial Group by 26.0% during the first quarter. AQR Capital Management LLC now owns 177,249 shares of the bank's stock valued at $2,740,000 after acquiring an additional 36,522 shares in the last quarter. Focus Partners Wealth lifted its position in Sumitomo Mitsui Financial Group by 40.5% in the 1st quarter. Focus Partners Wealth now owns 18,253 shares of the bank's stock valued at $282,000 after acquiring an additional 5,258 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in Sumitomo Mitsui Financial Group by 41.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 3,163 shares of the bank's stock valued at $49,000 after acquiring an additional 930 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Sumitomo Mitsui Financial Group by 336.4% during the 1st quarter. Acadian Asset Management LLC now owns 39,574 shares of the bank's stock valued at $610,000 after purchasing an additional 30,506 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its stake in Sumitomo Mitsui Financial Group by 43.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 32,398 shares of the bank's stock valued at $490,000 after purchasing an additional 9,876 shares during the last quarter. Hedge funds and other institutional investors own 3.85% of the company's stock.

Sumitomo Mitsui Financial Group Stock Up 2.1%

SMFG stock opened at $25.38 on Thursday. The company has a market cap of $161.97 billion, a price-to-earnings ratio of 17.62, a P/E/G ratio of 0.95 and a beta of 0.42. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.06 and a current ratio of 1.05. The business's 50-day moving average is $24.61 and its two-hundred day moving average is $22.47. Sumitomo Mitsui Financial Group Inc has a fifty-two week low of $15.18 and a fifty-two week high of $26.67.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The bank reported $0.49 earnings per share (EPS) for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.65% and a net margin of 16.24%.The business had revenue of $8.71 billion during the quarter. As a group, analysts forecast that Sumitomo Mitsui Financial Group Inc will post 1.86 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on SMFG. Weiss Ratings raised Sumitomo Mitsui Financial Group from a "hold (c)" rating to a "buy (b-)" rating in a research report on Wednesday, July 1st. Zacks Research raised shares of Sumitomo Mitsui Financial Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. According to data from MarketBeat.com, Sumitomo Mitsui Financial Group currently has a consensus rating of "Strong Buy".

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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