JPMorgan Chase & Co. Cuts Position in Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• JPMorgan Chase & Co. trimmed its stake by 54.9% in Sumitomo Mitsui Financial Group during Q3, selling 653,123 shares and retaining 537,443 shares valued at about $8.997 million.
• SMFG missed quarterly expectations, reporting $0.16 EPS vs. a $0.40 consensus and revenue of $7.27 billion vs. $7.93 billion, while the company has a market cap of $121.6 billion and a P/E of 15.88.
• Other institutions have been buying or raising positions—Fisher Asset (+137.4%), Orion Portfolio (+606.2%), Causeway (+165.4%)—even though hedge funds and institutional investors collectively own just 3.85% of the stock.

JPMorgan Chase & Co. trimmed its holdings in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 54.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 537,443 shares of the bank's stock after selling 653,123 shares during the period. JPMorgan Chase & Co.'s holdings in Sumitomo Mitsui Financial Group were worth $8,997,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SMFG. Voloridge Investment Management LLC acquired a new position in shares of Sumitomo Mitsui Financial Group during the 3rd quarter valued at $14,018,000. Fisher Asset Management LLC increased its holdings in Sumitomo Mitsui Financial Group by 137.4% in the 2nd quarter. Fisher Asset Management LLC now owns 1,357,193 shares of the bank's stock valued at $20,507,000 after purchasing an additional 785,443 shares in the last quarter. Orion Porfolio Solutions LLC raised its position in Sumitomo Mitsui Financial Group by 606.2% in the second quarter. Orion Porfolio Solutions LLC now owns 709,707 shares of the bank's stock valued at $10,724,000 after purchasing an additional 609,212 shares during the period. Massar Capital Management LP purchased a new position in Sumitomo Mitsui Financial Group in the second quarter valued at about $7,555,000. Finally, Causeway Capital Management LLC raised its position in Sumitomo Mitsui Financial Group by 165.4% in the third quarter. Causeway Capital Management LLC now owns 800,903 shares of the bank's stock valued at $13,407,000 after purchasing an additional 499,107 shares during the period. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

Sumitomo Mitsui Financial Group Stock Up 0.0%

Shares of Sumitomo Mitsui Financial Group stock opened at $19.06 on Monday. Sumitomo Mitsui Financial Group Inc has a 1-year low of $11.83 and a 1-year high of $24.33. The company has a market capitalization of $121.55 billion, a PE ratio of 15.88, a P/E/G ratio of 0.74 and a beta of 0.33. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50-day moving average of $21.28 and a 200-day moving average of $18.94.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last released its quarterly 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). Sumitomo Mitsui Financial Group had a return on equity of 9.38% and a net margin of 13.81%.The business had revenue of $7.27 billion during the quarter, compared to analyst estimates of $7.93 billion. As a group, equities analysts forecast that Sumitomo Mitsui Financial Group Inc will post 0.39 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SMFG shares. Wall Street Zen downgraded Sumitomo Mitsui Financial Group from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings reiterated a "hold (c+)" rating on shares of Sumitomo Mitsui Financial Group in a report on Monday, December 29th. Finally, Zacks Research raised Sumitomo Mitsui Financial Group from a "strong sell" rating to a "hold" rating in a research report on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average 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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