LPL Financial LLC Purchases 120,362 Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG)

Key Points

• LPL Financial LLC increased its holdings in Sumitomo Mitsui Financial Group Inc by 37% during the first quarter, acquiring an additional 120,362 shares, bringing its total to 445,354 shares valued at approximately $6.89 million.
• Sumitomo Mitsui Financial Group reported earnings of $0.40 per share for the last quarter, exceeding expectations by $0.09, with a significant revenue of $16.41 billion.
• Recent analyst reports raised the company's stock rating, with Wall Street Zen moving it from a "sell" to a "hold" and Nomura Securities upgrading it to a "strong-buy."

LPL Financial LLC increased its holdings in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 37.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 445,354 shares of the bank's stock after acquiring an additional 120,362 shares during the quarter. LPL Financial LLC's holdings in Sumitomo Mitsui Financial Group were worth $6,885,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. FMR LLC grew its holdings in shares of Sumitomo Mitsui Financial Group by 16.5% during the 4th quarter. FMR LLC now owns 8,383,293 shares of the bank's stock worth $121,474,000 after purchasing an additional 1,189,453 shares in the last quarter. Clark Capital Management Group Inc. boosted its stake in Sumitomo Mitsui Financial Group by 26.9% in the fourth quarter. Clark Capital Management Group Inc. now owns 6,384,308 shares of the bank's stock valued at $92,509,000 after buying an additional 1,355,287 shares in the last quarter. Northern Trust Corp boosted its stake in Sumitomo Mitsui Financial Group by 79.3% in the fourth quarter. Northern Trust Corp now owns 5,029,497 shares of the bank's stock valued at $72,877,000 after buying an additional 2,224,913 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Sumitomo Mitsui Financial Group by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,899,574 shares of the bank's stock valued at $42,015,000 after buying an additional 33,783 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of Sumitomo Mitsui Financial Group by 6.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,923,502 shares of the bank's stock worth $29,737,000 after buying an additional 119,818 shares during the period. 3.85% of the stock is owned by institutional investors and hedge funds.

Sumitomo Mitsui Financial Group Trading Up 3.1%

NYSE SMFG traded up $0.50 on Thursday, hitting $16.75. The company's stock had a trading volume of 2,353,371 shares, compared to its average volume of 1,876,780. Sumitomo Mitsui Financial Group Inc has a 52-week low of $11.83 and a 52-week high of $16.76. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.75. The company's 50-day simple moving average is $15.19 and its 200 day simple moving average is $14.89. The firm has a market cap of $108.47 billion, a P/E ratio of 17.63, a PEG ratio of 0.72 and a beta of 0.41.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last released its earnings results on Thursday, July 31st. The bank reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.09. The company had revenue of $16.41 billion during the quarter, compared to analysts' expectations of $1,094.67 billion. Sumitomo Mitsui Financial Group had a return on equity of 7.88% and a net margin of 11.78%. Research analysts predict that Sumitomo Mitsui Financial Group Inc will post 0.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SMFG has been the subject of several recent research reports. Nomura Securities upgraded Sumitomo Mitsui Financial Group to a "strong-buy" rating in a report on Thursday, July 3rd. Wall Street Zen raised Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd.

Sumitomo Mitsui Financial Group Profile

Sumitomo Mitsui Financial Group, Inc, together with its subsidiaries, provides banking, leasing, securities, credit card, and consumer finance services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania. It operates through Wholesale Business Unit, Retail Business Unit, Global Business Unit, and Global Markets Business Unit segments.