Massachusetts Financial Services Co. MA Buys 93,024 Shares of Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Massachusetts Financial Services Co. MA boosted its stake in Sumitomo Mitsui Financial Group by 14.5%, buying 93,024 shares to hold 736,467 shares valued at about $14.24 million.
• Sumitomo Mitsui missed expectations last quarter, reporting EPS of $0.16 versus the $0.40 consensus and revenue of $7.27 billion versus $7.93 billion expected.
• Shares trade near $21.38 with a market cap of $136.35 billion and a P/E of 17.81 (52‑week range $13.18–$24.33), and analyst coverage averages a "Moderate Buy."

Massachusetts Financial Services Co. MA grew its stake in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 14.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 736,467 shares of the bank's stock after purchasing an additional 93,024 shares during the period. Massachusetts Financial Services Co. MA's holdings in Sumitomo Mitsui Financial Group were worth $14,236,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of SMFG. AQR Capital Management LLC boosted its stake in shares of Sumitomo Mitsui Financial Group by 26.0% during the 1st quarter. AQR Capital Management LLC now owns 177,249 shares of the bank's stock valued at $2,740,000 after purchasing an additional 36,522 shares in the last quarter. Focus Partners Wealth boosted its stake in Sumitomo Mitsui Financial Group by 40.5% during the first quarter. Focus Partners Wealth now owns 18,253 shares of the bank's stock worth $282,000 after acquiring an additional 5,258 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Sumitomo Mitsui Financial Group by 41.6% during the first quarter. Geneos Wealth Management Inc. now owns 3,163 shares of the bank's stock worth $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 first quarter. Acadian Asset Management LLC now owns 39,574 shares of the bank's stock worth $610,000 after acquiring an additional 30,506 shares in the last quarter. Finally, Sivia Capital Partners LLC boosted its stake in Sumitomo Mitsui Financial Group by 43.9% during the second quarter. Sivia Capital Partners LLC now owns 32,398 shares of the bank's stock worth $490,000 after acquiring an additional 9,876 shares in the last quarter. Institutional investors own 3.85% of the company's stock.

Sumitomo Mitsui Financial Group Stock Performance

Shares of NYSE SMFG opened at $21.38 on Friday. The firm's 50 day moving average price is $21.19 and its 200-day moving average price is $19.29. The company has a market cap of $136.35 billion, a PE ratio of 17.81, a P/E/G ratio of 0.75 and a beta of 0.40. Sumitomo Mitsui Financial Group Inc has a 52-week low of $13.18 and a 52-week high of $24.33.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last issued its earnings results on Friday, January 30th. The bank reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.24). The firm had revenue of $7.27 billion during the quarter, compared to the consensus estimate of $7.93 billion. Sumitomo Mitsui Financial Group had a return on equity of 9.38% and a net margin of 13.81%. On average, analysts forecast that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SMFG has been the topic of several research reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Sumitomo Mitsui Financial Group in a research note on Monday, December 29th. Wall Street Zen lowered shares of Sumitomo Mitsui Financial Group from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Finally, Zacks Research raised shares of Sumitomo Mitsui Financial Group from a "strong sell" rating to a "hold" rating in a research note 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's stock. According to data from MarketBeat.com, Sumitomo Mitsui Financial Group currently has an average rating of "Moderate Buy".

Sumitomo Mitsui Financial Group Company 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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