Modern Wealth Management LLC Makes New Investment in Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Modern Wealth Management LLC has acquired a new position in Sumitomo Mitsui Financial Group Inc, purchasing 18,732 shares valued at approximately $290,000 during the first quarter.
• Several hedge funds have increased their stakes in the company, indicating growing institutional interest, with overall 3.85% of the stock being owned by institutional investors.
• Equities research analysts have upgraded the stock's rating to "strong-buy", reflecting positive sentiment with a consensus rating of "Strong Buy" from multiple analysts.

Modern Wealth Management LLC purchased a new position in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 18,732 shares of the bank's stock, valued at approximately $290,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Capital A Wealth Management LLC acquired a new stake in shares of Sumitomo Mitsui Financial Group in the fourth quarter valued at approximately $25,000. Private Trust Co. NA raised its stake in Sumitomo Mitsui Financial Group by 1,044.1% during the first quarter. Private Trust Co. NA now owns 2,334 shares of the bank's stock worth $36,000 after purchasing an additional 2,130 shares during the period. Park Square Financial Group LLC purchased a new position in Sumitomo Mitsui Financial Group during the fourth quarter worth about $34,000. Financial Management Professionals Inc. boosted its holdings in Sumitomo Mitsui Financial Group by 88.3% in the 1st quarter. Financial Management Professionals Inc. now owns 2,404 shares of the bank's stock valued at $37,000 after purchasing an additional 1,127 shares during the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in Sumitomo Mitsui Financial Group in the first quarter worth approximately $42,000. 3.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SMFG shares. Wall Street Zen raised shares of Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Zacks Research raised Sumitomo Mitsui Financial Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 5th. Finally, Nomura Securities upgraded shares of Sumitomo Mitsui Financial Group to a "strong-buy" rating in a report on Thursday, July 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Sumitomo Mitsui Financial Group currently has a consensus rating of "Strong Buy".

Sumitomo Mitsui Financial Group Price Performance

Sumitomo Mitsui Financial Group stock opened at $16.78 on Tuesday. The stock has a market capitalization of $107.85 billion, a PE ratio of 17.66, a price-to-earnings-growth ratio of 0.81 and a beta of 0.39. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.03 and a quick ratio of 1.03. Sumitomo Mitsui Financial Group Inc has a 12 month low of $11.83 and a 12 month high of $17.46. The business has a 50 day simple moving average of $15.92 and a 200-day simple moving average of $15.13.

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

Sumitomo Mitsui Financial Group Company 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.

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