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 acquired a new stake in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 18,732 shares of the bank's stock, valued at approximately $290,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Goldman Sachs Group Inc. grew its stake in Sumitomo Mitsui Financial Group by 0.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 11,271,361 shares of the bank's stock worth $174,255,000 after buying an additional 53,612 shares during the last quarter. Clark Capital Management Group Inc. raised its stake in shares of Sumitomo Mitsui Financial Group by 1.8% in the first quarter. Clark Capital Management Group Inc. now owns 6,496,260 shares of the bank's stock valued at $100,432,000 after acquiring an additional 111,952 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Sumitomo Mitsui Financial Group by 3.2% during the first quarter. Northern Trust Corp now owns 5,188,817 shares of the bank's stock worth $80,219,000 after purchasing an additional 159,320 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings 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 last quarter. Finally, American Century Companies Inc. lifted its position in shares of Sumitomo Mitsui Financial Group by 5.9% during the 1st quarter. American Century Companies Inc. now owns 1,605,115 shares of the bank's stock valued at $24,815,000 after acquiring an additional 89,792 shares during the period. 3.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Sumitomo Mitsui Financial Group Stock Performance

Shares of SMFG stock traded up $0.16 during midday trading on Friday, hitting $16.88. 1,524,955 shares of the company were exchanged, compared to its average volume of 2,056,814. The firm's 50 day moving average price is $16.07 and its two-hundred day moving average price is $15.17. The firm has a market capitalization of $108.52 billion, a P/E ratio of 17.77, a PEG ratio of 0.81 and a beta of 0.39. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.03 and a current ratio of 1.03. Sumitomo Mitsui Financial Group Inc has a 52 week low of $11.83 and a 52 week high of $17.46.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last posted its earnings results on Thursday, July 31st. The bank reported $0.40 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.09. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%. The firm had revenue of $16.41 billion for the quarter, compared to analyst estimates of $1,094.67 billion. As a group, equities research analysts anticipate 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.