169,492 Shares in Sumitomo Mitsui Financial Group Inc $SMFG Acquired by Myriad Asset Management US LP

Key Points

• Myriad Asset Management US LP has made a new investment in Sumitomo Mitsui Financial Group, purchasing 169,492 shares valued at approximately $2,561,000, which constitutes about 1.7% of its portfolio.
• Sumitomo Mitsui Financial Group recently reported quarterly earnings of $0.40 per share, surpassing analysts' expectations of $0.31, with a net margin of 11.78% and revenue of $16.41 billion.
• Several research firms, including Nomura Securities and Zacks Research, have upgraded Sumitomo Mitsui Financial Group to a "strong-buy" rating, reflecting positive analyst sentiment towards the stock.

Myriad Asset Management US LP purchased a new position in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 169,492 shares of the bank's stock, valued at approximately $2,561,000. Sumitomo Mitsui Financial Group makes up about 1.7% of Myriad Asset Management US LP's portfolio, making the stock its 13th biggest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SMFG. Focus Partners Wealth increased its holdings in Sumitomo Mitsui Financial Group by 13.8% in the 4th quarter. Focus Partners Wealth now owns 12,995 shares of the bank's stock worth $195,000 after acquiring an additional 1,574 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Sumitomo Mitsui Financial Group by 460.7% during the fourth quarter. Millennium Management LLC now owns 94,329 shares of the bank's stock worth $1,367,000 after buying an additional 77,507 shares in the last quarter. Vise Technologies Inc. grew its holdings in shares of Sumitomo Mitsui Financial Group by 73.0% during the fourth quarter. Vise Technologies Inc. now owns 120,024 shares of the bank's stock worth $1,739,000 after buying an additional 50,650 shares in the last quarter. Parr Mcknight Wealth Management Group LLC purchased a new stake in shares of Sumitomo Mitsui Financial Group during the fourth quarter worth $3,508,000. Finally, Forum Financial Management LP grew its holdings in shares of Sumitomo Mitsui Financial Group by 15.0% during the fourth quarter. Forum Financial Management LP now owns 222,120 shares of the bank's stock worth $3,219,000 after buying an additional 28,997 shares in the last quarter. Hedge funds and other institutional investors own 3.85% of the company's stock.

Wall Street Analyst Weigh In

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

Sumitomo Mitsui Financial Group Trading Up 1.3%

NYSE SMFG traded up $0.23 during trading hours on Monday, reaching $17.07. The company had a trading volume of 466,545 shares, compared to its average volume of 1,892,953. The stock has a market capitalization of $109.71 billion, a P/E ratio of 17.96, a price-to-earnings-growth ratio of 0.82 and a beta of 0.39. Sumitomo Mitsui Financial Group Inc has a 1-year low of $11.83 and a 1-year high of $17.46. 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 stock has a 50-day moving average of $16.07 and a 200 day moving average of $15.17.

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

About Sumitomo Mitsui Financial Group

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.