Park Avenue Securities LLC Purchases 26,173 Shares of Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Park Avenue Securities LLC increased its stake in Sumitomo Mitsui Financial Group by 13.4%, acquiring an additional 26,173 shares to reach a total of 221,149 shares worth approximately $3.34 million.
• Several institutional investors have also enhanced their positions in Sumitomo Mitsui during the second quarter, with Farther Finance Advisors LLC leading in growth at 32.4% increase in their holdings.
• Analysts have upgraded the stock's rating, with Zacks Research and Nomura Securities both assigning a strong-buy rating, indicating a positive outlook for the company's performance.

Park Avenue Securities LLC raised its holdings in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 13.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 221,149 shares of the bank's stock after purchasing an additional 26,173 shares during the period. Park Avenue Securities LLC's holdings in Sumitomo Mitsui Financial Group were worth $3,342,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Sowell Financial Services LLC lifted its holdings in Sumitomo Mitsui Financial Group by 6.2% in the second quarter. Sowell Financial Services LLC now owns 18,699 shares of the bank's stock valued at $283,000 after buying an additional 1,094 shares during the period. BTC Capital Management Inc. boosted its position in shares of Sumitomo Mitsui Financial Group by 4.4% in the 2nd quarter. BTC Capital Management Inc. now owns 166,010 shares of the bank's stock worth $2,508,000 after purchasing an additional 7,000 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Sumitomo Mitsui Financial Group by 32.4% in the 2nd quarter. Farther Finance Advisors LLC now owns 13,828 shares of the bank's stock worth $209,000 after purchasing an additional 3,386 shares during the last quarter. Myriad Asset Management US LP acquired a new stake in shares of Sumitomo Mitsui Financial Group during the second quarter worth $2,561,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Sumitomo Mitsui Financial Group by 13.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 24,242 shares of the bank's stock valued at $370,000 after purchasing an additional 2,816 shares during the last quarter. Institutional investors and hedge funds own 3.85% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SMFG. Zacks Research upgraded Sumitomo Mitsui Financial Group from a "hold" rating to a "strong-buy" rating in a report on Friday, September 5th. Nomura Securities upgraded shares of Sumitomo Mitsui Financial Group to a "strong-buy" rating in a research 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 research note on Saturday, August 2nd. Two investment analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat, Sumitomo Mitsui Financial Group has an average rating of "Strong Buy".

Sumitomo Mitsui Financial Group Stock Performance

Shares of SMFG opened at $16.98 on Wednesday. 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 twelve month low of $11.83 and a twelve month high of $17.46. The firm's 50 day moving average price is $16.16 and its two-hundred day moving average price is $15.19. The firm has a market cap of $109.13 billion, a P/E ratio of 17.87, a PEG ratio of 0.83 and a beta of 0.39.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $16.41 billion during the quarter, compared to the consensus estimate of $1,094.67 billion. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%. On average, analysts forecast that Sumitomo Mitsui Financial Group Inc will post 0.39 EPS for the current fiscal year.

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.

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