QRG Capital Management Inc. Sells 94,537 Shares of Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• QRG Capital Management Inc. reduced its holdings in Sumitomo Mitsui Financial Group by 18.2%, selling 94,537 shares to own a total of 424,036 shares worth approximately $6.4 million.
• Several institutional investors have significantly increased their stakes in Sumitomo Mitsui Financial Group, with one fund boosting its position by over 1,000%.
• Sumitomo Mitsui Financial Group recently reported Q2 earnings of $0.40 per share, exceeding estimates, while analysts generally rate the stock as a "Buy" based on consensus opinion.

QRG Capital Management Inc. reduced its holdings in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 18.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 424,036 shares of the bank's stock after selling 94,537 shares during the quarter. QRG Capital Management Inc.'s holdings in Sumitomo Mitsui Financial Group were worth $6,407,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SMFG. Private Trust Co. NA boosted its stake in shares of Sumitomo Mitsui Financial Group by 1,044.1% during the 1st quarter. Private Trust Co. NA now owns 2,334 shares of the bank's stock worth $36,000 after acquiring an additional 2,130 shares during the period. Zions Bancorporation National Association UT acquired a new stake in Sumitomo Mitsui Financial Group during the 1st quarter worth approximately $42,000. Geneos Wealth Management Inc. lifted its holdings in Sumitomo Mitsui Financial Group by 41.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 3,163 shares of the bank's stock worth $49,000 after purchasing an additional 930 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in Sumitomo Mitsui Financial Group by 823.7% during the 1st quarter. TD Private Client Wealth LLC now owns 4,138 shares of the bank's stock worth $64,000 after purchasing an additional 3,690 shares during the last quarter. Finally, Brooklyn Investment Group lifted its holdings in Sumitomo Mitsui Financial Group by 654.7% during the 1st quarter. Brooklyn Investment Group now owns 5,947 shares of the bank's stock worth $92,000 after purchasing an additional 5,159 shares during the last quarter. 3.85% of the stock is currently owned by institutional investors.

Sumitomo Mitsui Financial Group Price Performance

Shares of NYSE SMFG opened at $16.57 on Monday. The stock has a market capitalization of $106.50 billion, a PE ratio of 17.44, a P/E/G ratio of 0.80 and a beta of 0.37. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.03 and a quick ratio of 1.03. The business has a fifty day moving average price of $16.39 and a two-hundred day moving average price of $15.24. Sumitomo Mitsui Financial Group Inc has a fifty-two week low of $11.83 and a fifty-two week high of $17.46.

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

Analyst Ratings Changes

SMFG has been the subject of several research reports. Zacks Research raised Sumitomo Mitsui Financial Group from a "hold" rating to a "strong-buy" rating in a report on Friday, September 5th. Wall Street Zen raised Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Nomura Securities raised Sumitomo Mitsui Financial Group to a "strong-buy" rating in a report on Thursday, July 3rd. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Sumitomo Mitsui Financial Group in a report on Saturday, September 27th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy".

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.

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