Sumitomo Mitsui Financial Group Inc $SMFG Shares Sold by Redhawk Wealth Advisors Inc.

Key Points

• Redhawk Wealth Advisors Inc. significantly reduced its holdings in Sumitomo Mitsui Financial Group, cutting its position by 76.0% during the second quarter.
• The bank reported better-than-expected earnings, with $0.40 earnings per share, outpacing the consensus estimate of $0.31.
• Analysts have shown positive sentiment towards the stock, with multiple firms upgrading it to a "strong-buy" rating recently.

Redhawk Wealth Advisors Inc. cut its stake in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 76.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,110 shares of the bank's stock after selling 54,279 shares during the period. Redhawk Wealth Advisors Inc.'s holdings in Sumitomo Mitsui Financial Group were worth $259,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Lindbrook Capital LLC increased its position in Sumitomo Mitsui Financial Group by 3.8% during the first quarter. Lindbrook Capital LLC now owns 20,072 shares of the bank's stock valued at $310,000 after acquiring an additional 729 shares during the last quarter. Wedmont Private Capital raised its position in Sumitomo Mitsui Financial Group by 4.9% in the first quarter. Wedmont Private Capital now owns 17,160 shares of the bank's stock worth $265,000 after acquiring an additional 801 shares during the period. Pinnacle Wealth Planning Services Inc. boosted its stake in shares of Sumitomo Mitsui Financial Group by 2.6% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 32,243 shares of the bank's stock worth $498,000 after acquiring an additional 809 shares during the last quarter. BSW Wealth Partners grew its position in shares of Sumitomo Mitsui Financial Group by 4.4% during the 1st quarter. BSW Wealth Partners now owns 19,652 shares of the bank's stock valued at $304,000 after acquiring an additional 837 shares during the period. Finally, D Orazio & Associates Inc. grew its position in shares of Sumitomo Mitsui Financial Group by 8.5% during the 1st quarter. D Orazio & Associates Inc. now owns 11,105 shares of the bank's stock valued at $172,000 after acquiring an additional 867 shares during the period. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SMFG has been the subject of several recent research reports. Nomura Securities raised Sumitomo Mitsui Financial Group to a "strong-buy" rating in a report on Thursday, July 3rd. 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. Finally, Wall Street Zen upgraded shares of Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two equities 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 Price Performance

SMFG stock traded up $0.24 during trading on Monday, hitting $17.08. 668,267 shares of the company's stock traded hands, compared to its average volume of 1,894,204. The stock has a market capitalization of $109.78 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 0.82 and a beta of 0.39. Sumitomo Mitsui Financial Group Inc has a 52 week low of $11.83 and a 52 week high of $17.46. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.03 and a current ratio of 1.03. The business has a fifty day simple moving average of $16.07 and a 200 day simple moving average of $15.17.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The bank reported $0.40 EPS 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 during the quarter, compared to analysts' expectations of $1,094.67 billion. As a group, research analysts expect that Sumitomo Mitsui Financial Group Inc will post 0.39 EPS 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.