Sequoia Financial Advisors LLC Cuts Stake in Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Sequoia Financial Advisors reduced its SMFG stake by 28.5% in the second quarter, selling 43,607 shares and retaining 109,279 shares valued at approximately $2.58 million.
• Analyst sentiment remains positive overall, with SMFG holding a “Moderate Buy” consensus rating, although Zacks Research downgraded the stock to “Hold” while Weiss Ratings upgraded it to “Buy.”
• SMFG reported quarterly EPS of $0.49 on $8.71 billion in revenue, with a 16.24% net margin and 10.65% return on equity; shares opened at $27.28, near their 52-week high of $27.61.

Sequoia Financial Advisors LLC lowered its holdings in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 28.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 109,279 shares of the bank's stock after selling 43,607 shares during the period. Sequoia Financial Advisors LLC's holdings in Sumitomo Mitsui Financial Group were worth $2,577,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Ascentis Independent Advisors purchased a new stake in Sumitomo Mitsui Financial Group during the first quarter valued at about $27,000. Continuum Advisory LLC purchased a new position in shares of Sumitomo Mitsui Financial Group in the second quarter worth about $28,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Sumitomo Mitsui Financial Group in the third quarter worth about $29,000. Bayban bought a new stake in shares of Sumitomo Mitsui Financial Group in the 4th quarter valued at about $30,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Sumitomo Mitsui Financial Group by 163.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,979 shares of the bank's stock valued at $30,000 after acquiring an additional 1,227 shares during the last quarter. Hedge funds and other institutional investors own 3.85% of the company's stock.

Analysts Set New Price Targets

SMFG has been the subject of several analyst reports. Zacks Research cut Sumitomo Mitsui Financial Group from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 19th. Weiss Ratings raised Sumitomo Mitsui Financial Group from a "hold (c+)" rating to a "buy (b+)" rating in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy".

Insider Activity

In related news, CFO Kazuyuki Anchi sold 4,000 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $42.47, for a total transaction of $169,880.00. Following the transaction, the chief financial officer owned 48,857 shares in the company, valued at $2,074,956.79. The trade was a 7.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.05% of the stock is owned by insiders.

Sumitomo Mitsui Financial Group Trading Down 0.0%

Shares of SMFG opened at $27.28 on Monday. The stock has a market capitalization of $172.83 billion, a P/E ratio of 18.95, a PEG ratio of 1.08 and a beta of 0.42. Sumitomo Mitsui Financial Group Inc has a twelve month low of $15.18 and a twelve month high of $27.61. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.65. The firm has a fifty day simple moving average of $25.83 and a two-hundred day simple moving average of $23.20.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last released its quarterly earnings data on Tuesday, June 30th. The bank reported $0.49 earnings per share (EPS) for the quarter. The firm had revenue of $8.71 billion for the quarter. Sumitomo Mitsui Financial Group had a net margin of 16.24% and a return on equity of 10.65%. On average, research analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 1.81 EPS for the current year.

Sumitomo Mitsui Financial Group Profile

Sumitomo Mitsui Financial Group, Inc (SMFG) is a Japanese financial services holding company and the parent organization of Sumitomo Mitsui Banking Corporation (SMBC). The group provides a broad range of financial products and services to individuals, businesses, institutional clients and public-sector organizations.

Its principal activities include commercial and investment banking, retail banking, corporate lending, deposits, payments, foreign exchange and trade finance. Through affiliated companies, SMFG also offers securities brokerage and underwriting, asset management, leasing, credit cards, consumer finance and other specialized financial services.

SMFG traces its heritage to the historical Sumitomo and Mitsui banking businesses.

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