Sumitomo Mitsui Financial Group Inc $SMFG Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its SMFG position by 20.9% in the first quarter, acquiring 319,140 additional shares for a total holding of 1.85 million shares valued at approximately $36.5 million.
• Other institutional investors also expanded their exposure, including Jane Street Group, which boosted its stake by 1,246.6%; institutional investors and hedge funds collectively owned 3.85% of SMFG.
• SMFG reported quarterly revenue of $8.71 billion and EPS of $0.49, while analysts maintained an overall “Buy” rating. Shares opened at $26.28, near their 12-month high of $26.67.

Bank of America Corp DE lifted its position in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 20.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,846,335 shares of the bank's stock after acquiring an additional 319,140 shares during the period. Bank of America Corp DE's holdings in Sumitomo Mitsui Financial Group were worth $36,465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in SMFG. Ferguson Wellman Capital Management Inc. acquired a new position in Sumitomo Mitsui Financial Group during the first quarter worth about $33,801,000. Jane Street Group LLC increased its stake in shares of Sumitomo Mitsui Financial Group by 1,246.6% in the 4th quarter. Jane Street Group LLC now owns 1,318,753 shares of the bank's stock worth $25,491,000 after acquiring an additional 1,220,821 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in shares of Sumitomo Mitsui Financial Group during the 3rd quarter worth $14,018,000. Orion Porfolio Solutions LLC boosted its position in shares of Sumitomo Mitsui Financial Group by 606.2% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 709,707 shares of the bank's stock valued at $10,724,000 after acquiring an additional 609,212 shares during the last quarter. Finally, Massar Capital Management LP purchased a new stake in shares of Sumitomo Mitsui Financial Group in the second quarter valued at about $7,555,000. 3.85% of the stock is owned by institutional investors and hedge funds.

Sumitomo Mitsui Financial Group Price Performance

SMFG opened at $26.28 on Friday. The stock's 50-day moving average price is $25.04 and its 200 day moving average price is $22.69. Sumitomo Mitsui Financial Group Inc has a 12-month low of $15.18 and a 12-month high of $26.67. The firm has a market cap of $167.74 billion, a price-to-earnings ratio of 18.25, a PEG ratio of 1.34 and a beta of 0.42. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.65.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last released its earnings results on Tuesday, June 30th. The bank reported $0.49 earnings per share (EPS) for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.65% and a net margin of 16.24%.The firm had revenue of $8.71 billion during the quarter. As a group, sell-side analysts expect that Sumitomo Mitsui Financial Group Inc will post 1.4 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on SMFG shares. Zacks Research upgraded shares of Sumitomo Mitsui Financial Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Weiss Ratings lowered shares of Sumitomo Mitsui Financial Group from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy".

Insider Transactions at Sumitomo Mitsui Financial Group

In other Sumitomo Mitsui Financial Group news, CFO Kazuyuki Anchi sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $42.47, for a total transaction of $169,880.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.05% of the stock is owned by corporate insiders.

Sumitomo Mitsui Financial Group Profile

Sumitomo Mitsui Financial Group, Inc (SMFG) is a Tokyo-based financial holding company that provides a broad range of banking and financial services through a network of domestic and international subsidiaries. Established in 2002 as a holding company for the Sumitomo Mitsui banking operations, SMFG's core banking business is conducted primarily through its main operating bank, Sumitomo Mitsui Banking Corporation (SMBC), alongside other affiliates covering trust banking, securities, leasing and consumer finance.

The group's product and service mix spans corporate and commercial banking, retail deposit and loan services, trade and project finance, cash management, syndicated lending, foreign exchange and treasury services, and capital markets and investment banking activities through its securities arm.

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