Rhumbline Advisers Sells 43,546 Shares of Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Rhumbline Advisers reduced its stake in Sumitomo Mitsui Financial Group by 25.8% during the first quarter, now holding 125,355 shares valued at approximately $1.94 million.
• Despite a decrease in holdings by some funds, others like Millennium Management significantly increased their positions, lifting their stake by 460.7% in the same period.
• Sumitomo Mitsui Financial Group reported robust earnings of $0.40 per share for the last quarter, exceeding analysts' expectations of $0.31, and had revenue of $16.41 billion, substantially higher than estimates.

Rhumbline Advisers lowered its position in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) by 25.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 125,355 shares of the bank's stock after selling 43,546 shares during the period. Rhumbline Advisers' holdings in Sumitomo Mitsui Financial Group were worth $1,938,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in Sumitomo Mitsui Financial Group by 0.5% during the first quarter. Goldman Sachs Group Inc. now owns 11,271,361 shares of the bank's stock worth $174,255,000 after buying an additional 53,612 shares in the last quarter. Clark Capital Management Group Inc. grew its position in Sumitomo Mitsui Financial Group by 1.8% during the first quarter. Clark Capital Management Group Inc. now owns 6,496,260 shares of the bank's stock worth $100,432,000 after buying an additional 111,952 shares in the last quarter. Northern Trust Corp grew its position in Sumitomo Mitsui Financial Group by 3.2% during the first quarter. Northern Trust Corp now owns 5,188,817 shares of the bank's stock worth $80,219,000 after buying an additional 159,320 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Sumitomo Mitsui Financial Group by 6.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,923,502 shares of the bank's stock worth $29,737,000 after buying an additional 119,818 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Sumitomo Mitsui Financial Group by 5.9% during the first quarter. American Century Companies Inc. now owns 1,605,115 shares of the bank's stock worth $24,815,000 after buying an additional 89,792 shares in the last quarter. Institutional investors own 3.85% of the company's stock.

Sumitomo Mitsui Financial Group Trading Up 1.0%

SMFG traded up $0.16 during trading on Friday, reaching $16.88. 1,524,955 shares of the stock traded hands, compared to its average volume of 2,021,710. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.75. The stock has a market capitalization of $108.52 billion, a PE ratio of 17.77, a P/E/G ratio of 0.82 and a beta of 0.39. The stock's 50-day moving average is $16.07 and its 200 day moving average is $15.17. Sumitomo Mitsui Financial Group Inc has a 12 month low of $11.83 and a 12 month high of $17.46.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The bank reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.09. The business had revenue of $16.41 billion for the quarter, compared to analysts' expectations of $1,094.67 billion. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%. Equities analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on SMFG. Zacks Research raised Sumitomo Mitsui Financial Group from a "hold" rating to a "strong-buy" rating in a report on Friday, September 5th. Nomura Securities raised Sumitomo Mitsui Financial Group to a "strong-buy" rating in a report on Thursday, July 3rd. Finally, Wall Street Zen raised Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Two investment analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Strong 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.