Summit Financial LLC Makes New Investment in Sumitomo Mitsui Financial Group Inc $SMFG

Key Points

• Summit Financial LLC has acquired 36,800 shares of Sumitomo Mitsui Financial Group Inc for approximately $569,000, reflecting growing institutional interest in the bank's stock.
• Analysts have upgraded Sumitomo Mitsui Financial Group from a "sell" to a "hold" rating, with the average rating on the stock now classified as "Strong Buy."
• The bank reported strong earnings of $0.40 EPS for the last quarter, exceeding analysts' expectations and signaling robust financial performance.

Summit Financial LLC purchased a new stake in shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 36,800 shares of the bank's stock, valued at approximately $569,000.

A number of other hedge funds have also recently made changes to their positions in the business. Northern Trust Corp boosted its stake in Sumitomo Mitsui Financial Group by 79.3% during the fourth quarter. Northern Trust Corp now owns 5,029,497 shares of the bank's stock valued at $72,877,000 after buying an additional 2,224,913 shares during the last quarter. Clark Capital Management Group Inc. increased its stake in shares of Sumitomo Mitsui Financial Group by 26.9% in the 4th quarter. Clark Capital Management Group Inc. now owns 6,384,308 shares of the bank's stock valued at $92,509,000 after purchasing an additional 1,355,287 shares in the last quarter. Natixis Advisors LLC boosted its holdings in shares of Sumitomo Mitsui Financial Group by 59.8% during the 1st quarter. Natixis Advisors LLC now owns 1,439,197 shares of the bank's stock worth $22,250,000 after purchasing an additional 538,823 shares during the last quarter. First Trust Advisors LP purchased a new stake in Sumitomo Mitsui Financial Group in the fourth quarter valued at approximately $4,484,000. Finally, Silvercrest Asset Management Group LLC purchased a new stake in shares of Sumitomo Mitsui Financial Group during the fourth quarter worth $3,511,000. Institutional investors own 3.85% of the company's stock.

Sumitomo Mitsui Financial Group Stock Performance

Sumitomo Mitsui Financial Group stock traded up $0.02 during midday trading on Thursday, hitting $16.53. 6,995,595 shares of the company were exchanged, compared to its average volume of 1,894,946. The firm has a market capitalization of $107.00 billion, a PE ratio of 17.39, a price-to-earnings-growth ratio of 0.74 and a beta of 0.41. The business has a fifty day simple moving average of $15.53 and a two-hundred day simple moving average of $15.01. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.03 and a current ratio of 1.03. 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 issued its quarterly earnings results on Thursday, July 31st. The bank reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.09. The company had revenue of $16.41 billion for the quarter, compared to the consensus estimate of $1,094.67 billion. Sumitomo Mitsui Financial Group had a return on equity of 7.88% and a net margin of 11.78%. On average, sell-side analysts forecast that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SMFG. 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 upgraded shares of Sumitomo Mitsui Financial Group to a "strong-buy" rating in a research note on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, Sumitomo Mitsui Financial Group presently has an average rating of "Strong Buy".

Sumitomo Mitsui Financial Group Company Profile

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.