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NVDA   451.21 (-0.06%)
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AMD   85.57 (+0.29%)
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MSFT   212.13 (-0.38%)
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GE   6.32 (-1.25%)
AMD   85.57 (+0.29%)
T   29.84 (-0.03%)
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Zacks Investment Research Upgrades Sumitomo Mitsui Financial Grp (NYSE:SMFG) to Hold

Last updated on Saturday, August 1, 2020 | 2020 MarketBeat

Sumitomo Mitsui Financial Grp (NYSE:SMFG) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research note issued on Saturday, Zacks.com reports.

According to Zacks, "SUMITOMO MITSUI FINANCIAL GROUP, INC., is a financial holding company established through a share transfer from Sumitomo Mitsui Banking Corporation. As a holding company, SMFG has functions such as strategic planning, management, resource allocation, strategic planning of information systems, financial management, investor relations, risk management, human resource management for group executives, and business auditing of the group as a whole. Sumitomo Mitsui Card Company, Limited, SMBC Leasing Company, Limited, SMBC Friend Securities and The Japan Research Institute are wholly-owned subsidiaries of SMFG. "

SMFG has been the subject of several other reports. Goldman Sachs Group lowered shares of Sumitomo Mitsui Financial Grp from a "buy" rating to a "neutral" rating in a report on Wednesday, July 8th. ValuEngine lowered shares of Sumitomo Mitsui Financial Grp from a "sell" rating to a "strong sell" rating in a report on Friday, May 1st. Finally, Daiwa Capital Markets raised shares of Sumitomo Mitsui Financial Grp from a "neutral" rating to an "outperform" rating in a report on Friday, June 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of "Hold" and an average price target of $6.50.

Sumitomo Mitsui Financial Grp stock opened at $5.35 on Friday. The firm has a 50 day moving average of $5.72 and a 200 day moving average of $5.83. The firm has a market capitalization of $37.49 billion, a price-to-earnings ratio of 6.86, a P/E/G ratio of 3.37 and a beta of 1.20. Sumitomo Mitsui Financial Grp has a 12-month low of $4.49 and a 12-month high of $7.56. The company has a current ratio of 1.05, a quick ratio of 1.10 and a debt-to-equity ratio of 2.46.

Sumitomo Mitsui Financial Grp (NYSE:SMFG) last released its earnings results on Friday, May 15th. The bank reported $0.21 earnings per share (EPS) for the quarter. The company had revenue of $11.87 billion during the quarter. Sumitomo Mitsui Financial Grp had a net margin of 11.61% and a return on equity of 5.75%. On average, analysts predict that Sumitomo Mitsui Financial Grp will post 0.74 EPS for the current year.

Hedge funds have recently bought and sold shares of the business. Ellevest Inc. boosted its stake in Sumitomo Mitsui Financial Grp by 74.9% in the 1st quarter. Ellevest Inc. now owns 7,901 shares of the bank's stock worth $38,000 after purchasing an additional 3,383 shares during the period. IHT Wealth Management LLC bought a new position in Sumitomo Mitsui Financial Grp in the 1st quarter worth approximately $48,000. FDx Advisors Inc. boosted its stake in Sumitomo Mitsui Financial Grp by 26.0% in the 2nd quarter. FDx Advisors Inc. now owns 10,240 shares of the bank's stock worth $58,000 after purchasing an additional 2,116 shares during the period. 180 Wealth Advisors LLC bought a new position in Sumitomo Mitsui Financial Grp in the 1st quarter worth approximately $63,000. Finally, Hancock Whitney Corp bought a new position in Sumitomo Mitsui Financial Grp in the 2nd quarter worth approximately $66,000. Institutional investors and hedge funds own 1.96% of the company's stock.

About Sumitomo Mitsui Financial Grp

Sumitomo Mitsui Financial Group, Inc, together with its subsidiaries, provides commercial banking, leasing, securities, consumer finance, and other services primarily in Japan. It operates through four segments: Wholesale Business, Retail Business, International Business, and Global Markets Business.

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