Sumitomo Mitsui Financial Group (NYSE:SMFG) Sets New 52-Week High - Should You Buy?

Key Points

• SMFG reached a new 52-week high of $26.67, up 2.2%, with the stock trading above both its 50-day and 200-day moving averages.
• Analyst sentiment is cautious: Weiss Ratings and Zacks Research downgraded the stock to “Hold,” leaving it with an average “Hold” rating from two analysts.
• The company reported quarterly EPS of $0.49 on $8.71 billion in revenue, with a 10.65% return on equity and 16.24% net margin; meanwhile, the CFO sold 4,000 shares and insiders own just 0.05% of the stock.

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $26.67 and last traded at $26.6750, with a volume of 241551 shares traded. The stock had previously closed at $26.03.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SMFG. Weiss Ratings lowered Sumitomo Mitsui Financial Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, August 5th. Zacks Research downgraded shares of Sumitomo Mitsui Financial Group from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 19th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of "Hold".

Sumitomo Mitsui Financial Group Trading Up 2.2%

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 company has a market cap of $168.61 billion, a P/E ratio of 18.46, a PEG ratio of 1.02 and a beta of 0.42. The firm's 50 day moving average is $25.34 and its two-hundred day moving average is $23.00.

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

Insider Transactions at Sumitomo Mitsui Financial Group

In other Sumitomo Mitsui Financial Group news, CFO Kazuyuki Anchi sold 4,000 shares of the company's stock in a transaction 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 sale, the chief financial officer owned 48,857 shares of the company's stock, valued at approximately $2,074,956.79. This represents a 7.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Several institutional investors and hedge funds have recently made changes to their positions in SMFG. Ascentis Independent Advisors acquired a new position in Sumitomo Mitsui Financial Group in the first quarter valued at approximately $27,000. Continuum Advisory LLC acquired a new stake in shares of Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $28,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Sumitomo Mitsui Financial Group during the 3rd quarter worth approximately $29,000. Bayban bought a new stake in shares of Sumitomo Mitsui Financial Group in the 4th quarter valued at $30,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Sumitomo Mitsui Financial Group by 163.2% during 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 period. Institutional investors own 3.85% of the company's stock.

Sumitomo Mitsui Financial Group Company 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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