Sumitomo Mitsui Financial Group (NYSE:SMFG) Shares Gap Up - Should You Buy?

Key Points

• SMFG opened higher at $25.08 versus its prior close of $24.28, but later traded near $24.28, giving back the opening gap.
• Recent analyst moves were mixed: Zacks Research cut its rating to “strong sell,” while Weiss Ratings lowered its “buy” grade; MarketBeat reports a consensus “Hold”.
• Several major institutional investors increased their holdings, though hedge funds and other institutions collectively own just 3.85% of the company’s stock.

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Get Free Report) gapped up prior to trading on Tuesday. The stock had previously closed at $24.28, but opened at $25.08. Sumitomo Mitsui Financial Group shares last traded at $24.2750, with a volume of 603,345 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Zacks Research lowered Sumitomo Mitsui Financial Group from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 6th. Weiss Ratings downgraded Sumitomo Mitsui Financial Group from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, October 28th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Sumitomo Mitsui Financial Group has a consensus rating of "Hold".

Sumitomo Mitsui Financial Group Trading Up 0.1%

The company's fifty day moving average is $25.42 and its two-hundred day moving average is $23.47. The stock has a market cap of $153.91 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 1.61 and a beta of 0.52. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.65.

Insider Buying and Selling at Sumitomo Mitsui Financial Group

In other news, CFO Kazuyuki Anchi sold 4,000 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $42.47, for a total value of $169,880.00. Following the sale, the chief financial officer directly owned 48,857 shares in the company, valued at approximately $2,074,956.79. This trade represents a 7.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.05% of the company's stock.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Large investors have recently bought and sold shares of the business. Fisher Asset Management LLC raised its stake in Sumitomo Mitsui Financial Group by 3.5% in the third quarter. Fisher Asset Management LLC now owns 6,510,745 shares of the bank's stock valued at $168,693,000 after buying an additional 219,366 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Sumitomo Mitsui Financial Group by 7.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,090,741 shares of the bank's stock valued at $61,042,000 after acquiring an additional 217,929 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Sumitomo Mitsui Financial Group by 20.9% in the 1st quarter. Bank of America Corp DE now owns 1,846,335 shares of the bank's stock valued at $36,465,000 after acquiring an additional 319,140 shares during the last quarter. Quantinno Capital Management LP increased its holdings in shares of Sumitomo Mitsui Financial Group by 17.9% in the 1st quarter. Quantinno Capital Management LP now owns 1,615,819 shares of the bank's stock valued at $31,912,000 after acquiring an additional 245,231 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Sumitomo Mitsui Financial Group by 4.0% during the 1st quarter. Bank of New York Mellon Corp now owns 739,781 shares of the bank's stock worth $14,611,000 after acquiring an additional 28,651 shares in the last quarter. Hedge funds and other institutional investors own 3.85% of the company's stock.

Sumitomo Mitsui Financial Group Company Profile

Sumitomo Mitsui Financial Group, Inc. (SMFG) is a Japan-based financial holding company whose principal subsidiary is Sumitomo Mitsui Banking Corporation (SMBC). The group provides banking and other financial services to individuals, businesses and institutions. Its activities include deposits, lending, payments, foreign exchange, securities and investment banking, as well as leasing, credit cards, consumer finance and asset management. SMFG serves customers in Japan and internationally through its subsidiaries, offices and other operations across the Americas, Europe and Asia.

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