Sumitomo Mitsui Financial Group (NYSE:SMFG) Stock Price Crosses Below 200 Day Moving Average - Here's Why

Key Points

• SMFG fell below its 200-day moving average of $23.45, trading as low as $22.71 before last changing hands at $23.3560.
• Analyst views recently weakened: Zacks Research cut its rating to “strong sell,” while Weiss Ratings lowered its rating to “buy (B).” MarketBeat reports a consensus rating of “Hold.”
• CFO Kazuyuki Anchi sold 4,000 shares for about $169,880, reducing his direct holdings by 7.57%.

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Get Free Report)'s share price passed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $23.45 and traded as low as $22.71. Sumitomo Mitsui Financial Group shares last traded at $23.3560, with a volume of 1,965,497 shares changing hands.

Analyst Upgrades and Downgrades

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

Sumitomo Mitsui Financial Group Stock Performance

The firm has a market cap of $147.97 billion, a PE ratio of 16.22, a PEG ratio of 1.57 and a beta of 0.52. The firm's 50 day moving average price is $25.46 and its two-hundred day moving average price is $23.45. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.05 and a current ratio of 1.05.

Insider Buying and Selling

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 stock was 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 $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 is available at this hyperlink. 0.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Continuum Advisory LLC purchased a new position in shares of Sumitomo Mitsui Financial Group in the second quarter worth $28,000. West Financial Advisors LLC purchased a new stake in Sumitomo Mitsui Financial Group during the third quarter valued at approximately $33,000. Ascentis Independent Advisors purchased a new position in Sumitomo Mitsui Financial Group during the first quarter valued at approximately $27,000. Root Financial Partners LLC purchased a new stake in shares of Sumitomo Mitsui Financial Group during the third quarter worth $45,000. Finally, Livelsberger Financial Advisory acquired a new stake in Sumitomo Mitsui Financial Group in the 3rd quarter valued at approximately $51,000. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

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.

SMFG was established in 2002, following the integration of Sumitomo Bank and Sakura Bank.

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