Sumitomo Mitsui Financial Group (NYSE:SMFG) Announces Earnings Results

Key Points

• Sumitomo Mitsui Financial Group reported an EPS of $0.40 for the quarter, exceeding analysts' expectations of $0.31 and achieving revenue of $16.41 billion.
• The company's stock traded down 0.4% to $15.08, with a current market cap of $97.36 billion and a price-to-earnings ratio of 15.87.
• Analysts have upgraded the stock, with Nomura Securities issuing a "strong-buy" rating, while several institutional investors have significantly increased their stakes in the company.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) posted its earnings results on Thursday. The bank reported $0.40 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.09, Zacks reports. The firm had revenue of $16.41 billion during the quarter, compared to analysts' expectations of $1,094.67 billion. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.83%.

Sumitomo Mitsui Financial Group Trading Down 0.4%

NYSE SMFG traded down $0.06 on Friday, reaching $15.08. The company had a trading volume of 2,421,495 shares, compared to its average volume of 2,008,126. The firm has a market cap of $97.36 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 0.67 and a beta of 0.41. Sumitomo Mitsui Financial Group has a fifty-two week low of $10.74 and a fifty-two week high of $16.74. The business has a 50 day moving average of $15.13 and a two-hundred day moving average of $14.83. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.05 and a quick ratio of 1.05.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SMFG shares. Nomura Securities upgraded shares of Sumitomo Mitsui Financial Group to a "strong-buy" rating in a research report on Thursday, July 3rd. Wall Street Zen raised Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a research note on Saturday.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. lifted its stake in shares of Sumitomo Mitsui Financial Group by 41.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 3,163 shares of the bank's stock valued at $49,000 after purchasing an additional 930 shares during the period. Focus Partners Wealth boosted its stake in Sumitomo Mitsui Financial Group by 40.5% during the first quarter. Focus Partners Wealth now owns 18,253 shares of the bank's stock worth $282,000 after acquiring an additional 5,258 shares in the last quarter. Acadian Asset Management LLC increased its stake in Sumitomo Mitsui Financial Group by 336.4% in the first quarter. Acadian Asset Management LLC now owns 39,574 shares of the bank's stock valued at $610,000 after purchasing an additional 30,506 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in Sumitomo Mitsui Financial Group by 26.0% in the 1st quarter. AQR Capital Management LLC now owns 177,249 shares of the bank's stock valued at $2,740,000 after buying an additional 36,522 shares in the last quarter. Institutional investors and hedge funds own 3.85% of the company's stock.

About Sumitomo Mitsui Financial Group

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.

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