Sumitomo Mitsui Financial Group (NYSE:SMFG) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

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) announced its earnings results on Thursday. The bank reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.09, Zacks reports. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%. The business had revenue of $16.41 billion during the quarter, compared to analysts' expectations of $1,094.67 billion.

Sumitomo Mitsui Financial Group Trading Up 1.8%

NYSE SMFG traded up $0.28 during mid-day trading on Wednesday, reaching $15.47. 1,378,521 shares of the stock were exchanged, compared to its average volume of 1,873,993. Sumitomo Mitsui Financial Group has a 1-year low of $11.73 and a 1-year high of $16.74. The business's fifty day simple moving average is $15.13 and its 200 day simple moving average is $14.84. The stock has a market capitalization of $100.16 billion, a PE ratio of 16.28, a PEG ratio of 0.67 and a beta of 0.41. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.03 and a current ratio of 1.03.

Analyst Ratings Changes

A number of brokerages have recently commented on SMFG. Nomura Securities raised shares of Sumitomo Mitsui Financial Group to a "strong-buy" rating in a report on Thursday, July 3rd. Wall Street Zen raised Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a report on Saturday.

Institutional Trading of Sumitomo Mitsui Financial Group

A number of hedge funds have recently bought and sold shares of SMFG. Acadian Asset Management LLC boosted its holdings in shares of Sumitomo Mitsui Financial Group by 336.4% in the 1st 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 during the last quarter. Geneos Wealth Management Inc. boosted its holdings 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 last quarter. Focus Partners Wealth boosted its holdings in shares of Sumitomo Mitsui Financial Group by 40.5% in the 1st quarter. Focus Partners Wealth now owns 18,253 shares of the bank's stock valued at $282,000 after purchasing an additional 5,258 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of 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 purchasing an additional 36,522 shares during the last quarter. Institutional investors and hedge funds own 3.85% of the company's stock.

Sumitomo Mitsui Financial Group Company Profile

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.