Sumitomo Mitsui Financial Group (NYSE:SMFG) Reaches New 12-Month High - Should You Buy?

Key Points

• Sumitomo Mitsui Financial Group's stock reached a new 52-week high of $16.74, up from a previous close of $16.25, with a trading volume of 216,038 shares.
• Analysts have upgraded the company's rating, with Nomura Securities now considering it a "strong-buy" and Wall Street Zen adjusting from "sell" to "hold."
• The bank reported an EPS of $0.40 for the last quarter, exceeding expectations of $0.31, alongside revenue of $16.41 billion against a consensus estimate of $1,094.67 billion.

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $16.74 and last traded at $16.74, with a volume of 216038 shares trading hands. The stock had previously closed at $16.25.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Nomura Securities raised Sumitomo Mitsui Financial Group to a "strong-buy" rating in a research note 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, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the company has an average rating of "Strong Buy".

Sumitomo Mitsui Financial Group Price Performance

The company has a market capitalization of $107.84 billion, a price-to-earnings ratio of 17.53, a PEG ratio of 0.76 and a beta of 0.41. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.75. The company has a 50 day moving average price of $15.30 and a 200 day moving average price of $14.92.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last released its earnings results on Thursday, July 31st. The bank reported $0.40 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.09. The company had revenue of $16.41 billion during the quarter, compared to the consensus estimate of $1,094.67 billion. Sumitomo Mitsui Financial Group had a return on equity of 7.88% and a net margin of 11.78%. As a group, equities research analysts forecast that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current year.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Capital A Wealth Management LLC bought a new stake in shares of Sumitomo Mitsui Financial Group during the fourth quarter worth $25,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Sumitomo Mitsui Financial Group by 163.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,979 shares of the bank's stock worth $30,000 after acquiring an additional 1,227 shares during the last quarter. NewSquare Capital LLC boosted its position in shares of Sumitomo Mitsui Financial Group by 204.7% in the 2nd quarter. NewSquare Capital LLC now owns 2,029 shares of the bank's stock worth $31,000 after purchasing an additional 1,363 shares during the last quarter. Park Square Financial Group LLC bought a new position in shares of Sumitomo Mitsui Financial Group in the 4th quarter worth $34,000. Finally, Twin Peaks Wealth Advisors LLC bought a new position in shares of Sumitomo Mitsui Financial Group in the 2nd quarter worth $34,000. Institutional investors 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.