Sumitomo Mitsui Financial Group (NYSE:SMFG) Hits New 12-Month High - Time to 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) reached a new 52-week high on Thursday . The stock traded as high as $16.74 and last traded at $16.74, with a volume of 216038 shares changing hands. The stock had previously closed at $16.25.

Analysts Set New Price Targets

SMFG has been the subject of a number of analyst reports. Wall Street Zen raised Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Nomura Securities raised Sumitomo Mitsui Financial Group to a "strong-buy" rating in a research report on Thursday, July 3rd.

Sumitomo Mitsui Financial Group Stock Performance

The firm has a market capitalization of $108.29 billion, a price-to-earnings ratio of 17.61, a P/E/G ratio of 0.72 and a beta of 0.41. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.75. The stock has a 50-day moving average price of $15.19 and a 200 day moving average price of $14.89.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The bank reported $0.40 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.09. The business 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%. On average, analysts forecast that Sumitomo Mitsui Financial Group Inc will post 0.39 EPS for the current year.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Certuity LLC lifted its stake in Sumitomo Mitsui Financial Group by 7.2% in the second quarter. Certuity LLC now owns 13,327 shares of the bank's stock valued at $201,000 after buying an additional 900 shares during the last quarter. Federated Hermes Inc. lifted its stake in Sumitomo Mitsui Financial Group by 37.2% in the second quarter. Federated Hermes Inc. now owns 253,494 shares of the bank's stock valued at $3,830,000 after buying an additional 68,764 shares during the last quarter. Flow Traders U.S. LLC purchased a new stake in Sumitomo Mitsui Financial Group in the second quarter valued at approximately $322,000. Walleye Capital LLC purchased a new stake in Sumitomo Mitsui Financial Group in the second quarter valued at approximately $955,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Sumitomo Mitsui Financial Group by 315.1% during the second quarter. EverSource Wealth Advisors LLC now owns 32,122 shares of the bank's stock worth $485,000 after purchasing an additional 24,384 shares during the last quarter. 3.85% of the stock is owned by institutional investors and hedge funds.

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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