Sumitomo Mitsui Financial Group (NYSE:SMFG) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Sumitomo Mitsui Financial Group (SMFG) from a "hold" to a "strong-buy"; overall analyst mix shows two Strong Buy ratings and one Hold, with a MarketBeat average of "Buy".
• SMFG missed quarterly estimates, reporting EPS of $0.16 versus a $0.40 consensus and revenue of $7.27 billion versus $7.93 billion, while analysts forecast about $1.49 EPS for the current year.
• Shares opened at $20.37 with a market capitalization of $129.93 billion and a PE of 16.97 (1‑year range $13.58–$24.33), and institutional investors hold roughly 3.85% of the stock.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

SMFG has been the topic of several other reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Sumitomo Mitsui Financial Group in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Sumitomo Mitsui Financial Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Two research analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy".

Sumitomo Mitsui Financial Group Trading Down 0.1%

Shares of Sumitomo Mitsui Financial Group stock opened at $20.37 on Tuesday. The firm has a market capitalization of $129.93 billion, a PE ratio of 16.97, a price-to-earnings-growth ratio of 0.67 and a beta of 0.40. The firm's 50 day moving average is $20.99 and its 200 day moving average is $19.43. Sumitomo Mitsui Financial Group has a 1 year low of $13.58 and a 1 year high of $24.33.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last posted its earnings results on Friday, January 30th. The bank reported $0.16 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.24). Sumitomo Mitsui Financial Group had a return on equity of 9.38% and a net margin of 13.81%.The business had revenue of $7.27 billion for the quarter, compared to analyst estimates of $7.93 billion. As a group, research analysts anticipate that Sumitomo Mitsui Financial Group will post 1.49 earnings per share for the current year.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Several hedge funds have recently added to or reduced their stakes in SMFG. Bridgewater Advisors Inc. lifted its position in shares of Sumitomo Mitsui Financial Group by 2.2% in the 4th quarter. Bridgewater Advisors Inc. now owns 24,656 shares of the bank's stock worth $513,000 after purchasing an additional 530 shares during the period. Park Square Financial Group LLC lifted its position in shares of Sumitomo Mitsui Financial Group by 58.0% in the 4th quarter. Park Square Financial Group LLC now owns 1,629 shares of the bank's stock worth $31,000 after purchasing an additional 598 shares during the period. Sound Income Strategies LLC lifted its position in shares of Sumitomo Mitsui Financial Group by 76.8% in the 4th quarter. Sound Income Strategies LLC now owns 1,404 shares of the bank's stock worth $30,000 after purchasing an additional 610 shares during the period. Traveka Wealth LLC lifted its position in shares of Sumitomo Mitsui Financial Group by 2.3% in the 1st quarter. Traveka Wealth LLC now owns 26,726 shares of the bank's stock worth $528,000 after purchasing an additional 613 shares during the period. Finally, Anchyra Partners LLC lifted its position in shares of Sumitomo Mitsui Financial Group by 4.5% in the 1st quarter. Anchyra Partners LLC now owns 14,329 shares of the bank's stock worth $283,000 after purchasing an additional 620 shares during the period. 3.85% of the stock is currently owned by institutional investors and hedge funds.

About Sumitomo Mitsui Financial Group

Sumitomo Mitsui Financial Group, Inc (SMFG) is a Tokyo-based financial holding company that provides a broad range of banking and financial services through a network of domestic and international subsidiaries. Established in 2002 as a holding company for the Sumitomo Mitsui banking operations, SMFG's core banking business is conducted primarily through its main operating bank, Sumitomo Mitsui Banking Corporation (SMBC), alongside other affiliates covering trust banking, securities, leasing and consumer finance.

The group's product and service mix spans corporate and commercial banking, retail deposit and loan services, trade and project finance, cash management, syndicated lending, foreign exchange and treasury services, and capital markets and investment banking activities through its securities arm.

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