Sumitomo Mitsui Financial Group (NYSE:SMFG) Sets New 12-Month High - Time to Buy?

Key Points

• Sumitomo Mitsui Financial Group (NYSE:SMFG) hit a new 52-week high on Monday, trading as high as $25.82 and closing near $25.95, up about 0.8% on the day.
• Recent analyst activity has been mixed, but the stock’s overall consensus remains Moderate Buy after Weiss Ratings upgraded it while other firms trimmed their ratings to Hold.
• The company reported quarterly EPS of $0.18 on revenue of $7.31 billion, and analysts currently expect full-year EPS of 1.87.

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The company traded as high as $25.82 and last traded at $25.9510, with a volume of 2620440 shares. The stock had previously closed at $25.74.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SMFG. Weiss Ratings upgraded shares of Sumitomo Mitsui Financial Group from a "hold (c)" rating to a "buy (b-)" rating in a research report on Wednesday, July 1st. Wall Street Zen lowered Sumitomo Mitsui Financial Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Finally, Zacks Research cut Sumitomo Mitsui Financial Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Sumitomo Mitsui Financial Group presently has a consensus rating of "Moderate Buy".

Sumitomo Mitsui Financial Group Stock Up 0.8%

The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.06 and a current ratio of 1.06. The company's fifty day moving average price is $23.32 and its 200-day moving average price is $21.73. The stock has a market cap of $165.48 billion, a P/E ratio of 19.36, a price-to-earnings-growth ratio of 0.99 and a beta of 0.42.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The bank reported $0.18 EPS for the quarter. The company had revenue of $7.31 billion for the quarter. Sumitomo Mitsui Financial Group had a net margin of 15.68% and a return on equity of 10.19%. Equities analysts forecast that Sumitomo Mitsui Financial Group Inc will post 1.87 EPS for the current year.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Ascentis Independent Advisors purchased a new position in Sumitomo Mitsui Financial Group during the 1st quarter valued at $27,000. PFS Partners LLC purchased a new stake in Sumitomo Mitsui Financial Group in the fourth quarter worth $27,000. Sound Income Strategies LLC increased its stake in Sumitomo Mitsui Financial Group by 76.8% in the fourth 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. Bayban bought a new stake in shares of Sumitomo Mitsui Financial Group during the fourth quarter worth $30,000. Finally, Cornerstone Planning Group LLC lifted its position in shares of Sumitomo Mitsui Financial Group by 3,149.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 1,592 shares of the bank's stock worth $33,000 after purchasing an additional 1,543 shares during the last quarter. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

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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