Sumitomo Mitsui Financial Group (NYSE:SMFG) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• SMFG shares climbed above their 200-day moving average, reaching $26.39 and closing around $26.30, compared with a 200-day average of $22.67.
• Analyst sentiment is broadly positive: Zacks Research upgraded the stock to “strong buy,” while Weiss Ratings downgraded it to “hold”; the overall MarketBeat consensus is “Buy.”
• The bank reported quarterly EPS of $0.49 on $8.71 billion in revenue, with a 16.24% net margin and 10.65% return on equity. Institutional investors and hedge funds collectively own 3.85% of the stock and several major firms increased their positions.

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $22.67 and traded as high as $26.39. Sumitomo Mitsui Financial Group shares last traded at $26.3020, with a volume of 1,263,620 shares trading hands.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Zacks Research upgraded shares of Sumitomo Mitsui Financial Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Weiss Ratings lowered shares of Sumitomo Mitsui Financial Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Sumitomo Mitsui Financial Group currently has an average rating of "Buy".

Sumitomo Mitsui Financial Group Stock Up 1.0%

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $167.86 billion, a PE ratio of 18.27, a P/E/G ratio of 1.33 and a beta of 0.42. The firm has a 50 day simple moving average of $24.98 and a two-hundred day simple moving average of $22.67.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The bank reported $0.49 EPS for the quarter. Sumitomo Mitsui Financial Group had a net margin of 16.24% and a return on equity of 10.65%. The company had revenue of $8.71 billion during the quarter. Research analysts expect that Sumitomo Mitsui Financial Group Inc will post 1.4 EPS for the current year.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Morgan Stanley grew its holdings in shares of Sumitomo Mitsui Financial Group by 1.9% in the 4th quarter. Morgan Stanley now owns 21,541,139 shares of the bank's stock worth $416,390,000 after acquiring an additional 404,435 shares during the period. Goldman Sachs Group Inc. grew its stake in Sumitomo Mitsui Financial Group by 1.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,997,774 shares of the bank's stock worth $212,587,000 after acquiring an additional 161,026 shares during the period. Northern Trust Corp grew its position in shares of Sumitomo Mitsui Financial Group by 2.6% in the third quarter. Northern Trust Corp now owns 5,743,128 shares of the bank's stock valued at $96,140,000 after purchasing an additional 147,963 shares during the period. Dimensional Fund Advisors LP grew its holdings in Sumitomo Mitsui Financial Group by 7.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,090,741 shares of the bank's stock valued at $61,042,000 after buying an additional 217,929 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in Sumitomo Mitsui Financial Group by 0.9% in the fourth quarter. Wells Fargo & Company MN now owns 2,151,904 shares of the bank's stock valued at $41,596,000 after purchasing an additional 19,520 shares during the period. 3.85% of the stock is 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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