Sumitomo Mitsui Financial Group (NYSE:SMFG) Shares Gap Down - Time to Sell?

Key Points

• Sumitomo Mitsui Financial Group shares gapped down to $16.01 from a previous close of $16.47, with a last trade price of $16.07.
• Analysts have a consensus rating of "Strong Buy" for the company, with some firms upgrading their ratings in recent weeks.
• The company reported an earnings per share (EPS) of $0.40 for the last quarter, exceeding expectations by $0.09, alongside a revenue of $16.41 billion.

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $16.47, but opened at $16.01. Sumitomo Mitsui Financial Group shares last traded at $16.07, with a volume of 153,333 shares.

Wall Street Analyst Weigh In

SMFG has been the subject of several analyst reports. Nomura Securities upgraded shares of Sumitomo Mitsui Financial Group to a "strong-buy" rating in a report 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 research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the stock has an average rating of "Strong Buy".

Sumitomo Mitsui Financial Group Trading Down 1.0%

The firm has a fifty day moving average of $15.73 and a two-hundred day moving average of $15.08. 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 market cap of $105.79 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 0.73 and a beta of 0.39.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The bank reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.09. The company had revenue of $16.41 billion for the quarter, compared to analysts' expectations of $1,094.67 billion. Sumitomo Mitsui Financial Group had a net margin of 11.78% and a return on equity of 7.88%. As a group, sell-side analysts predict that Sumitomo Mitsui Financial Group Inc will post 0.39 EPS for the current year.

Institutional Trading of Sumitomo Mitsui Financial Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE raised its position in shares of Sumitomo Mitsui Financial Group by 7.9% in the fourth quarter. Bank of America Corp DE now owns 1,776,384 shares of the bank's stock worth $25,740,000 after buying an additional 129,684 shares in the last quarter. Cetera Investment Advisers lifted its position in Sumitomo Mitsui Financial Group by 37.9% in the fourth quarter. Cetera Investment Advisers now owns 221,322 shares of the bank's stock valued at $3,207,000 after purchasing an additional 60,788 shares during the last quarter. Ethic Inc. boosted its position in Sumitomo Mitsui Financial Group by 12.6% during the 4th quarter. Ethic Inc. now owns 415,612 shares of the bank's stock valued at $6,022,000 after buying an additional 46,640 shares during the period. Ellevest Inc. grew its stake in shares of Sumitomo Mitsui Financial Group by 9.9% in the fourth quarter. Ellevest Inc. now owns 62,368 shares of the bank's stock worth $904,000 after purchasing an additional 5,625 shares during the last quarter. Finally, Focus Partners Wealth grew its position in shares of Sumitomo Mitsui Financial Group by 13.8% in the 4th quarter. Focus Partners Wealth now owns 12,995 shares of the bank's stock worth $195,000 after buying an additional 1,574 shares during the last quarter. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

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.