Sumitomo Mitsui Financial Group (NYSE:SMFG) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Technical breakout: SMFG shares crossed above their 200‑day moving average of $19.60, trading as high as $21.33 and last at $21.2450 on volume of about 3.7 million shares.
• Analyst views mixed but positive on average: Zacks upgraded the stock to a "strong‑buy" while Wall Street Zen cut it to a "hold"; two analysts rate it Strong Buy and one rates it Hold, giving an overall average rating of "Buy."
• Recent earnings miss: SMFG reported Q results with EPS of $0.16 vs. $0.40 expected and revenue of $7.27B vs. $7.93B expected, though analysts forecast about $1.49 EPS for the current year.

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $19.60 and traded as high as $21.33. Sumitomo Mitsui Financial Group shares last traded at $21.2450, with a volume of 3,698,801 shares traded.

Analysts Set New Price Targets

A number of analysts recently commented on SMFG shares. Zacks Research raised Sumitomo Mitsui Financial Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 21st. Wall Street Zen lowered Sumitomo Mitsui Financial Group from a "buy" rating to a "hold" rating in a report on Saturday, March 28th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy".

Sumitomo Mitsui Financial Group Price Performance

The company's fifty day simple moving average is $20.65 and its two-hundred day simple moving average is $19.60. The stock has a market cap of $135.53 billion, a price-to-earnings ratio of 17.70, a P/E/G ratio of 0.68 and a beta of 0.40.

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

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL boosted its holdings in Sumitomo Mitsui Financial Group by 112.5% during the 3rd quarter. Tudor Investment Corp ET AL now owns 927,179 shares of the bank's stock worth $15,521,000 after acquiring an additional 490,891 shares during the last quarter. Factory Mutual Insurance Co. bought a new stake in shares of Sumitomo Mitsui Financial Group in the 3rd quarter worth $3,164,000. American Century Companies Inc. raised its holdings in shares of Sumitomo Mitsui Financial Group by 16.9% in the third quarter. American Century Companies Inc. now owns 2,036,709 shares of the bank's stock valued at $34,095,000 after purchasing an additional 294,124 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Sumitomo Mitsui Financial Group by 67.4% during the third quarter. Federated Hermes Inc. now owns 424,283 shares of the bank's stock valued at $7,102,000 after purchasing an additional 170,789 shares in the last quarter. Finally, Assetmark Inc. lifted its position in shares of Sumitomo Mitsui Financial Group by 72.7% during the third quarter. Assetmark Inc. now owns 101,571 shares of the bank's stock valued at $1,700,000 after purchasing an additional 42,766 shares in the last quarter. Institutional investors and hedge funds own 3.85% of the company's stock.

Sumitomo Mitsui Financial Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.