Sumitomo Mitsui Financial Group (NYSE:SMFG) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Sumitomo Mitsui Financial Group was upgraded from a "sell" to a "hold" rating by Wall Street Zen, while Nomura Securities gave it a "strong-buy" rating, indicating a positive shift in analyst sentiment towards the stock.
• The stock currently trades at approximately $15.08 with a market capitalization of $97.36 billion, showcasing a notable recovery from its 1-year low of $10.74.
• In its last quarterly earnings report, Sumitomo Mitsui Financial Group posted an EPS of $0.40, exceeding the consensus estimate, while reporting a revenue of $16.41 billion.

Wall Street Zen upgraded shares of Sumitomo Mitsui Financial Group (NYSE:SMFG - Free Report) from a sell rating to a hold rating in a research note released on Saturday.

Separately, Nomura Securities upgraded Sumitomo Mitsui Financial Group to a "strong-buy" rating in a research report on Thursday, July 3rd.

Sumitomo Mitsui Financial Group Stock Performance

Shares of SMFG stock traded down $0.01 on Friday, hitting $15.23. 848,785 shares of the stock were exchanged, compared to its average volume of 1,870,599. 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 firm has a market capitalization of $98.30 billion, a PE ratio of 16.03, a P/E/G ratio of 0.67 and a beta of 0.41. Sumitomo Mitsui Financial Group has a one year low of $10.81 and a one year high of $16.74. The firm's 50 day moving average is $15.13 and its two-hundred day moving average is $14.84.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The bank reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.09. The firm had revenue of $16.41 billion for the quarter, compared to analysts' expectations of $1,094.67 billion. Sumitomo Mitsui Financial Group had a return on equity of 7.88% and a net margin of 11.78%. Sell-side analysts expect that Sumitomo Mitsui Financial Group will post 0.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Calamos Wealth Management LLC purchased a new position in shares of Sumitomo Mitsui Financial Group in the first quarter worth $2,706,000. Allspring Global Investments Holdings LLC raised its stake in shares of Sumitomo Mitsui Financial Group by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 665,949 shares of the bank's stock worth $10,043,000 after purchasing an additional 89,464 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Sumitomo Mitsui Financial Group by 6.6% in the first quarter. Envestnet Asset Management Inc. now owns 1,923,502 shares of the bank's stock worth $29,737,000 after purchasing an additional 119,818 shares during the last quarter. Private Trust Co. NA raised its stake in shares of Sumitomo Mitsui Financial Group by 1,044.1% in the first quarter. Private Trust Co. NA now owns 2,334 shares of the bank's stock worth $36,000 after purchasing an additional 2,130 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of Sumitomo Mitsui Financial Group by 214.8% in the first quarter. Bessemer Group Inc. now owns 6,072 shares of the bank's stock worth $94,000 after purchasing an additional 4,143 shares during the last quarter. Hedge funds and other institutional investors own 3.85% of the company's stock.

About Sumitomo Mitsui Financial Group

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.