Zacks Research Downgrades Sumitomo Mitsui Financial Group (NYSE:SMFG) to Hold

Key Points

• Zacks Research downgraded Sumitomo Mitsui Financial Group from “strong buy” to “hold,” following a similar downgrade by Weiss Ratings. MarketBeat now reports an average “hold” rating.
• SMFG reported quarterly EPS of $0.49 on $8.71 billion in revenue, with a 10.65% return on equity and 16.24% net margin. Analysts expect full-year EPS of $1.81.
• The stock opened at $24.57, compared with a 52-week range of $15.18 to $26.67; institutional investors own 3.85% of shares, while the CFO recently sold 4,000 shares.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

Separately, Weiss Ratings lowered Sumitomo Mitsui Financial Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, Sumitomo Mitsui Financial Group presently has an average rating of "Hold".

Sumitomo Mitsui Financial Group Stock Performance

Shares of Sumitomo Mitsui Financial Group stock opened at $24.57 on Wednesday. The company's fifty day simple moving average is $25.20 and its 200-day simple moving average is $22.82. The stock has a market capitalization of $156.80 billion, a PE ratio of 17.06, a P/E/G ratio of 0.97 and a beta of 0.42. Sumitomo Mitsui Financial Group has a 1-year low of $15.18 and a 1-year high of $26.67. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.05 and a quick ratio of 1.05.

Sumitomo Mitsui Financial Group (NYSE:SMFG - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The bank reported $0.49 EPS for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.65% and a net margin of 16.24%.The firm had revenue of $8.71 billion during the quarter. As a group, equities analysts anticipate that Sumitomo Mitsui Financial Group will post 1.81 earnings per share for the current year.

Insider Buying and Selling

In other Sumitomo Mitsui Financial Group news, CFO Kazuyuki Anchi sold 4,000 shares of Sumitomo Mitsui Financial Group stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $42.47, for a total transaction of $169,880.00. Following the transaction, the chief financial officer owned 48,857 shares of the company's stock, valued at $2,074,956.79. The trade was a 7.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.05% of the company's stock.

Institutional Trading of Sumitomo Mitsui Financial Group

A number of hedge funds and other institutional investors have recently modified their holdings of SMFG. Rehmann Capital Advisory Group bought a new stake in shares of Sumitomo Mitsui Financial Group during the 2nd quarter valued at $225,000. Te Ahumairangi Investment Management Ltd bought a new position in Sumitomo Mitsui Financial Group in the 2nd quarter worth $99,000. Ninepoint Partners LP bought a new position in Sumitomo Mitsui Financial Group in the 2nd quarter worth $2,521,000. Fiduciary Financial Group LLC purchased a new stake in Sumitomo Mitsui Financial Group in the 2nd quarter worth $202,000. Finally, Redhawk Wealth Advisors Inc. increased its stake in Sumitomo Mitsui Financial Group by 3.6% in the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 73,281 shares of the bank's stock worth $1,728,000 after buying an additional 2,573 shares in the last quarter. 3.85% of the stock is 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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