Sumitomo Mitsui Financial Group (NYSE:SMFG) Reaches New 1-Year High – Time to Buy?

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) hit a new 52-week high during trading on Monday . The company traded as high as $25.40 and last traded at $25.3350, with a volume of 206509 shares traded. The stock had previously closed at $24.53.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Zacks Research lowered Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Weiss Ratings raised shares of Sumitomo Mitsui Financial Group from a “hold (c)” rating to a “buy (b-)” rating in a report on Wednesday. Finally, Wall Street Zen downgraded shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Sumitomo Mitsui Financial Group has an average rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Price Performance

The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market cap of $162.06 billion, a P/E ratio of 18.95, a P/E/G ratio of 0.66 and a beta of 0.42. The company has a 50-day moving average of $22.82 and a 200 day moving average of $21.51.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced its quarterly earnings results on Tuesday, March 31st. The bank reported $0.18 earnings per share for the quarter. The firm had revenue of $7.31 billion for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.19% and a net margin of 15.68%. On average, sell-side analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 1.83 EPS for the current year.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Several institutional investors have recently added to or reduced their stakes in SMFG. Versant Capital Management Inc increased its holdings in shares of Sumitomo Mitsui Financial Group by 1.7% during the second quarter. Versant Capital Management Inc now owns 43,849 shares of the bank’s stock worth $1,034,000 after buying an additional 741 shares in the last quarter. Parallel Advisors LLC increased its holdings in Sumitomo Mitsui Financial Group by 9.2% during the 1st quarter. Parallel Advisors LLC now owns 57,620 shares of the bank’s stock valued at $1,138,000 after purchasing an additional 4,847 shares in the last quarter. Glenmede Trust Co. NA raised its position in Sumitomo Mitsui Financial Group by 6.9% in the 1st quarter. Glenmede Trust Co. NA now owns 43,988 shares of the bank’s stock valued at $869,000 after purchasing an additional 2,830 shares during the last quarter. CCM Investment Advisers LLC acquired a new position in Sumitomo Mitsui Financial Group in the first quarter worth $6,039,000. Finally, Bank of America Corp DE grew its holdings in shares of Sumitomo Mitsui Financial Group by 20.9% during the first quarter. Bank of America Corp DE now owns 1,846,335 shares of the bank’s stock worth $36,465,000 after purchasing an additional 319,140 shares during the last quarter. 3.85% of the stock is owned by institutional investors.

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.