Cibc World Market Inc. Cuts Stake in Sumitomo Mitsui Financial Group Inc $SMFG

Cibc World Market Inc. lessened its position in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) by 18.1% in the 3rd quarter, Holdings Channel reports. The fund owned 454,693 shares of the bank’s stock after selling 100,225 shares during the period. Cibc World Market Inc.’s holdings in Sumitomo Mitsui Financial Group were worth $7,612,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Fisher Asset Management LLC raised its holdings in Sumitomo Mitsui Financial Group by 137.4% during the second quarter. Fisher Asset Management LLC now owns 1,357,193 shares of the bank’s stock worth $20,507,000 after purchasing an additional 785,443 shares in the last quarter. Orion Porfolio Solutions LLC increased its position in Sumitomo Mitsui Financial Group by 606.2% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 709,707 shares of the bank’s stock worth $10,724,000 after purchasing an additional 609,212 shares during the period. Westfield Capital Management Co. LP purchased a new position in shares of Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $8,188,000. Massar Capital Management LP purchased a new position in shares of Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $7,555,000. Finally, Osaic Holdings Inc. lifted its holdings in shares of Sumitomo Mitsui Financial Group by 846.2% in the 2nd quarter. Osaic Holdings Inc. now owns 548,474 shares of the bank’s stock valued at $8,465,000 after buying an additional 490,506 shares during the period. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a report on Monday, December 29th. Zacks Research cut shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 15th. Finally, Wall Street Zen upgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “buy” rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold”.

Sumitomo Mitsui Financial Group Stock Performance

Shares of SMFG stock opened at $23.80 on Friday. The stock has a fifty day moving average price of $20.51 and a 200 day moving average price of $17.92. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $152.55 billion, a PE ratio of 19.83, a P/E/G ratio of 0.92 and a beta of 0.36. Sumitomo Mitsui Financial Group Inc has a 1 year low of $11.83 and a 1 year high of $24.33.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced its quarterly earnings results on Friday, January 30th. The bank reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.24). Sumitomo Mitsui Financial Group had a net margin of 13.81% and a return on equity of 9.38%. The firm had revenue of $17.71 billion during the quarter, compared to analysts’ expectations of $7.93 billion. Sell-side analysts forecast that Sumitomo Mitsui Financial Group Inc will post 0.39 earnings per share for the current fiscal year.

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.