Sumitomo Mitsui Financial Grp (SMFG) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Sumitomo Mitsui Financial Grp (NYSE:SMFG) from a hold rating to a buy rating in a report issued on Saturday morning. They currently have $9.25 target price on the bank’s stock.

According to Zacks, “SUMITOMO MITSUI FINANCIAL GROUP, INC., is a financial holding company established through a share transfer from Sumitomo Mitsui Banking Corporation. As a holding company, SMFG has functions such as strategic planning, management, resource allocation, strategic planning of information systems, financial management, investor relations, risk management, human resource management for group executives, and business auditing of the group as a whole. Sumitomo Mitsui Card Company, Limited, SMBC Leasing Company, Limited, SMBC Friend Securities and The Japan Research Institute are wholly-owned subsidiaries of SMFG. “

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Separately, ValuEngine downgraded shares of Sumitomo Mitsui Financial Grp from a strong-buy rating to a buy rating in a research note on Thursday, February 8th.

Shares of SMFG stock opened at $8.35 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.96 and a current ratio of 0.98. Sumitomo Mitsui Financial Grp has a 12 month low of $6.93 and a 12 month high of $9.67. The firm has a market cap of $59,036.80, a P/E ratio of 8.03 and a beta of 1.30.

Sumitomo Mitsui Financial Grp (NYSE:SMFG) last posted its quarterly earnings results on Wednesday, January 31st. The bank reported $0.30 earnings per share for the quarter. Sumitomo Mitsui Financial Grp had a net margin of 14.38% and a return on equity of 7.28%. The firm had revenue of $13.43 billion during the quarter. sell-side analysts expect that Sumitomo Mitsui Financial Grp will post 0.93 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of SMFG. Fisher Asset Management LLC raised its stake in shares of Sumitomo Mitsui Financial Grp by 4.2% during the fourth quarter. Fisher Asset Management LLC now owns 52,946,471 shares of the bank’s stock valued at $460,105,000 after acquiring an additional 2,152,355 shares in the last quarter. Franklin Resources Inc. purchased a new position in Sumitomo Mitsui Financial Grp during the fourth quarter valued at approximately $11,170,000. Teachers Retirement System of The State of Kentucky purchased a new position in Sumitomo Mitsui Financial Grp during the fourth quarter valued at approximately $8,534,000. Parametric Portfolio Associates LLC increased its holdings in Sumitomo Mitsui Financial Grp by 18.0% during the third quarter. Parametric Portfolio Associates LLC now owns 6,035,660 shares of the bank’s stock valued at $46,535,000 after buying an additional 922,574 shares during the period. Finally, Cambiar Investors LLC increased its holdings in Sumitomo Mitsui Financial Grp by 2.1% during the fourth quarter. Cambiar Investors LLC now owns 25,262,202 shares of the bank’s stock valued at $219,529,000 after buying an additional 522,256 shares during the period. 2.48% of the stock is owned by hedge funds and other institutional investors.

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About Sumitomo Mitsui Financial Grp

Sumitomo Mitsui Financial Group, Inc is a holding company for Sumitomo Mitsui Banking Corporation (the Bank) and its subsidiaries. The Company operates through four segments: Commercial Banking, Leasing, Securities and Consumer Finance. The Company and its subsidiaries offer a range of financial services, including commercial banking, leasing, securities, consumer finance and other services.

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