Sumitomo Mitsui Financial Group (SMFG) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Sumitomo Mitsui Financial Group (NYSE:SMFG) from a buy rating to a hold rating in a research report report published on Thursday morning.

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 raised Sumitomo Mitsui Financial Group from a buy rating to a strong-buy rating in a research report on Thursday, December 14th.

NYSE SMFG opened at $8.28 on Thursday. The company has a market cap of $58,541.88, a PE ratio of 8.36 and a beta of 1.29. Sumitomo Mitsui Financial Group has a fifty-two week low of $6.93 and a fifty-two week high of $9.67.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last released its earnings results on Wednesday, January 31st. The bank reported $0.30 earnings per share for the quarter. The firm had revenue of $13.43 billion for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 7.28% and a net margin of 14.38%. analysts forecast that Sumitomo Mitsui Financial Group will post 0.93 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Elkfork Partners LLC bought a new position in shares of Sumitomo Mitsui Financial Group during the 4th quarter valued at approximately $767,000. Rehmann Capital Advisory Group purchased a new position in Sumitomo Mitsui Financial Group during the 4th quarter valued at $258,000. Envestnet Asset Management Inc. boosted its holdings in Sumitomo Mitsui Financial Group by 15.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 751,833 shares of the bank’s stock valued at $6,534,000 after acquiring an additional 103,276 shares during the period. Lake Street Advisors Group LLC purchased a new position in Sumitomo Mitsui Financial Group during the 4th quarter valued at $237,000. Finally, BB&T Securities LLC boosted its holdings in Sumitomo Mitsui Financial Group by 5.7% during the 4th quarter. BB&T Securities LLC now owns 153,974 shares of the bank’s stock valued at $1,338,000 after acquiring an additional 8,259 shares during the period. 2.48% of the stock is currently owned by hedge funds and other institutional investors.

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Sumitomo Mitsui Financial Group Company Profile

Sumitomo Mitsui Financial Group, Inc, together with its subsidiaries, provides various banking and financial services. Its Commercial Banking segment offers deposits; loans, including syndicated loans, commitment lines, structured finance, and nonrecourse loans, as well as settlement, cash management, leasing, factoring, management information systems consulting, collection, and investment banking services for listed and mid-sized companies; and personal bank accounts, ordinary deposits, time deposits, foreign currency deposits, housing loans, investment trusts, pension-type insurance products, and life insurance products for individuals.

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