Sumitomo Mitsui Financial Grp (NYSE:SMFG) Upgraded at Zacks Investment Research

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Sumitomo Mitsui Financial Grp (NYSE:SMFG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The firm currently has a $7.75 price objective on the bank’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.67% from the stock’s previous close.

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. “

NYSE SMFG opened at $6.94 on Tuesday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.06 and a current ratio of 1.06. The company has a 50-day simple moving average of $6.67 and a 200-day simple moving average of $6.98. The firm has a market capitalization of $48.23 billion, a PE ratio of 7.23, a price-to-earnings-growth ratio of 2.71 and a beta of 1.21. Sumitomo Mitsui Financial Grp has a one year low of $6.32 and a one year high of $8.42.

Sumitomo Mitsui Financial Grp (NYSE:SMFG) last released its earnings results on Tuesday, July 30th. The bank reported $0.28 EPS for the quarter. Sumitomo Mitsui Financial Grp had a net margin of 12.67% and a return on equity of 6.23%. The business had revenue of $12.14 billion for the quarter. Equities analysts forecast that Sumitomo Mitsui Financial Grp will post 0.96 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of SMFG. Cambiar Investors LLC raised its stake in shares of Sumitomo Mitsui Financial Grp by 12.8% in the 1st quarter. Cambiar Investors LLC now owns 17,046,424 shares of the bank’s stock valued at $119,836,000 after buying an additional 1,930,119 shares in the last quarter. Lazard Asset Management LLC grew its holdings in Sumitomo Mitsui Financial Grp by 321.8% during the 1st quarter. Lazard Asset Management LLC now owns 15,240,847 shares of the bank’s stock worth $107,143,000 after acquiring an additional 11,627,561 shares during the last quarter. Northern Trust Corp grew its holdings in Sumitomo Mitsui Financial Grp by 3.2% during the 2nd quarter. Northern Trust Corp now owns 9,300,629 shares of the bank’s stock worth $65,662,000 after acquiring an additional 290,726 shares during the last quarter. Morgan Stanley boosted its stake in shares of Sumitomo Mitsui Financial Grp by 1.6% in the 2nd quarter. Morgan Stanley now owns 8,866,783 shares of the bank’s stock valued at $62,599,000 after purchasing an additional 137,875 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its stake in shares of Sumitomo Mitsui Financial Grp by 6.3% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 8,059,713 shares of the bank’s stock valued at $56,902,000 after purchasing an additional 475,620 shares during the last quarter. 2.77% of the stock is owned by institutional investors and hedge funds.

About Sumitomo Mitsui Financial Grp

Sumitomo Mitsui Financial Group, Inc, together with its subsidiaries, provides commercial banking, leasing, securities, consumer finance, and other services primarily in Japan. It operates through four segments: Wholesale Business, Retail Business, International Business, and Global Markets Business.

Further Reading: What is the price-to-earnings growth (PEG) ratio?

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