Sumitomo Mitsui Financial Grp (NYSE:SMFG) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Sumitomo Mitsui Financial Grp (NYSE:SMFG) from a strong sell rating to a buy rating in a research report sent to investors on Thursday, Zacks.com reports. Zacks Investment Research currently has $7.75 price objective 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. “

NYSE:SMFG traded down $0.02 during mid-day trading on Thursday, hitting $6.90. The stock had a trading volume of 1,830,155 shares, compared to its average volume of 1,176,518. Sumitomo Mitsui Financial Grp has a twelve month low of $6.32 and a twelve month high of $8.42. The firm has a market cap of $48.93 billion, a PE ratio of 7.19, a price-to-earnings-growth ratio of 2.72 and a beta of 1.18. The stock has a 50 day simple moving average of $7.01. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.11 and a current ratio of 1.06.

Sumitomo Mitsui Financial Grp (NYSE:SMFG) last issued its earnings results on Wednesday, May 15th. The bank reported $0.13 earnings per share (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 $12.21 billion during the quarter. Equities analysts anticipate that Sumitomo Mitsui Financial Grp will post 0.95 earnings per share for the current year.

A number of large investors have recently modified their holdings of the stock. Cambiar Investors LLC lifted its stake in 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 purchasing an additional 1,930,119 shares during the last quarter. Lazard Asset Management LLC lifted its stake in Sumitomo Mitsui Financial Grp by 321.8% in the 1st quarter. Lazard Asset Management LLC now owns 15,240,847 shares of the bank’s stock valued at $107,143,000 after purchasing an additional 11,627,561 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in Sumitomo Mitsui Financial Grp by 12.8% in the 1st quarter. Parametric Portfolio Associates LLC now owns 7,584,093 shares of the bank’s stock valued at $53,316,000 after purchasing an additional 861,388 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Sumitomo Mitsui Financial Grp by 4.9% in the 1st quarter. Wells Fargo & Company MN now owns 7,347,358 shares of the bank’s stock valued at $51,652,000 after purchasing an additional 341,957 shares during the last quarter. Finally, Aperio Group LLC lifted its stake in Sumitomo Mitsui Financial Grp by 23.0% in the 2nd quarter. Aperio Group LLC now owns 5,764,976 shares of the bank’s stock valued at $40,701,000 after purchasing an additional 1,078,682 shares during the last quarter. Institutional investors and hedge funds own 2.77% of the company’s stock.

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.

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