Zacks Investment Research Lowers Sumitomo Mitsui Financial Grp (NYSE:SMFG) to Hold

Sumitomo Mitsui Financial Grp (NYSE:SMFG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

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. “

Sumitomo Mitsui Financial Grp stock traded up $0.01 during mid-day trading on Thursday, hitting $6.46. 403,773 shares of the company traded hands, compared to its average volume of 2,190,846. Sumitomo Mitsui Financial Grp has a one year low of $6.32 and a one year high of $8.42. The firm has a market capitalization of $47.51 billion, a PE ratio of 6.72, a price-to-earnings-growth ratio of 2.70 and a beta of 1.17. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.98. The business’s fifty day moving average price is $6.97.



Sumitomo Mitsui Financial Grp (NYSE:SMFG) last announced 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. As a group, sell-side analysts forecast that Sumitomo Mitsui Financial Grp will post 0.93 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in SMFG. Corient Capital Partners LLC purchased a new position in shares of Sumitomo Mitsui Financial Grp during the first quarter worth approximately $182,000. Parametric Portfolio Associates LLC raised its stake in shares of Sumitomo Mitsui Financial Grp by 12.8% during the first quarter. Parametric Portfolio Associates LLC now owns 7,584,093 shares of the bank’s stock worth $53,316,000 after acquiring an additional 861,388 shares in the last quarter. Todd Asset Management LLC raised its stake in shares of Sumitomo Mitsui Financial Grp by 3.4% during the first quarter. Todd Asset Management LLC now owns 2,036,796 shares of the bank’s stock worth $14,319,000 after acquiring an additional 66,933 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Sumitomo Mitsui Financial Grp by 321.8% during the first 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 in the last quarter. Finally, Advisor Partners LLC raised its stake in shares of Sumitomo Mitsui Financial Grp by 15.2% during the first quarter. Advisor Partners LLC now owns 70,795 shares of the bank’s stock worth $498,000 after acquiring an additional 9,328 shares in the last quarter. Institutional investors and hedge funds own 2.74% 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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