Sumitomo Mitsui Financial Group (NYSE:SMFG) Shares Gap Up – Here’s Why

Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) gapped up before the market opened on Friday . The stock had previously closed at $16.26, but opened at $16.71. Sumitomo Mitsui Financial Group shares last traded at $16.62, with a volume of 82,207 shares.

Analysts Set New Price Targets

Separately, StockNews.com raised Sumitomo Mitsui Financial Group from a “sell” rating to a “hold” rating in a research note on Friday.

Sumitomo Mitsui Financial Group Price Performance

The company has a 50 day moving average price of $15.14 and a 200-day moving average price of $14.13. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 1.94. The company has a market cap of $107.89 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 2.36 and a beta of 0.59.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Park Square Financial Group LLC acquired a new position in shares of Sumitomo Mitsui Financial Group in the fourth quarter valued at approximately $34,000. Jefferies Financial Group Inc. increased its stake in shares of Sumitomo Mitsui Financial Group by 7.6% in the fourth quarter. Jefferies Financial Group Inc. now owns 18,311 shares of the bank’s stock valued at $265,000 after buying an additional 1,290 shares during the period. Capital A Wealth Management LLC acquired a new position in shares of Sumitomo Mitsui Financial Group in the fourth quarter valued at approximately $25,000. Forum Financial Management LP increased its stake in shares of Sumitomo Mitsui Financial Group by 15.0% in the fourth quarter. Forum Financial Management LP now owns 222,120 shares of the bank’s stock valued at $3,219,000 after buying an additional 28,997 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC acquired a new position in shares of Sumitomo Mitsui Financial Group in the fourth quarter valued at approximately $3,508,000. Institutional investors and hedge funds own 3.85% of the company’s stock.

About Sumitomo Mitsui Financial Group

Sumitomo Mitsui Financial Group, Inc, together with its subsidiaries, provides banking, leasing, securities, credit card, and consumer finance services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania. It operates through Wholesale Business Unit, Retail Business Unit, Global Business Unit, and Global Markets Business Unit segments.