Sumitomo Mitsui Financial Group (NYSE:SMFG) Stock Price Down 1.9% – Here’s Why

Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) dropped 1.9% on Monday . The company traded as low as $16.37 and last traded at $16.40. Approximately 431,200 shares changed hands during trading, a decline of 64% from the average daily volume of 1,182,166 shares. The stock had previously closed at $16.72.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Sumitomo Mitsui Financial Group from a “sell” rating to a “hold” rating in a report on Friday, March 21st.

Sumitomo Mitsui Financial Group Stock Down 0.8 %

The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.05 and a current ratio of 1.06. The firm has a market capitalization of $105.07 billion, a PE ratio of 15.76, a P/E/G ratio of 2.36 and a beta of 0.59. The business’s 50 day moving average price is $15.27 and its 200-day moving average price is $14.22.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

A number of large investors have recently modified their holdings of SMFG. Charles Schwab Investment Management Inc. increased its holdings in Sumitomo Mitsui Financial Group by 12.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 405,921 shares of the bank’s stock valued at $5,127,000 after buying an additional 45,761 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Sumitomo Mitsui Financial Group by 76.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 576,485 shares of the bank’s stock worth $8,301,000 after purchasing an additional 249,543 shares in the last quarter. Capital Insight Partners LLC lifted its position in shares of Sumitomo Mitsui Financial Group by 59.9% during the 4th quarter. Capital Insight Partners LLC now owns 49,157 shares of the bank’s stock worth $712,000 after buying an additional 18,415 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of Sumitomo Mitsui Financial Group by 31.7% in the 3rd quarter. Cerity Partners LLC now owns 353,043 shares of the bank’s stock valued at $4,459,000 after buying an additional 84,989 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of Sumitomo Mitsui Financial Group by 83.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 42,309 shares of the bank’s stock valued at $616,000 after buying an additional 19,224 shares during the last quarter. 3.85% of the stock is owned by hedge funds and other institutional investors.

Sumitomo Mitsui Financial Group Company Profile

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.