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

Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) shares gapped down prior to trading on Wednesday . The stock had previously closed at $15.45, but opened at $15.14. Sumitomo Mitsui Financial Group shares last traded at $15.10, with a volume of 93,218 shares trading hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Sumitomo Mitsui Financial Group from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd.

Sumitomo Mitsui Financial Group Stock Performance

The stock’s 50 day moving average price is $14.22 and its 200 day moving average price is $14.62. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 1.94. The company has a market capitalization of $97.79 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 2.36 and a beta of 0.40.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last issued its earnings results on Wednesday, May 21st. The bank reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.05). The firm had revenue of $16.55 billion during the quarter. Sumitomo Mitsui Financial Group had a net margin of 12.61% and a return on equity of 8.52%. Analysts expect that Sumitomo Mitsui Financial Group, Inc. will post 0.39 earnings per share for the current year.

Institutional Investors Weigh In On Sumitomo Mitsui Financial Group

Several hedge funds have recently bought and sold shares of SMFG. Goldman Sachs Group Inc. increased its holdings in shares of Sumitomo Mitsui Financial Group by 0.5% during the first quarter. Goldman Sachs Group Inc. now owns 11,271,361 shares of the bank’s stock worth $174,255,000 after purchasing an additional 53,612 shares during the period. FMR LLC grew its stake in shares of Sumitomo Mitsui Financial Group by 16.5% in the fourth quarter. FMR LLC now owns 8,383,293 shares of the bank’s stock worth $121,474,000 after purchasing an additional 1,189,453 shares during the last quarter. Clark Capital Management Group Inc. grew its stake in shares of Sumitomo Mitsui Financial Group by 1.8% in the first quarter. Clark Capital Management Group Inc. now owns 6,496,260 shares of the bank’s stock worth $100,432,000 after purchasing an additional 111,952 shares during the last quarter. Northern Trust Corp lifted its holdings in Sumitomo Mitsui Financial Group by 3.2% in the first quarter. Northern Trust Corp now owns 5,188,817 shares of the bank’s stock valued at $80,219,000 after buying an additional 159,320 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Sumitomo Mitsui Financial Group by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,899,574 shares of the bank’s stock valued at $42,015,000 after buying an additional 33,783 shares during the period. 3.85% of the stock is currently owned by institutional investors and hedge funds.

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.