Sumitomo Mitsui Financial Group (NYSE:SMFG) Shares Pass Above Two Hundred Day Moving Average – Should You Sell?

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG)’s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $23.39 and traded as high as $26.69. Sumitomo Mitsui Financial Group shares last traded at $26.68, with a volume of 1,061,224 shares.

Wall Street Analysts Forecast Growth

SMFG has been the subject of a number of recent analyst reports. Weiss Ratings raised shares of Sumitomo Mitsui Financial Group from a “hold (c+)” rating to a “buy (b+)” rating in a report on Wednesday, September 2nd. Zacks Research cut Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Price Performance

The business has a 50-day simple moving average of $25.95 and a 200 day simple moving average of $23.47. The stock has a market cap of $163.80 billion, a P/E ratio of 17.95, a price-to-earnings-growth ratio of 1.05 and a beta of 0.42. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.65.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last released its quarterly earnings results on Tuesday, June 30th. The bank reported $0.49 earnings per share (EPS) for the quarter. The firm had revenue of $8.71 billion during the quarter. Sumitomo Mitsui Financial Group had a net margin of 16.24% and a return on equity of 10.65%. On average, analysts forecast that Sumitomo Mitsui Financial Group Inc will post 1.81 earnings per share for the current year.

Insider Activity

In other news, CFO Kazuyuki Anchi sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $42.47, for a total value of $169,880.00. Following the completion of the sale, the chief financial officer directly owned 48,857 shares in the company, valued at $2,074,956.79. This trade represents a 7.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SMFG. Goldman Sachs Group Inc. boosted its holdings in shares of Sumitomo Mitsui Financial Group by 1.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,997,774 shares of the bank’s stock worth $212,587,000 after buying an additional 161,026 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Sumitomo Mitsui Financial Group by 7.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,090,741 shares of the bank’s stock worth $61,042,000 after purchasing an additional 217,929 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Sumitomo Mitsui Financial Group by 20.9% during the 1st quarter. Bank of America Corp DE now owns 1,846,335 shares of the bank’s stock worth $36,465,000 after purchasing an additional 319,140 shares during the last quarter. Ferguson Wellman Capital Management Inc. bought a new stake in shares of Sumitomo Mitsui Financial Group in the 1st quarter worth approximately $33,801,000. Finally, Quantinno Capital Management LP lifted its stake in Sumitomo Mitsui Financial Group by 17.9% in the first quarter. Quantinno Capital Management LP now owns 1,615,819 shares of the bank’s stock valued at $31,912,000 after purchasing an additional 245,231 shares during the last quarter. Hedge funds and other institutional investors own 3.85% of the company’s stock.

About Sumitomo Mitsui Financial Group

Sumitomo Mitsui Financial Group, Inc (SMFG) is a Japanese financial services holding company and the parent organization of Sumitomo Mitsui Banking Corporation (SMBC). The group provides a broad range of financial products and services to individuals, businesses, institutional clients and public-sector organizations.

Its principal activities include commercial and investment banking, retail banking, corporate lending, deposits, payments, foreign exchange and trade finance. Through affiliated companies, SMFG also offers securities brokerage and underwriting, asset management, leasing, credit cards, consumer finance and other specialized financial services.

SMFG traces its heritage to the historical Sumitomo and Mitsui banking businesses.