Sumitomo Mitsui Financial Group (NYSE:SMFG) Share Price Passes Above 200-Day Moving Average – Here’s What Happened

Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $21.50 and traded as high as $24.74. Sumitomo Mitsui Financial Group shares last traded at $24.5450, with a volume of 1,753,435 shares.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SMFG. Weiss Ratings upgraded shares of Sumitomo Mitsui Financial Group from a “hold (c)” rating to a “buy (b-)” rating in a report on Wednesday. Wall Street Zen cut shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Zacks Research downgraded shares of Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Sumitomo Mitsui Financial Group Stock Performance

The company has a 50 day simple moving average of $22.82 and a two-hundred day simple moving average of $21.50. The firm has a market cap of $156.58 billion, a PE ratio of 18.32, a P/E/G ratio of 0.66 and a beta of 0.42.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last issued its earnings results on Tuesday, March 31st. The bank reported $0.18 EPS for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.19% and a net margin of 15.68%.The firm had revenue of $7.31 billion for the quarter. As a group, research analysts predict that Sumitomo Mitsui Financial Group Inc will post 1.83 earnings per share for the current fiscal year.

Institutional Trading of Sumitomo Mitsui Financial Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its holdings in Sumitomo Mitsui Financial Group by 26.0% in the first quarter. AQR Capital Management LLC now owns 177,249 shares of the bank’s stock valued at $2,740,000 after purchasing an additional 36,522 shares during the last quarter. Focus Partners Wealth raised its stake in shares of Sumitomo Mitsui Financial Group by 40.5% during the 1st quarter. Focus Partners Wealth now owns 18,253 shares of the bank’s stock valued at $282,000 after buying an additional 5,258 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Sumitomo Mitsui Financial Group by 41.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 3,163 shares of the bank’s stock valued at $49,000 after buying an additional 930 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Sumitomo Mitsui Financial Group by 336.4% in the 1st quarter. Acadian Asset Management LLC now owns 39,574 shares of the bank’s stock valued at $610,000 after buying an additional 30,506 shares during the period. Finally, Sivia Capital Partners LLC boosted its stake in shares of Sumitomo Mitsui Financial Group by 43.9% in the second quarter. Sivia Capital Partners LLC now owns 32,398 shares of the bank’s stock worth $490,000 after buying an additional 9,876 shares during the last quarter. Institutional investors and hedge funds own 3.85% of the company’s stock.

Sumitomo Mitsui Financial Group Company Profile

Sumitomo Mitsui Financial Group, Inc (SMFG) is a Tokyo-based financial holding company that provides a broad range of banking and financial services through a network of domestic and international subsidiaries. Established in 2002 as a holding company for the Sumitomo Mitsui banking operations, SMFG’s core banking business is conducted primarily through its main operating bank, Sumitomo Mitsui Banking Corporation (SMBC), alongside other affiliates covering trust banking, securities, leasing and consumer finance.

The group’s product and service mix spans corporate and commercial banking, retail deposit and loan services, trade and project finance, cash management, syndicated lending, foreign exchange and treasury services, and capital markets and investment banking activities through its securities arm.