Sumitomo Mitsui Financial Group (NYSE:SMFG) downgraded by StockNews.com to Hold

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Sumitomo Mitsui Financial Group (NYSE: SMFG – Get a rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report released on Sunday.

Several other stock analysts have also recently weighed in on the company. Goldman Sachs Group began covering Sumitomo Mitsui Financial Group in a research report on Wednesday, April 27. They set a “buy” rating on the stock. Zacks Investment Research downgraded Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a Thursday, April 14 research report. Finally, Bank of America downgraded Sumitomo Mitsui Financial Group’s rating from a “buy” rating to a “neutral” rating in a Monday, April 11 research report.

Shares of SMFG opened at $6.22 on Friday. Sumitomo Mitsui Financial Group has a 1-year low of $5.79 and a 1-year high of $7.74. The company has a 50-day moving average of $6.20 and a 200-day moving average of $6.74. The stock has a market capitalization of $42.74 billion, a PE ratio of 6.76, a P/E/G ratio of 0.48 and a beta of 0.74.

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Sumitomo Mitsui Financial Group (NYSE: SMFG – Get a rating) last announced its results on Friday, May 13. The bank reported earnings per share (EPS) of $0.23 for the quarter. Sumitomo Mitsui Financial Group achieved a return on equity of 6.64% and a net margin of 17.34%. The company had revenue of $9.60 billion in the quarter. Research analysts expect Sumitomo Mitsui Financial Group to post EPS of 0.9 for the current fiscal year.

Several large investors have recently changed their positions in SMFG. EP Wealth Advisors LLC increased its holdings of Sumitomo Mitsui Financial Group shares by 16.5% in the first quarter. EP Wealth Advisors LLC now owns 19,111 shares of the bank valued at $120,000 after purchasing 2,713 additional shares during the period. Advisors Asset Management Inc. increased its position in Sumitomo Mitsui Financial Group shares by 44.3% during the first quarter. Advisors Asset Management Inc. now owns 149,455 shares of the bank worth $937,000 after buying 45,908 additional shares in the last quarter. Quantbot Technologies LP increased its position in shares of Sumitomo Mitsui Financial Group by 101.5% during the first quarter. Quantbot Technologies LP now owns 12,000 shares of the bank worth $75,000 after buying an additional 6,044 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Sumitomo Mitsui Financial Group during the first quarter worth $428,000. Finally, Eqis Capital Management Inc. acquired a new position in shares of Sumitomo Mitsui Financial Group during the first quarter at a value of $82,000. Institutional investors and hedge funds hold 3.02% of the company’s shares.

About Sumitomo Mitsui Financial Group (Get a rating)

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

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