Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Thursday.

According to Zacks, “SUMITOMO MITSUI FINANCIAL GROUP, INC., is a financial holding company established through a share transfer from Sumitomo Mitsui Banking Corporation. As a holding company, SMFG has functions such as strategic planning, management, resource allocation, strategic planning of information systems, financial management, investor relations, risk management, human resource management for group executives, and business auditing of the group as a whole. Sumitomo Mitsui Card Company, Limited, SMBC Leasing Company, Limited, SMBC Friend Securities and The Japan Research Institute are wholly-owned subsidiaries of SMFG. “

A number of other research analysts also recently weighed in on the company. BidaskClub downgraded Sumitomo Mitsui Financial Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. ValuEngine downgraded Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $8.25.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last issued its quarterly earnings data on Monday, July 31st. The bank reported $0.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.11. Sumitomo Mitsui Financial Group had a return on equity of 6.95% and a net margin of 14.43%. The business had revenue of $12.25 billion for the quarter.

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Hedge funds have recently modified their holdings of the stock. Fisher Asset Management LLC raised its stake in shares of Sumitomo Mitsui Financial Group by 3.7% in the 3rd quarter. Fisher Asset Management LLC now owns 50,794,116 shares of the bank’s stock valued at $391,623,000 after acquiring an additional 1,819,198 shares in the last quarter. M&T Bank Corp raised its stake in shares of Sumitomo Mitsui Financial Group by 468.5% in the 2nd quarter. M&T Bank Corp now owns 417,224 shares of the bank’s stock valued at $3,280,000 after acquiring an additional 343,836 shares in the last quarter. Adviser Investments LLC bought a new position in shares of Sumitomo Mitsui Financial Group in the 3rd quarter valued at approximately $171,000. Bank of New York Mellon Corp raised its stake in shares of Sumitomo Mitsui Financial Group by 43.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 519,041 shares of the bank’s stock valued at $4,079,000 after acquiring an additional 158,038 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Sumitomo Mitsui Financial Group by 11.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,341,869 shares of the bank’s stock valued at $18,407,000 after acquiring an additional 233,386 shares in the last quarter. 2.27% of the stock is currently owned by institutional investors and hedge funds.

About Sumitomo Mitsui Financial Group

Sumitomo Mitsui Financial Group, Inc is a holding company for Sumitomo Mitsui Banking Corporation (the Bank) and its subsidiaries. The Company operates through four segments: Commercial Banking, Leasing, Securities and Consumer Finance. The Company and its subsidiaries offer a range of financial services, including commercial banking, leasing, securities, consumer finance and other services.

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