AlphaCore Capital LLC Purchases 22,400 Shares of Sumitomo Mitsui Financial Group Inc $SMFG

AlphaCore Capital LLC increased its position in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) by 140.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 38,312 shares of the bank’s stock after purchasing an additional 22,400 shares during the period. AlphaCore Capital LLC’s holdings in Sumitomo Mitsui Financial Group were worth $641,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. US Bancorp DE increased its stake in Sumitomo Mitsui Financial Group by 3.6% in the 3rd quarter. US Bancorp DE now owns 383,791 shares of the bank’s stock worth $6,425,000 after acquiring an additional 13,423 shares during the last quarter. Parr Mcknight Wealth Management Group LLC grew its holdings in shares of Sumitomo Mitsui Financial Group by 0.6% in the third quarter. Parr Mcknight Wealth Management Group LLC now owns 150,136 shares of the bank’s stock valued at $2,513,000 after purchasing an additional 926 shares in the last quarter. Compound Planning Inc. grew its holdings in shares of Sumitomo Mitsui Financial Group by 15.9% in the third quarter. Compound Planning Inc. now owns 89,811 shares of the bank’s stock valued at $1,503,000 after purchasing an additional 12,290 shares in the last quarter. Dakota Wealth Management increased its position in Sumitomo Mitsui Financial Group by 38.7% in the third quarter. Dakota Wealth Management now owns 33,632 shares of the bank’s stock worth $563,000 after purchasing an additional 9,389 shares during the last quarter. Finally, Legacy Financial Advisors Inc. bought a new stake in Sumitomo Mitsui Financial Group in the third quarter worth $266,000. Hedge funds and other institutional investors own 3.85% of the company’s stock.

Analysts Set New Price Targets

SMFG has been the subject of several research reports. Wall Street Zen upgraded shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Zacks Research cut shares of Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 15th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Sumitomo Mitsui Financial Group in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Sumitomo Mitsui Financial Group currently has an average rating of “Hold”.

Sumitomo Mitsui Financial Group Price Performance

Shares of SMFG stock opened at $22.46 on Friday. The company has a market capitalization of $144.01 billion, a P/E ratio of 18.72, a P/E/G ratio of 0.88 and a beta of 0.36. The company’s 50-day simple moving average is $21.31 and its two-hundred day simple moving average is $18.45. Sumitomo Mitsui Financial Group Inc has a one year low of $11.83 and a one year high of $24.33. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.03 and a quick ratio of 1.03.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last announced its quarterly earnings results on Friday, January 30th. The bank reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.24). Sumitomo Mitsui Financial Group had a net margin of 13.81% and a return on equity of 9.38%. The firm had revenue of $17.71 billion during the quarter, compared to analysts’ expectations of $7.93 billion. As a group, equities analysts anticipate that Sumitomo Mitsui Financial Group Inc will post 0.39 EPS for the current year.

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.