Sumitomo Mitsui Financial Group (NYSE:SMFG) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Shares of Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $20.59 and traded as high as $23.13. Sumitomo Mitsui Financial Group shares last traded at $22.9750, with a volume of 1,455,659 shares traded.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Zacks Research upgraded Sumitomo Mitsui Financial Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Sumitomo Mitsui Financial Group in a research report on Friday, May 22nd. Finally, Wall Street Zen lowered Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy”.

Sumitomo Mitsui Financial Group Stock Performance

The stock has a 50 day moving average price of $21.29 and a 200 day moving average price of $20.59. The company has a market cap of $146.56 billion, a P/E ratio of 17.15, a P/E/G ratio of 0.65 and a beta of 0.43.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its quarterly earnings data on Tuesday, March 31st. The bank reported $0.18 EPS for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.57% and a net margin of 15.68%.The company had revenue of $7.31 billion for the quarter. As a group, equities research analysts predict that Sumitomo Mitsui Financial Group Inc will post 1.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC increased its holdings in shares of Sumitomo Mitsui Financial Group by 9.2% in the first quarter. Parallel Advisors LLC now owns 57,620 shares of the bank’s stock valued at $1,138,000 after buying an additional 4,847 shares in the last quarter. Glenmede Trust Co. NA increased its holdings in shares of Sumitomo Mitsui Financial Group by 6.9% in the first quarter. Glenmede Trust Co. NA now owns 43,988 shares of the bank’s stock valued at $869,000 after buying an additional 2,830 shares in the last quarter. CCM Investment Advisers LLC acquired a new stake in shares of Sumitomo Mitsui Financial Group during the first quarter worth $6,039,000. Bank of America Corp DE lifted its holdings in shares of Sumitomo Mitsui Financial Group by 20.9% during the first quarter. Bank of America Corp DE now owns 1,846,335 shares of the bank’s stock valued at $36,465,000 after purchasing an additional 319,140 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Sumitomo Mitsui Financial Group by 6.4% during the first quarter. EverSource Wealth Advisors LLC now owns 32,834 shares of the bank’s stock valued at $648,000 after purchasing an additional 1,972 shares during the last quarter. Institutional investors 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.