Assetmark Inc. Acquires 96,203 Shares of Sumitomo Mitsui Financial Group Inc $SMFG

Assetmark Inc. increased its holdings in Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) by 64.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,343 shares of the bank’s stock after acquiring an additional 96,203 shares during the quarter. Assetmark Inc.’s holdings in Sumitomo Mitsui Financial Group were worth $4,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Angeles Wealth Management LLC bought a new stake in shares of Sumitomo Mitsui Financial Group in the 1st quarter worth approximately $206,000. Bank of New York Mellon Corp increased its position in Sumitomo Mitsui Financial Group by 4.0% during the 1st quarter. Bank of New York Mellon Corp now owns 739,781 shares of the bank’s stock valued at $14,611,000 after buying an additional 28,651 shares in the last quarter. Sanctuary Advisors LLC raised its stake in Sumitomo Mitsui Financial Group by 41.8% during the first quarter. Sanctuary Advisors LLC now owns 21,997 shares of the bank’s stock valued at $434,000 after buying an additional 6,483 shares during the last quarter. Calamos Wealth Management LLC boosted its holdings in Sumitomo Mitsui Financial Group by 16.2% in the first quarter. Calamos Wealth Management LLC now owns 185,280 shares of the bank’s stock worth $3,659,000 after acquiring an additional 25,856 shares in the last quarter. Finally, Calamos Advisors LLC purchased a new stake in shares of Sumitomo Mitsui Financial Group in the first quarter worth $3,659,000. 3.85% of the stock is owned by hedge funds and other institutional investors.

Sumitomo Mitsui Financial Group Trading Up 4.0%

Sumitomo Mitsui Financial Group stock opened at $25.89 on Wednesday. Sumitomo Mitsui Financial Group Inc has a 52-week low of $14.86 and a 52-week high of $26.67. The company has a market cap of $165.18 billion, a P/E ratio of 19.32, a P/E/G ratio of 0.96 and a beta of 0.42. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 1.48. The business has a 50-day simple moving average of $23.90 and a two-hundred day simple moving average of $22.04.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last issued its earnings results on Tuesday, March 31st. The bank reported $0.18 earnings per share (EPS) for the quarter. Sumitomo Mitsui Financial Group had a return on equity of 10.19% and a net margin of 15.68%.The company had revenue of $7.31 billion for the quarter. Analysts predict that Sumitomo Mitsui Financial Group Inc will post 1.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SMFG. Weiss Ratings raised Sumitomo Mitsui Financial Group from a “hold (c)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Wall Street Zen cut shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a report 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 note on Monday, June 22nd. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

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.