Sumitomo Mitsui Financial Group (NYSE:SMFG) Upgraded by StockNews.com to Buy

Sumitomo Mitsui Financial Group (NYSE:SMFG – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Several other analysts also recently issued reports on the company. Bank of America downgraded Sumitomo Mitsui Financial Group from a “buy” rating to a “neutral” rating in a research note on Monday, April 11th. The Goldman Sachs Group began coverage on shares of Sumitomo Mitsui Financial Group in a research note on Wednesday, April 27th. They issued a “buy” rating for the company. Finally, Zacks Investment Research cut Sumitomo Mitsui Financial Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 14th.

Shares of NYSE SMFG traded up $0.08 on Thursday, hitting $5.87. The company had a trading volume of 4,814,568 shares, compared to its average volume of 2,838,873. Sumitomo Mitsui Financial Group has a 12-month low of $5.79 and a 12-month high of $7.74. The firm has a market capitalization of $40.34 billion, a P/E ratio of 6.31, a PEG ratio of 0.48 and a beta of 0.74. The business has a 50 day moving average of $6.34 and a two-hundred day moving average of $6.78.

Hedge funds and other institutional investors have recently modified their holdings of the stock. LMR Partners LLP purchased a new stake in Sumitomo Mitsui Financial Group in the fourth quarter worth $18,772,000. Goldman Sachs Group Inc. increased its holdings in shares of Sumitomo Mitsui Financial Group by 29.0% in the 3rd quarter. Goldman Sachs Group Inc. now owns 7,853,118 shares of the bank’s stock worth $55,050,000 after acquiring an additional 1,765,786 shares during the period. Citigroup Inc. boosted its holdings in shares of Sumitomo Mitsui Financial Group by 102.2% during the fourth quarter. Citigroup Inc. now owns 2,332,720 shares of the bank’s stock worth $15,839,000 after purchasing an additional 1,178,912 shares during the period. Castleark Management LLC bought a new stake in Sumitomo Mitsui Financial Group during the fourth quarter valued at about $7,096,000. Finally, Qube Research & Technologies Ltd lifted its stake in Sumitomo Mitsui Financial Group by 336.5% during the first quarter. Qube Research & Technologies Ltd now owns 1,278,480 shares of the bank’s stock worth $8,016,000 after purchasing an additional 985,602 shares during the period. Institutional investors own 3.02% of the company’s stock.

About Sumitomo Mitsui Financial Group (Get Rating)

Sumitomo Mitsui Financial Group, Inc, together with its subsidiaries, provides commercial banking, leasing, securities, consumer finance, and other services in Japan, the Americas, Europe, the Middle East, 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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