Sumitomo Mitsui Financial Group (NYSE:SMFG) Upgraded by Bank of America to “Buy”

Sumitomo Mitsui Financial Group (NYSE:SMFGGet Rating) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a report released on Thursday, The Fly reports.

Several other analysts have also recently weighed in on SMFG. The Goldman Sachs Group started coverage on shares of Sumitomo Mitsui Financial Group in a research note on Wednesday, April 27th. They issued a “buy” rating on the stock. StockNews.com cut shares of Sumitomo Mitsui Financial Group from a “buy” rating to a “hold” rating in a research note on Sunday, May 29th.

NYSE SMFG opened at $5.94 on Thursday. Sumitomo Mitsui Financial Group has a fifty-two week low of $5.70 and a fifty-two week high of $7.74. The stock has a market cap of $40.82 billion, a PE ratio of 6.46, a PEG ratio of 0.48 and a beta of 0.74. The firm’s fifty day moving average price is $6.02 and its two-hundred day moving average price is $6.64.

Sumitomo Mitsui Financial Group (NYSE:SMFGGet Rating) last issued its quarterly earnings data on Friday, May 13th. The bank reported $0.23 earnings per share for the quarter. Sumitomo Mitsui Financial Group had a net margin of 17.34% and a return on equity of 6.64%. The company had revenue of $9.60 billion for the quarter. As a group, analysts expect that Sumitomo Mitsui Financial Group will post 0.89 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its holdings in Sumitomo Mitsui Financial Group by 20.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 9,449,638 shares of the bank’s stock valued at $64,163,000 after buying an additional 1,596,520 shares during the period. Lazard Asset Management LLC raised its holdings in shares of Sumitomo Mitsui Financial Group by 0.8% during the first quarter. Lazard Asset Management LLC now owns 9,029,365 shares of the bank’s stock valued at $56,614,000 after purchasing an additional 69,960 shares during the period. Invesco Ltd. raised its holdings in shares of Sumitomo Mitsui Financial Group by 4,169.7% during the first quarter. Invesco Ltd. now owns 4,154,809 shares of the bank’s stock valued at $26,051,000 after purchasing an additional 4,057,499 shares during the period. Bank of America Corp DE raised its holdings in shares of Sumitomo Mitsui Financial Group by 6.7% during the first quarter. Bank of America Corp DE now owns 3,192,309 shares of the bank’s stock valued at $20,016,000 after purchasing an additional 201,052 shares during the period. Finally, LMR Partners LLP acquired a new position in shares of Sumitomo Mitsui Financial Group during the fourth quarter valued at about $18,772,000. Institutional investors and hedge funds own 3.02% of the company’s stock.

Sumitomo Mitsui Financial Group Company Profile (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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