Sumitomo Mitsui Financial Group Inc (NYSE:SMFG) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Thursday.

According to Zacks, “SUMITOMO MITSUI FINANCIAL GROUP, INC., is a financial holding company established through a share transfer from Sumitomo Mitsui Banking Corporation. As a holding company, SMFG has functions such as strategic planning, management, resource allocation, strategic planning of information systems, financial management, investor relations, risk management, human resource management for group executives, and business auditing of the group as a whole. Sumitomo Mitsui Card Company, Limited, SMBC Leasing Company, Limited, SMBC Friend Securities and The Japan Research Institute are wholly-owned subsidiaries of SMFG. “

Several other research firms have also recently weighed in on SMFG. BidaskClub raised shares of Sumitomo Mitsui Financial Group from a “strong sell” rating to a “sell” rating in a research note on Friday, October 27th. ValuEngine cut shares of Sumitomo Mitsui Financial Group from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $8.25.

Sumitomo Mitsui Financial Group (NYSE:SMFG) last posted its quarterly earnings results on Monday, July 31st. The bank reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.11. Sumitomo Mitsui Financial Group had a net margin of 14.43% and a return on equity of 6.95%. The business had revenue of $12.25 billion during the quarter.

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Several large investors have recently bought and sold shares of SMFG. Park Avenue Securities LLC purchased a new position in shares of Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $105,000. Park National Corp OH purchased a new position in shares of Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $107,000. Neuberger Berman Group LLC purchased a new position in shares of Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $120,000. People s United Financial Inc. purchased a new position in shares of Sumitomo Mitsui Financial Group during the 2nd quarter worth approximately $134,000. Finally, Proficio Capital Partners LLC boosted its position in shares of Sumitomo Mitsui Financial Group by 75.1% during the 2nd quarter. Proficio Capital Partners LLC now owns 18,171 shares of the bank’s stock worth $142,000 after purchasing an additional 7,791 shares during the period. 2.27% of the stock is owned by hedge funds and other institutional investors.

Sumitomo Mitsui Financial Group Company Profile

Sumitomo Mitsui Financial Group, Inc is a holding company for Sumitomo Mitsui Banking Corporation (the Bank) and its subsidiaries. The Company operates through four segments: Commercial Banking, Leasing, Securities and Consumer Finance. The Company and its subsidiaries offer a range of financial services, including commercial banking, leasing, securities, consumer finance and other services.

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