Envestnet Asset Management Inc. has increased its holdings in Sumitomo Mitsui Financial Group Inc. (NYSE: SMFG) by 19.7% during the second quarter of 2023, as reported in a recent filing with the Securities and Exchange Commission (SEC). The institutional investor now owns a total of 2,302,411 shares after acquiring an additional 378,909 shares during this period. The value of Envestnet’s stake in Sumitomo Mitsui Financial Group is approximately $34.79 million.
Other institutional investors have also adjusted their positions in SMFG. For instance, Goldman Sachs Group Inc. boosted its holdings by 0.5% in the first quarter, bringing its total to 11,271,361 shares valued at $174.26 million after purchasing an additional 53,612 shares. Similarly, Clark Capital Management Group Inc. increased its stake by 1.8%, now holding 6,496,260 shares worth $100.43 million following a purchase of 111,952 shares.
Northern Trust Corp also expanded its stake by 3.2% to 5,188,817 shares, valued at $80.22 million, while American Century Companies Inc. increased its holdings by 5.9% to 1,605,115 shares, worth $24.82 million. Notably, Natixis Advisors LLC significantly raised its holdings by 59.8%, now owning 1,439,197 shares valued at $22.25 million. Overall, institutional investors and hedge funds control 3.85% of the stock.
Analysts Provide New Insights on SMFG
Recent reports from analysts have led to adjustments in the stock’s ratings. Zacks Research upgraded Sumitomo Mitsui Financial Group from a “hold” to a “strong-buy” rating on September 5, 2023. Meanwhile, Weiss Ratings reaffirmed a “hold (c+)” rating on October 8, 2023. Additionally, Wall Street Zen changed its rating from “sell” to “hold” on August 2, 2023. Currently, the stock has received two “strong buy” ratings and one “hold” rating, leading to an average rating of “buy” according to data from MarketBeat.com.
Stock Performance Overview
As of the latest trading session, shares of SMFG opened at $16.31. The company possesses a market capitalization of $104.83 billion and a price-to-earnings (P/E) ratio of 17.16. Its 50-day moving average stands at $16.39, while the 200-day moving average is $15.51. The financial institution’s current ratio and quick ratio both sit at 1.03, and it has a debt-to-equity ratio of 1.75. Over the past year, SMFG recorded a low of $11.83 and a high of $17.46.
In its most recent quarterly earnings report released on July 31, 2023, Sumitomo Mitsui Financial Group reported earnings per share (EPS) of $0.40, surpassing analysts’ expectations of $0.31 by $0.09. The company generated revenue of $16.41 billion for the quarter, exceeding the consensus estimate of $1,094.67 billion. The return on equity was measured at 7.88%, with a net margin of 11.78%. Analysts project that Sumitomo Mitsui Financial Group will achieve an EPS of $0.39 for the current fiscal year.
Sumitomo Mitsui Financial Group, Inc. operates a diverse range of services including banking, leasing, securities, credit cards, and consumer finance across multiple regions including Japan, the Americas, Europe, the Middle East, Asia, and Oceania. Its business segments include Wholesale Business Unit, Retail Business Unit, Global Business Unit, and Global Markets Business Unit.
