Sumitomo Mitsui Financial Group (NYSE:SMFG) Reaches New 52-Week High – Time to Buy?

Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) reached a new 52-week high on Tuesday . The company traded as high as $15.56 and last traded at $15.58, with a volume of 109627 shares traded. The stock had previously closed at $15.13.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Sumitomo Mitsui Financial Group from a “sell” rating to a “hold” rating in a report on Saturday, November 23rd.

Sumitomo Mitsui Financial Group Stock Up 3.1 %

The business has a fifty day moving average of $14.67 and a 200 day moving average of $13.73. The stock has a market cap of $102.01 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 2.27 and a beta of 0.63. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.06 and a quick ratio of 1.05.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

A number of hedge funds have recently added to or reduced their stakes in SMFG. Creative Planning boosted its position in Sumitomo Mitsui Financial Group by 5.2% during the third quarter. Creative Planning now owns 376,490 shares of the bank’s stock worth $4,755,000 after purchasing an additional 18,575 shares during the period. Net Worth Advisory Group bought a new position in Sumitomo Mitsui Financial Group in the third quarter worth $320,000. Blue Trust Inc. raised its stake in Sumitomo Mitsui Financial Group by 141.2% during the third quarter. Blue Trust Inc. now owns 38,443 shares of the bank’s stock worth $516,000 after acquiring an additional 22,507 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Sumitomo Mitsui Financial Group by 844.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 326,942 shares of the bank’s stock worth $4,129,000 after acquiring an additional 292,334 shares in the last quarter. Finally, Signaturefd LLC raised its stake in Sumitomo Mitsui Financial Group by 1.5% during the third quarter. Signaturefd LLC now owns 213,353 shares of the bank’s stock worth $2,695,000 after acquiring an additional 3,197 shares in the last quarter. Institutional investors and hedge funds own 3.85% of the company’s stock.

About Sumitomo Mitsui Financial Group

Sumitomo Mitsui Financial Group, Inc, together with its subsidiaries, provides banking, leasing, securities, credit card, and consumer finance services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania. It operates through Wholesale Business Unit, Retail Business Unit, Global Business Unit, and Global Markets Business Unit segments.