Sumitomo Mitsui Financial Group (NYSE:SMFG) Sets New 12-Month High - Here's Why

Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $16.39 and last traded at $16.29, with a volume of 1391322 shares changing hands. The stock had previously closed at $16.19.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Sumitomo Mitsui Financial Group from a "sell" rating to a "hold" rating in a report on Friday.

Sumitomo Mitsui Financial Group Trading Up 2.6 %

The company has a debt-to-equity ratio of 1.94, a current ratio of 1.06 and a quick ratio of 1.05. The firm has a market capitalization of $108.02 billion, a PE ratio of 16.20, a P/E/G ratio of 2.36 and a beta of 0.59. The company's fifty day simple moving average is $15.19 and its 200-day simple moving average is $14.16.

Hedge Funds Weigh In On Sumitomo Mitsui Financial Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in shares of Sumitomo Mitsui Financial Group by 16.5% in the fourth quarter. FMR LLC now owns 8,383,293 shares of the bank's stock worth $121,474,000 after buying an additional 1,189,453 shares in the last quarter. Clark Capital Management Group Inc. lifted its stake in shares of Sumitomo Mitsui Financial Group by 26.9% in the fourth quarter. Clark Capital Management Group Inc. now owns 6,384,308 shares of the bank's stock worth $92,509,000 after buying an additional 1,355,287 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Sumitomo Mitsui Financial Group by 79.3% in the fourth quarter. Northern Trust Corp now owns 5,029,497 shares of the bank's stock worth $72,877,000 after buying an additional 2,224,913 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Sumitomo Mitsui Financial Group by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,899,574 shares of the bank's stock worth $42,015,000 after buying an additional 33,783 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Sumitomo Mitsui Financial Group by 4.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 1,803,684 shares of the bank's stock worth $26,135,000 after purchasing an additional 70,946 shares during the last quarter. 3.85% of the stock is owned by hedge funds and other institutional investors.

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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.