Here’s Why Sumitomo Mitsui Financial Group, Inc. (SMFG) Is Skyrocketing

We recently compiled a list of the Why These 24 Stocks Are Skyrocketing. In this article, we are going to take a look at where Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) stands against the other stocks.

One of the strongest stock market anomalies is the momentum effect, which is the tendency of recent past winners to outperform the recent past losers. That’s why we decided to take a look at some of the recent past winners in this article. These 24 companies, predominantly involved in the quantum computing, biotechnology, and technology sectors, have performed significantly well in the final quarter of 2024, registering spectacular returns over the 3 months.

That said, let’s take a look at the top 24 stocks that have skyrocketed and pose a solid growth opportunity in the coming year. We will also explore how well the stocks have performed throughout the year and what they have in store for 2025.

To come up with 24 names, we considered only the stocks that have at least $2 billion in market capitalization and have registered commendable returns in the fourth quarter of 2024.

A corporate lawyer explaining the terms of a contract to a customer in a contemporary office.

Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG)

Q4 Returns as of December 31, 2024: 15%

SMFG’s stock price grew by 14.7% in Q4 2024, going from $12.63 on September 30 to $14.49 on December 31, 2024. On the financial front, the company has managed to grow its revenue by 14% over the past 5 years, 11% over the past 3 years, and 12% year-over-year.

The financial services giant in Japan has not only shown impressive performance on the financial front but has also been committed to expanding and improving its customer experience. To align with the goal, the company has forged several partnerships with companies to improve the impact of human capital and technology.

In November, Sumitomo Mitsui Financial Group (NYSE:SMFG) formed a business alliance with Euphoria Co. to help companies improve their human capital management systems, placing an immense focus on employee well-being.

Overall SMFG ranks 24th on our list of the stocks that are skyrocketing right now. While we acknowledge the potential of SMFG as an investment, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SMFG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

Disclosure: None. This article is originally published at Insider Monkey.