ING Group (NYSE:ING) Hits New 1-Year High – Here’s Why

ING Group, N.V. (NYSE:ING) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $37.29 and last traded at $37.4220, with a volume of 1341435 shares changing hands. The stock had previously closed at $37.18.

Analyst Upgrades and Downgrades

ING has been the topic of several analyst reports. Weiss Ratings downgraded ING Group from a “buy (a-)” rating to a “buy (b-)” rating in a research report on Thursday, August 13th. Morgan Stanley raised ING Group from an “equal weight” rating to an “overweight” rating in a report on Wednesday, September 2nd. Finally, Zacks Research upgraded ING Group from a “strong sell” rating to a “hold” rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy”.

ING Group Stock Down 1.3%

The company has a debt-to-equity ratio of 2.99, a current ratio of 1.10 and a quick ratio of 1.11. The business’s 50 day moving average price is $34.44 and its 200 day moving average price is $30.78. The firm has a market cap of $104.89 billion, a PE ratio of 13.68, a PEG ratio of 0.97 and a beta of 0.84.

ING Group (NYSE:ING) last released its earnings results on Thursday, July 30th. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.04. The business had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $6.99 billion. ING Group had a return on equity of 12.59% and a net margin of 28.15%. On average, equities research analysts expect that ING Group, N.V. will post 2.82 earnings per share for the current year.

ING Group Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Monday, August 17th. Shareholders of record on Monday, August 10th were issued a $0.458 dividend. The ex-dividend date was Monday, August 10th. This represents a yield of 260.0%. ING Group’s dividend payout ratio is presently 29.10%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its position in shares of ING Group by 7.3% in the second quarter. Bank of America Corp DE now owns 8,764,562 shares of the financial services provider’s stock valued at $191,681,000 after purchasing an additional 593,424 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in ING Group by 2.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 7,804,829 shares of the financial services provider’s stock worth $218,535,000 after buying an additional 191,101 shares in the last quarter. Northern Trust Corp boosted its stake in ING Group by 1.7% during the third quarter. Northern Trust Corp now owns 4,456,398 shares of the financial services provider’s stock worth $116,223,000 after buying an additional 73,959 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of ING Group by 61.9% in the 4th quarter. Wells Fargo & Company MN now owns 2,700,573 shares of the financial services provider’s stock worth $75,616,000 after acquiring an additional 1,032,177 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of ING Group by 9.5% during the 1st quarter. Quantinno Capital Management LP now owns 1,803,670 shares of the financial services provider’s stock worth $46,986,000 after acquiring an additional 156,461 shares during the period. 4.49% of the stock is owned by hedge funds and other institutional investors.

ING Group Company Profile

ING Group N.V. is a Dutch international banking and financial services company headquartered in Amsterdam. Through its banking operations, ING provides retail and commercial banking services, including checking and savings accounts, consumer and business lending, mortgages, payments, investment products and digital banking solutions.

The company serves individual customers, small and medium-sized businesses, large corporations and institutional clients. Its retail banking activities are concentrated primarily in Europe, while its wholesale banking business supports clients in numerous countries with corporate lending, trade finance, financial markets, cash management and other banking services.