Zacks Investment Research Upgrades ING Groep (NYSE:ING) to “Hold”

ING Groep (NYSE:ING) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “ING GROEP-ADR is a global financial institution of Dutch origin offering banking, insurance and asset management to over 50 million private, corporate and institutional clients in 65 countries. ING can fully deliver what today’s clients expect: unlimited access, maximum convenience, immediate and accurate execution, personal advice, tailor-made solutions and competitive rates. “

Other equities research analysts have also recently issued research reports about the stock. Barclays initiated coverage on shares of ING Groep in a research report on Friday, June 14th. They set an “underweight” rating and a $11.15 target price for the company. Exane BNP Paribas lowered ING Groep from an “outperform” rating to a “neutral” rating in a report on Friday, August 2nd. Goldman Sachs Group reissued a “buy” rating on shares of ING Groep in a research report on Tuesday. ValuEngine cut ING Groep from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. upgraded ING Groep from a “neutral” rating to an “overweight” rating in a research note on Wednesday, June 5th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. ING Groep has an average rating of “Hold” and a consensus price target of $12.58.

Shares of NYSE ING traded up $0.02 during mid-day trading on Wednesday, reaching $10.62. 3,636,900 shares of the company were exchanged, compared to its average volume of 3,202,295. ING Groep has a 1 year low of $9.22 and a 1 year high of $13.77. The firm has a 50-day moving average of $10.02 and a 200 day moving average of $11.49. The stock has a market cap of $41.26 billion, a price-to-earnings ratio of 6.48, a P/E/G ratio of 3.64 and a beta of 1.31. The company has a quick ratio of 1.13, a current ratio of 0.96 and a debt-to-equity ratio of 2.34.

ING Groep (NYSE:ING) last posted its earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share (EPS) for the quarter. The company had revenue of $5.24 billion for the quarter. ING Groep had a return on equity of 8.83% and a net margin of 24.99%. On average, equities analysts forecast that ING Groep will post 1.45 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in ING. Morgan Stanley grew its position in ING Groep by 59.4% during the 2nd quarter. Morgan Stanley now owns 15,796,137 shares of the financial services provider’s stock worth $182,762,000 after purchasing an additional 5,886,924 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of ING Groep by 360.4% in the first quarter. JPMorgan Chase & Co. now owns 2,388,171 shares of the financial services provider’s stock worth $28,993,000 after buying an additional 1,869,498 shares during the last quarter. Thornburg Investment Management Inc. acquired a new stake in shares of ING Groep during the first quarter worth $13,248,000. Invesco Ltd. lifted its stake in shares of ING Groep by 27.3% during the second quarter. Invesco Ltd. now owns 3,606,395 shares of the financial services provider’s stock worth $41,726,000 after buying an additional 773,585 shares during the period. Finally, Parametric Portfolio Associates LLC grew its holdings in shares of ING Groep by 13.5% during the first quarter. Parametric Portfolio Associates LLC now owns 3,218,184 shares of the financial services provider’s stock valued at $39,069,000 after buying an additional 382,189 shares during the last quarter. Institutional investors own 3.24% of the company’s stock.

ING Groep Company Profile

ING Groep N.V., a financial institution, provides various banking products and services to individuals, small and medium-sized enterprises, and mid-corporates. It operates in Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Wholesale Banking segments. The company accepts various deposits, such as current and savings accounts; and offers business lending products, as well as consumer lending products, such as residential mortgage loans, term loans, and revolver and personal loans.

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