Citigroup Inc. Sells 118,882 Shares of ING Group, N.V. $ING

Key Points

• Citigroup Inc. reduced its stake in ING Group, N.V. by 16.6% in the first quarter, now holding 596,433 shares valued at approximately $11.68 million.
• Several institutional investors have increased their holdings in ING Group, with Allspring Global Investments raising its stake by 68.7%.
• ING Group recently announced a semi-annual dividend of $0.4002 per share, with a dividend yield of 450%, set to be paid on August 25th.

Citigroup Inc. trimmed its position in shares of ING Group, N.V. (NYSE:ING - Free Report) by 16.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 596,433 shares of the financial services provider's stock after selling 118,882 shares during the quarter. Citigroup Inc.'s holdings in ING Group were worth $11,684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Legacy Advisors LLC purchased a new position in ING Group during the 1st quarter worth $28,000. SBI Securities Co. Ltd. boosted its holdings in ING Group by 135.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,586 shares of the financial services provider's stock worth $31,000 after acquiring an additional 912 shares during the last quarter. Redwood Investments LLC purchased a new position in ING Group during the 4th quarter worth $41,000. Olde Wealth Management LLC purchased a new position in ING Group during the 1st quarter worth $55,000. Finally, Hexagon Capital Partners LLC boosted its holdings in ING Group by 21.4% during the 1st quarter. Hexagon Capital Partners LLC now owns 5,085 shares of the financial services provider's stock worth $100,000 after acquiring an additional 897 shares during the last quarter. 4.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ING has been the topic of a number of analyst reports. Barclays raised shares of ING Group from an "equal weight" rating to an "overweight" rating in a report on Tuesday, July 15th. Cfra Research upgraded ING Group from a "moderate sell" rating to a "hold" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, ING Group has a consensus rating of "Moderate Buy".

ING Group Stock Performance

Shares of NYSE ING traded up $0.2050 during mid-day trading on Tuesday, reaching $24.8950. 934,556 shares of the company's stock were exchanged, compared to its average volume of 2,753,579. The firm has a market capitalization of $78.35 billion, a price-to-earnings ratio of 11.48, a price-to-earnings-growth ratio of 1.79 and a beta of 1.14. ING Group, N.V. has a 52 week low of $15.09 and a 52 week high of $25.11. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a 50-day moving average price of $22.65 and a two-hundred day moving average price of $20.43.

ING Group (NYSE:ING - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. ING Group had a return on equity of 11.62% and a net margin of 27.28%.The business had revenue of $6.55 billion for the quarter, compared to analysts' expectations of $6.40 billion. Analysts predict that ING Group, N.V. will post 2.14 EPS for the current year.

ING Group Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be paid a $0.4002 dividend. This represents a yield of 450.0%. The ex-dividend date is Monday, August 11th. ING Group's payout ratio is currently 31.80%.

ING Group Profile

ING Groep N.V. provides various banking products and services in the Netherlands, Belgium, Germany, rest of Europe, and internationally. It operates through five segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Wholesale Banking. The company accepts current and savings accounts.