ING Group, N.V. $ING Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its ING Group stake by 1.0% in the first quarter, acquiring 61,919 additional shares and bringing its holdings to 6.45 million shares valued at approximately $168.1 million.
• ING Group received generally positive analyst sentiment, with a consensus rating of “Moderate Buy” after Weiss Ratings upgraded the stock and Zacks Research raised its view to “Hold.”
• ING shares opened at $35.92, near their 52-week high, while the company reported quarterly EPS of $0.79—above estimates—but revenue of $4.76 billion fell short of expectations. ING also declared a $0.458-per-share dividend.

Bank of America Corp DE increased its stake in ING Group, N.V. (NYSE:ING - Free Report) by 1.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,451,137 shares of the financial services provider's stock after acquiring an additional 61,919 shares during the quarter. Bank of America Corp DE owned approximately 0.22% of ING Group worth $168,052,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC increased its stake in ING Group by 4.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 8,734 shares of the financial services provider's stock worth $245,000 after buying an additional 361 shares in the last quarter. Aprio Wealth Management LLC increased its position in shares of ING Group by 1.6% during the fourth quarter. Aprio Wealth Management LLC now owns 23,240 shares of the financial services provider's stock worth $651,000 after purchasing an additional 370 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of ING Group by 0.4% during the fourth quarter. Quadrant Capital Group LLC now owns 106,170 shares of the financial services provider's stock worth $2,973,000 after purchasing an additional 374 shares in the last quarter. Binnacle Investments Inc raised its stake in ING Group by 57.0% in the 3rd quarter. Binnacle Investments Inc now owns 1,088 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 395 shares during the last quarter. Finally, Compound Planning Inc. lifted its holdings in ING Group by 0.7% in the 1st quarter. Compound Planning Inc. now owns 58,784 shares of the financial services provider's stock valued at $1,531,000 after purchasing an additional 407 shares in the last quarter. 4.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Weiss Ratings upgraded shares of ING Group from a "buy (b)" rating to a "buy (a-)" rating in a research report on Thursday, July 30th. Zacks Research upgraded ING Group from a "strong sell" rating to a "hold" rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy".

ING Group Stock Up 1.7%

Shares of NYSE ING opened at $35.92 on Thursday. The company has a market capitalization of $102.75 billion, a P/E ratio of 13.40, a P/E/G ratio of 0.94 and a beta of 0.85. 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 company has a 50 day simple moving average of $31.95 and a 200-day simple moving average of $29.67. ING Group, N.V. has a 1 year low of $23.44 and a 1 year high of $36.05.

ING Group (NYSE:ING - Get Free Report) last posted its earnings results on Thursday, July 30th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.04. ING Group had a return on equity of 12.59% and a net margin of 28.15%.The company had revenue of $4.76 billion during the quarter, compared to analysts' expectations of $6.99 billion. On average, equities research analysts predict that ING Group, N.V. will post 2.77 earnings per share for the current year.

ING Group Cuts Dividend

The company also recently declared a dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, August 10th will be paid a dividend of $0.458 per share. This represents a yield of 262.0%. The ex-dividend date is Monday, August 10th. ING Group's dividend payout ratio is 28.73%.

ING Group Company Profile

ING Group N.V. is a Dutch multinational financial services company headquartered in Amsterdam. Formed through the consolidation of Dutch financial businesses, ING operates as a banking and financial services group that serves retail, small and medium-sized enterprises, large corporates and institutional clients. The company is organized under a two-tier governance model common in the Netherlands, with an Executive Board responsible for day-to-day management and a Supervisory Board providing oversight.

ING's principal activities include retail and direct banking, commercial and wholesale banking, corporate lending, transaction services and cash management, and a range of investment and savings products.

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