PNC Financial Services Group Inc. Purchases 13,304 Shares of ING Group, N.V. (NYSE:ING)

Key Points

• PNC Financial Services Group Inc. increased its stake in ING Group, N.V. by 14.7% during the first quarter, now holding 104,056 shares worth approximately $2 million.
• ING Group recently reported $0.64 EPS for the quarter, exceeding analysts' estimates, with a revenue of $6.55 billion compared to the expected $6.40 billion.
• The company announced a semi-annual dividend of $0.4002, representing a high dividend yield of 450.0%, with an ex-dividend date set for August 11th.

PNC Financial Services Group Inc. grew its holdings in ING Group, N.V. (NYSE:ING - Free Report) by 14.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,056 shares of the financial services provider's stock after buying an additional 13,304 shares during the period. PNC Financial Services Group Inc.'s holdings in ING Group were worth $2,038,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. US Bancorp DE boosted its stake in shares of ING Group by 13.0% during the 1st quarter. US Bancorp DE now owns 192,174 shares of the financial services provider's stock worth $3,765,000 after purchasing an additional 22,153 shares during the period. Natixis Advisors LLC boosted its stake in shares of ING Group by 25.7% during the 1st quarter. Natixis Advisors LLC now owns 4,250,850 shares of the financial services provider's stock worth $83,274,000 after purchasing an additional 869,281 shares during the period. Thornburg Investment Management Inc. boosted its stake in shares of ING Group by 35.8% during the 1st quarter. Thornburg Investment Management Inc. now owns 521,307 shares of the financial services provider's stock worth $10,212,000 after purchasing an additional 137,397 shares during the period. HB Wealth Management LLC boosted its stake in shares of ING Group by 35.3% during the 1st quarter. HB Wealth Management LLC now owns 15,269 shares of the financial services provider's stock worth $299,000 after purchasing an additional 3,984 shares during the period. Finally, Drive Wealth Management LLC boosted its stake in shares of ING Group by 6.5% during the 1st quarter. Drive Wealth Management LLC now owns 11,609 shares of the financial services provider's stock worth $227,000 after purchasing an additional 707 shares during the period. 4.49% of the stock is owned by hedge funds and other institutional investors.

ING Group Stock Up 1.1%

Shares of NYSE:ING traded up $0.27 during trading hours on Wednesday, hitting $24.72. The company's stock had a trading volume of 3,071,275 shares, compared to its average volume of 2,760,166. ING Group, N.V. has a 52 week low of $15.09 and a 52 week high of $24.80. 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 company has a market capitalization of $77.79 billion, a price-to-earnings ratio of 11.38, a P/E/G ratio of 1.73 and a beta of 1.14. The firm's fifty day moving average price is $22.36 and its 200 day moving average price is $20.18.

ING Group (NYSE:ING - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The financial services provider reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. ING Group had a net margin of 27.28% and a return on equity of 11.62%. The business had revenue of $6.55 billion during the quarter, compared to analyst estimates of $6.40 billion. As a group, research analysts expect 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 dividend of $0.4002 per share. This represents a dividend yield of 450.0%. The ex-dividend date is Monday, August 11th. ING Group's payout ratio is 31.34%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ING shares. Cfra Research raised shares of ING Group from a "moderate sell" rating to a "hold" rating in a research note on Tuesday, May 6th. Barclays upgraded shares of ING Group from an "equal weight" rating to an "overweight" rating in a report on Tuesday, July 15th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy".

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.