PNC Financial Services Group Inc. Has $2.04 Million Stake in 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. raised its position in ING Group, N.V. (NYSE:ING - Free Report) by 14.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund 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 SEC.

Other hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its position in shares of ING Group by 68.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 47,475 shares of the financial services provider's stock worth $931,000 after purchasing an additional 19,332 shares during the last quarter. Penserra Capital Management LLC bought a new position in shares of ING Group in the 1st quarter worth $126,000. Concurrent Investment Advisors LLC bought a new position in shares of ING Group in the 1st quarter worth $274,000. Massachusetts Financial Services Co. MA boosted its position in shares of ING Group by 60.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 529,731 shares of the financial services provider's stock worth $10,377,000 after purchasing an additional 198,549 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in shares of ING Group by 28.7% in the 1st quarter. Cerity Partners LLC now owns 308,499 shares of the financial services provider's stock worth $6,043,000 after purchasing an additional 68,843 shares during the last quarter. 4.49% of the stock is currently owned by institutional investors.

ING Group Trading Up 1.4%

ING stock traded up $0.33 during midday trading on Tuesday, hitting $24.46. 2,112,023 shares of the company's stock were exchanged, compared to its average volume of 2,758,464. The stock's fifty day moving average price is $22.29 and its 200-day moving average price is $20.15. The company has a debt-to-equity ratio of 2.83, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $76.99 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 1.76 and a beta of 1.14. ING Group, N.V. has a one year low of $15.09 and a one year high of $24.47.

ING Group (NYSE:ING - Get Free Report) last posted its earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $6.55 billion for the quarter, compared to analyst estimates of $6.40 billion. ING Group had a return on equity of 11.62% and a net margin of 27.28%. Research analysts predict that ING Group, N.V. will post 2.14 earnings per share for the current fiscal year.

ING Group Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be issued a dividend of $0.4002 per share. The ex-dividend date is Monday, August 11th. This represents a yield of 450.0%. ING Group's payout ratio is currently 62.67%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ING shares. Cfra Research upgraded ING Group from a "moderate sell" rating to a "hold" rating in a research report on Tuesday, May 6th. Barclays upgraded ING Group from an "equal weight" rating to an "overweight" rating in a research report on Tuesday, July 15th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy".

About ING Group

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.