Millennium Management LLC Buys 1,106,926 Shares of ING Group, N.V. $ING

Key Points

• Millennium Management LLC increased its stake in ING Group, N.V. by 197.6%, owning 1,667,239 shares valued at approximately $32.66 million after purchasing over 1.1 million additional shares in the first quarter.
• Despite a recent dividend announcement, ING Group's stock has a current payout ratio of 31.80% and a dividend yield of 450.0% after paying $0.4002 per share.
• Brokerages like Morgan Stanley and Barclays have upgraded ING Group's rating to "overweight", indicating positive outlook from analysts, with a consensus rating of "Moderate Buy".

Millennium Management LLC raised its stake in shares of ING Group, N.V. (NYSE:ING - Free Report) by 197.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,667,239 shares of the financial services provider's stock after purchasing an additional 1,106,926 shares during the quarter. Millennium Management LLC's holdings in ING Group were worth $32,661,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its position in ING Group by 68.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 47,475 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 19,332 shares during the period. Penserra Capital Management LLC purchased a new position in ING Group during the 1st quarter valued at $126,000. FORA Capital LLC purchased a new position in ING Group during the 1st quarter valued at $302,000. PNC Financial Services Group Inc. increased its position in ING Group by 14.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 104,056 shares of the financial services provider's stock valued at $2,038,000 after purchasing an additional 13,304 shares during the period. Finally, Concurrent Investment Advisors LLC purchased a new position in ING Group during the 1st quarter valued at $274,000. 4.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ING shares. Morgan Stanley raised shares of ING Group from an "equal weight" rating to an "overweight" rating in a research report on Tuesday, September 2nd. Barclays upgraded shares of ING Group from an "equal weight" rating to an "overweight" rating in a report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy".

ING Group Stock Down 1.3%

NYSE:ING traded down $0.33 on Tuesday, reaching $25.42. 1,992,771 shares of the stock traded hands, compared to its average volume of 2,720,537. The company has a market capitalization of $80.01 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 1.85 and a beta of 1.10. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.83. ING Group, N.V. has a 12 month low of $15.09 and a 12 month high of $25.81. The company's fifty day simple moving average is $23.94 and its 200 day simple moving average is $21.50.

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

ING Group Cuts Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were paid a dividend of $0.4002 per share. This represents a yield of 450.0%. The ex-dividend date was Monday, August 11th. ING Group's dividend payout ratio (DPR) is currently 31.80%.

ING Group Company 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.