Pinnacle Associates Ltd. Invests $372,000 in ING Group, N.V. (NYSE:ING)

Pinnacle Associates Ltd. acquired a new position in shares of ING Group, N.V. (NYSE:ING - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 18,983 shares of the financial services provider's stock, valued at approximately $372,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Kestra Private Wealth Services LLC boosted its stake in ING Group by 4.4% during the first quarter. Kestra Private Wealth Services LLC now owns 12,705 shares of the financial services provider's stock worth $249,000 after buying an additional 530 shares during the period. Huntington National Bank lifted its position in shares of ING Group by 1.7% during the fourth quarter. Huntington National Bank now owns 35,030 shares of the financial services provider's stock worth $549,000 after purchasing an additional 597 shares during the last quarter. Wedmont Private Capital lifted its position in shares of ING Group by 6.5% during the first quarter. Wedmont Private Capital now owns 11,415 shares of the financial services provider's stock worth $208,000 after purchasing an additional 693 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of ING Group by 1.3% during the first quarter. Janney Montgomery Scott LLC now owns 62,657 shares of the financial services provider's stock worth $1,227,000 after purchasing an additional 786 shares during the last quarter. Finally, Hexagon Capital Partners LLC lifted its position in shares of ING Group by 21.4% during the first quarter. Hexagon Capital Partners LLC now owns 5,085 shares of the financial services provider's stock worth $100,000 after purchasing 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

Several analysts have recently weighed in 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 report on Tuesday, July 15th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy".

ING Group Stock Down 2.9%

Shares of ING stock traded down $0.69 on Friday, hitting $22.68. The stock had a trading volume of 1,805,607 shares, compared to its average volume of 2,761,790. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.86. The business has a 50 day moving average price of $21.96 and a 200 day moving average price of $19.75. The company has a market cap of $71.37 billion, a PE ratio of 10.73, a P/E/G ratio of 1.88 and a beta of 1.11. ING Group, N.V. has a one year low of $15.09 and a one year high of $23.90.

ING Group (NYSE:ING - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The business had revenue of $6.55 billion during the quarter, compared to the consensus estimate of $6.40 billion. ING Group had a net margin of 27.70% and a return on equity of 11.68%. Research analysts anticipate that ING Group, N.V. will post 2.14 earnings per share for the current fiscal year.

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.