Royal Bank of Canada Sells 176,719 Shares of ING Group, N.V. $ING

Key Points

• The Royal Bank of Canada reduced its stake in ING Group, N.V. by 4.5%, selling 176,719 shares, and now owns 3,769,934 shares valued at $73,854,000.
• Despite the RBC's divestment, other institutional investors such as Northern Trust Corp and Natixis Advisors LLC increased their stakes in ING during the same quarter.
• ING reported a quarterly EPS of $0.64, exceeding analysts' expectations of $0.59, alongside a revenue of $6.55 billion for the quarter.

Royal Bank of Canada cut its position in ING Group, N.V. (NYSE:ING - Free Report) by 4.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,769,934 shares of the financial services provider's stock after selling 176,719 shares during the quarter. Royal Bank of Canada owned 0.11% of ING Group worth $73,854,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Kestra Private Wealth Services LLC grew its stake in ING Group by 4.4% in the first quarter. Kestra Private Wealth Services LLC now owns 12,705 shares of the financial services provider's stock valued at $249,000 after acquiring an additional 530 shares during the period. Wedmont Private Capital raised its position in ING Group by 6.5% during the 1st quarter. Wedmont Private Capital now owns 11,415 shares of the financial services provider's stock valued at $208,000 after purchasing an additional 693 shares during the last quarter. Drive Wealth Management LLC grew its stake in shares of ING Group by 6.5% in the 1st quarter. Drive Wealth Management LLC now owns 11,609 shares of the financial services provider's stock worth $227,000 after buying an additional 707 shares during the last quarter. MAI Capital Management boosted its stake in shares of ING Group by 23.1% in the 1st quarter. MAI Capital Management now owns 4,190 shares of the financial services provider's stock worth $82,000 after buying an additional 785 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in 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 valued at $1,227,000 after acquiring an additional 786 shares during the period. Institutional investors and hedge funds own 4.49% of the company's stock.

ING Group Trading Up 1.0%

ING traded up $0.26 on Tuesday, hitting $24.88. The company had a trading volume of 795,361 shares, compared to its average volume of 2,730,862. ING Group, N.V. has a 12-month low of $15.09 and a 12-month high of $25.11. The business's fifty day simple moving average is $23.62 and its 200 day simple moving average is $21.22. The company has a market cap of $78.29 billion, a PE ratio of 11.47, a PEG ratio of 1.73 and a beta of 1.10. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.83.

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

ING Group Cuts Dividend

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

Analyst Ratings Changes

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

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.