Summit Securities Group LLC Makes New Investment in ING Group, N.V. $ING

Key Points

• Summit Securities Group LLC invested $446,000 in ING Group, acquiring 22,785 shares during the first quarter, as revealed in their recent SEC disclosure.
• Several hedge funds have increased their stakes in ING Group recently, with Invesco Ltd. upping its holdings by 40.8% in the fourth quarter.
• ING Group announced a semi-annual dividend of $0.4002, representing a yield of 450.0%, scheduled for distribution on August 25th.

Summit Securities Group LLC bought a new stake in ING Group, N.V. (NYSE:ING - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 22,785 shares of the financial services provider's stock, valued at approximately $446,000.

Several other institutional investors also recently bought and sold shares of ING. American Century Companies Inc. increased its stake in ING Group by 2.9% in the 1st quarter. American Century Companies Inc. now owns 1,276,117 shares of the financial services provider's stock worth $24,999,000 after purchasing an additional 35,382 shares during the period. Sei Investments Co. grew its holdings in shares of ING Group by 10.0% in the first quarter. Sei Investments Co. now owns 669,011 shares of the financial services provider's stock worth $13,106,000 after purchasing an additional 61,039 shares during the last quarter. Kovitz Investment Group Partners LLC increased its stake in shares of ING Group by 7.6% in the first quarter. Kovitz Investment Group Partners LLC now owns 29,473 shares of the financial services provider's stock worth $577,000 after buying an additional 2,083 shares during the period. Vestmark Advisory Solutions Inc. raised its holdings in ING Group by 102.4% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 68,158 shares of the financial services provider's stock valued at $1,335,000 after buying an additional 34,481 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its holdings in ING Group by 22.0% during the 1st quarter. Neuberger Berman Group LLC now owns 525,985 shares of the financial services provider's stock valued at $10,363,000 after buying an additional 94,839 shares during the last quarter. 4.49% of the stock is currently owned by hedge funds and other institutional investors.

ING Group Stock Up 0.5%

ING Group stock traded up $0.1250 on Wednesday, hitting $24.8150. 2,694,230 shares of the stock traded hands, compared to its average volume of 2,774,501. ING Group, N.V. has a 1 year low of $15.09 and a 1 year high of $25.11. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.83. The business's fifty day simple moving average is $22.72 and its 200 day simple moving average is $20.46. The firm has a market cap of $78.10 billion, a P/E ratio of 11.44, a price-to-earnings-growth ratio of 1.78 and a beta of 1.14.

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 for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $6.40 billion. As a group, sell-side analysts forecast that ING Group, N.V. will post 2.14 earnings per share for the current year.

ING Group Cuts Dividend

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

Analyst Upgrades and Downgrades

ING has been the topic of a number of recent analyst reports. Barclays raised shares of ING Group from an "equal weight" rating to an "overweight" rating in a report on Tuesday, July 15th. Cfra Research upgraded ING Group from a "moderate sell" rating to a "hold" rating in a report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock 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.