Synovus Financial Corp Raises Stock Holdings in ING Group, N.V. $ING

Key Points

• Synovus Financial Corp increased its stake in ING Group, N.V. by 119.2%, owning a total of 190,637 shares valued at approximately $3.73 million.
• ING Group reported quarterly earnings of $0.64 per share, exceeding expectations, with revenue of $6.55 billion, above the consensus estimate of $6.40 billion.
• The company announced a semi-annual dividend of $0.4002 per share with a dividend payout ratio of 31.80%, reflecting a significant yield.

Synovus Financial Corp grew its stake in ING Group, N.V. (NYSE:ING - Free Report) by 119.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 190,637 shares of the financial services provider's stock after buying an additional 103,673 shares during the quarter. Synovus Financial Corp's holdings in ING Group were worth $3,735,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Legacy Advisors LLC purchased a new stake in ING Group in the first quarter worth about $28,000. SBI Securities Co. Ltd. raised its holdings in ING Group by 135.3% during the first quarter. SBI Securities Co. Ltd. now owns 1,586 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 912 shares during the period. Redwood Investments LLC bought a new position in shares of ING Group in the fourth quarter worth about $41,000. Olde Wealth Management LLC bought a new position in shares of ING Group in the first quarter worth about $55,000. Finally, Hexagon Capital Partners LLC boosted its stake in shares of ING Group by 21.4% in the first quarter. Hexagon Capital Partners LLC now owns 5,085 shares of the financial services provider's stock worth $100,000 after acquiring an additional 897 shares during the period. Hedge funds and other institutional investors own 4.49% of the company's stock.

ING Group Trading Up 0.2%

Shares of NYSE ING opened at $24.8880 on Monday. 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 business's 50 day moving average price is $22.95 and its 200-day moving average price is $20.66. ING Group, N.V. has a fifty-two week low of $15.09 and a fifty-two week high of $25.11. The company has a market cap of $78.33 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 1.79 and a beta of 1.14.

ING Group (NYSE:ING - Get Free Report) last issued its quarterly 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. ING Group had a return on equity of 11.62% and a net margin of 27.28%.The firm had revenue of $6.55 billion for the quarter, compared to the consensus estimate of $6.40 billion. On average, sell-side analysts expect 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. Shareholders of record on Monday, August 11th will be given a dividend of $0.4002 per share. This represents a yield of 450.0%. The ex-dividend date of this dividend is Monday, August 11th. ING Group's dividend payout ratio (DPR) is 31.80%.

Analysts Set New Price Targets

ING has been the subject of a number of recent analyst reports. Barclays raised ING Group from an "equal weight" rating to an "overweight" rating in a research note on Tuesday, July 15th. Cfra Research raised ING Group from a "moderate sell" rating to a "hold" rating in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy".

ING Group 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.

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