Thornburg Investment Management Inc. Raises Stock Holdings in ING Group, N.V. (NYSE:ING)

Key Points

• Thornburg Investment Management Inc. increased its stake in ING Group by 35.8% during the first quarter, bringing its total holdings to over 521,000 shares valued at approximately $10.2 million.
• ING Group's quarterly earnings report showed an EPS of $0.49, which missed analysts' expectations of $0.56, despite generating revenue of $6.36 billion, exceeding the consensus estimate.
• Several analysts have raised their ratings on ING Group, with Cfra Research upgrading it from "moderate sell" to "hold", and Barclays upgrading from "equal weight" to "overweight".

Thornburg Investment Management Inc. increased its position in ING Group, N.V. (NYSE:ING - Free Report) by 35.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 521,307 shares of the financial services provider's stock after buying an additional 137,397 shares during the quarter. Thornburg Investment Management Inc.'s holdings in ING Group were worth $10,212,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Kestra Private Wealth Services LLC raised its stake in shares of 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 valued at $249,000 after acquiring an additional 530 shares during the last quarter. Huntington National Bank raised its position in ING Group by 1.7% during the 4th quarter. Huntington National Bank now owns 35,030 shares of the financial services provider's stock valued at $549,000 after purchasing an additional 597 shares during the last quarter. Wedmont Private Capital lifted its holdings in ING Group by 6.5% in the 1st quarter. Wedmont Private Capital now owns 11,415 shares of the financial services provider's stock worth $208,000 after buying an additional 693 shares during the period. Drive Wealth Management LLC grew its position 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. Finally, Janney Montgomery Scott LLC grew its position in shares of ING Group by 1.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 62,657 shares of the financial services provider's stock worth $1,227,000 after buying an additional 786 shares during the last quarter. 4.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Barclays upgraded ING Group from an "equal weight" rating to an "overweight" rating in a report on Tuesday, July 15th. Cfra Research upgraded shares of ING Group from a "moderate sell" rating to a "hold" rating in a report on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy".

ING Group Stock Down 0.8%

ING traded down $0.18 on Wednesday, hitting $23.42. The company had a trading volume of 2,715,478 shares, compared to its average volume of 2,537,869. The stock has a fifty day simple moving average of $21.92 and a 200-day simple moving average of $19.70. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market capitalization of $73.71 billion, a P/E ratio of 11.10, a P/E/G ratio of 1.90 and a beta of 1.11. ING Group, N.V. has a 52-week low of $15.09 and a 52-week high of $23.90.

ING Group (NYSE:ING - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). The company had revenue of $6.36 billion for the quarter, compared to the consensus estimate of $5.74 billion. ING Group had a net margin of 27.70% and a return on equity of 11.68%. As a group, equities analysts expect that ING Group, N.V. will post 2.14 EPS 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.