ING Group (NYSE:ING) Reaches New 52-Week High - Here's What Happened

Key Points

• ING Group's stock reached a new 52-week high of $23.99, with a trading volume of 4,045 shares, following a previous close of $23.60.
• Analysts have generally upgraded their outlook, with Barclays moving from an "equal weight" to an "overweight" rating, contributing to an average rating of "Moderate Buy."
• The company reported $0.64 earnings per share for the last quarter, exceeding the consensus estimate of $0.59, with revenue also surpassing expectations at $6.55 billion.

ING Group, N.V. (NYSE:ING - Get Free Report)'s share price hit a new 52-week high on Thursday . The stock traded as high as $23.95 and last traded at $23.99, with a volume of 4045 shares trading hands. The stock had previously closed at $23.60.

Analysts Set New Price Targets

ING has been the subject of a number of research reports. Cfra Research raised shares of ING Group from a "moderate sell" rating to a "hold" rating in a research note 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 research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy".

ING Group Stock Down 1.3%

The company has a market cap of $75.94 billion, a PE ratio of 11.12, a P/E/G ratio of 1.76 and a beta of 1.14. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a 50-day simple moving average of $22.23 and a two-hundred day simple moving average of $20.09.

ING Group (NYSE:ING - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $0.64 EPS 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 company had revenue of $6.55 billion during the quarter, compared to analyst estimates of $6.40 billion. Research analysts anticipate that ING Group, N.V. will post 2.14 earnings per share for the current fiscal year.

ING Group Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be paid a dividend of $0.4002 per share. The ex-dividend date is Monday, August 11th. This represents a yield of 450.0%. ING Group's dividend payout ratio (DPR) is 62.67%.

Institutional Investors Weigh In On ING Group

A number of hedge funds have recently added to or reduced their stakes in ING. Bank of Montreal Can lifted its stake in ING Group by 6.3% in the 4th quarter. Bank of Montreal Can now owns 487,778 shares of the financial services provider's stock worth $7,643,000 after acquiring an additional 28,837 shares in the last quarter. Invesco Ltd. increased its stake in shares of ING Group by 40.8% in the fourth quarter. Invesco Ltd. now owns 39,915 shares of the financial services provider's stock worth $625,000 after purchasing an additional 11,558 shares during the period. Raymond James Financial Inc. bought a new stake in shares of ING Group in the fourth quarter valued at about $14,375,000. Sterling Capital Management LLC raised its position in ING Group by 27.1% in the fourth quarter. Sterling Capital Management LLC now owns 33,367 shares of the financial services provider's stock worth $523,000 after purchasing an additional 7,108 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of ING Group by 10.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 152,153 shares of the financial services provider's stock worth $2,385,000 after acquiring an additional 13,773 shares in the last quarter. 4.49% of the stock is currently owned by institutional investors.

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.