ING Group (NYSE:ING) Shares Cross Below Two Hundred Day Moving Average - Here's Why

Key Points

• ING shares fell below their 200-day moving average of $31.31 on Tuesday, reaching a low of $30.86 before last trading at $30.926.
• Analyst sentiment remains positive overall: ING has a “Moderate Buy” consensus from 14 analysts, with an average price target of $34.50.
• Several institutional investors increased their holdings, including Quantinno Capital Management, which raised its stake by 9.5%; institutions and hedge funds own 4.49% of the stock.

ING Group, N.V. (NYSE:ING - Get Free Report) shares passed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $31.31 and traded as low as $30.86. ING Group shares last traded at $30.9260, with a volume of 3,756,259 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ING shares. Morgan Stanley upgraded ING Group from an "equal weight" rating to an "overweight" rating in a report on Wednesday, September 2nd. Zacks Research raised ING Group from a "strong sell" rating to a "hold" rating in a research report on Monday, July 27th. Weiss Ratings upgraded ING Group from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of ING Group in a research report on Tuesday, August 25th. Finally, The Goldman Sachs Group restated a "buy" rating on shares of ING Group in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, ING Group presently has a consensus rating of "Moderate Buy" and an average target price of $34.50.

ING Group Stock Down 1.4%

The company has a market cap of $88.45 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 0.86 and a beta of 0.89. The business's 50 day moving average price is $34.75 and its 200-day moving average price is $31.31.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Bank of America Corp DE increased its stake in shares of ING Group by 1.0% during the first quarter. Bank of America Corp DE now owns 6,451,137 shares of the financial services provider's stock valued at $168,052,000 after acquiring an additional 61,919 shares during the period. Quantinno Capital Management LP raised its holdings in ING Group by 9.5% during the first quarter. Quantinno Capital Management LP now owns 1,803,670 shares of the financial services provider's stock worth $46,986,000 after purchasing an additional 156,461 shares in the last quarter. TD Waterhouse Canada Inc. lifted its position in ING Group by 9.1% in the third quarter. TD Waterhouse Canada Inc. now owns 421,191 shares of the financial services provider's stock worth $14,416,000 after purchasing an additional 35,218 shares during the period. QRG Capital Management Inc. lifted its position in ING Group by 15.4% in the second quarter. QRG Capital Management Inc. now owns 394,253 shares of the financial services provider's stock worth $12,372,000 after purchasing an additional 52,524 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in ING Group by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 313,500 shares of the financial services provider's stock worth $8,167,000 after purchasing an additional 1,467 shares during the period. Institutional investors and hedge funds own 4.49% of the company's stock.

ING Group Company Profile

ING Groep N.V. is a Netherlands-based international banking group headquartered in Amsterdam. Through its principal banking operations, ING provides retail and commercial banking services to individuals, businesses and institutions, with a strong emphasis on digital banking and mobile financial services.

The company's products and services include current and savings accounts, consumer and residential lending, business loans, payments, investment services, and wholesale banking. Its wholesale banking operations serve corporate and institutional clients with services such as lending, transaction banking, financial markets, and corporate finance.

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