Meridian Wealth Management LLC Purchases 962 Shares of ING Group, N.V. (NYSE:ING)

Meridian Wealth Management LLC increased its position in shares of ING Group, N.V. (NYSE:ING) by 0.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,554 shares of the financial services provider’s stock after purchasing an additional 962 shares during the period. Meridian Wealth Management LLC’s holdings in ING Group were worth $3,028,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Kestra Private Wealth Services LLC raised its position in shares of ING Group by 4.4% during the 1st quarter. Kestra Private Wealth Services LLC now owns 12,705 shares of the financial services provider’s stock valued at $249,000 after purchasing an additional 530 shares during the period. Wedmont Private Capital raised its position in shares of ING Group by 6.5% during the 1st quarter. Wedmont Private Capital now owns 11,415 shares of the financial services provider’s stock valued at $208,000 after purchasing an additional 693 shares during the period. Drive Wealth Management LLC raised its position in shares of ING Group by 6.5% during the 1st quarter. Drive Wealth Management LLC now owns 11,609 shares of the financial services provider’s stock valued at $227,000 after purchasing an additional 707 shares during the period. Janney Montgomery Scott LLC raised its position in shares of ING Group by 1.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 62,657 shares of the financial services provider’s stock valued at $1,227,000 after purchasing an additional 786 shares during the period. Finally, Hexagon Capital Partners LLC increased its holdings in ING Group by 21.4% in the 1st quarter. Hexagon Capital Partners LLC now owns 5,085 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 897 shares during the last quarter. 4.49% of the stock is currently owned by institutional investors.

ING Group Stock Performance

Shares of NYSE ING opened at $24.13 on Tuesday. 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 company has a market cap of $75.94 billion, a P/E ratio of 11.12, a P/E/G ratio of 1.76 and a beta of 1.14. The firm’s fifty day moving average is $22.29 and its two-hundred day moving average is $20.15. ING Group, N.V. has a 52-week low of $15.09 and a 52-week high of $24.45.

ING Group (NYSE:ING) last posted its earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share for the quarter, topping 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 firm had revenue of $6.55 billion for the quarter, compared to the consensus estimate of $6.40 billion. As a group, analysts anticipate that ING Group, N.V. will post 2.14 EPS for the current fiscal year.

ING Group Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be issued a $0.4002 dividend. The ex-dividend date is Monday, August 11th. This represents a dividend yield of 450.0%. ING Group’s payout ratio is 62.67%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ING. Cfra Research upgraded shares of ING Group from a “moderate sell” rating to a “hold” rating in a report on Tuesday, May 6th. Barclays upgraded shares of ING Group from an “equal weight” rating to an “overweight” rating in a report on Tuesday, July 15th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average 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.