ING Group (NYSE:ING) Hits New 52-Week High – Here’s Why

ING Group, N.V. (NYSE:ING) hit a new 52-week high during trading on Tuesday . The company traded as high as $31.40 and last traded at $31.37, with a volume of 196078 shares. The stock had previously closed at $30.50.

Analysts Set New Price Targets

A number of brokerages have recently commented on ING. Zacks Research downgraded shares of ING Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Keefe, Bruyette & Woods upgraded shares of ING Group from a “moderate sell” rating to a “hold” rating in a report on Thursday, March 26th. Wall Street Zen downgraded shares of ING Group from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Deutsche Bank Aktiengesellschaft upgraded shares of ING Group from a “hold” rating to a “buy” rating in a report on Monday, February 2nd. Finally, Jefferies Financial Group initiated coverage on shares of ING Group in a report on Tuesday, January 27th. They issued a “hold” rating for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, ING Group has a consensus rating of “Moderate Buy”.

ING Group Trading Up 2.4%

The stock has a market capitalization of $90.92 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 0.98 and a beta of 0.83. The company has a debt-to-equity ratio of 2.73, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50-day simple moving average is $27.98 and its two-hundred day simple moving average is $27.88.

ING Group (NYSE:ING) last announced its quarterly earnings results on Friday, May 1st. The financial services provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. The firm had revenue of $616.97 million for the quarter, compared to analysts’ expectations of $6.86 billion. ING Group had a net margin of 27.68% and a return on equity of 12.27%. On average, research analysts anticipate that ING Group, N.V. will post 2.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its position in shares of ING Group by 7.3% during the second quarter. Bank of America Corp DE now owns 8,764,562 shares of the financial services provider’s stock worth $191,681,000 after purchasing an additional 593,424 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in ING Group by 2.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 7,804,829 shares of the financial services provider’s stock valued at $218,535,000 after acquiring an additional 191,101 shares during the last quarter. Northern Trust Corp boosted its stake in ING Group by 1.7% during the 3rd quarter. Northern Trust Corp now owns 4,456,398 shares of the financial services provider’s stock valued at $116,223,000 after acquiring an additional 73,959 shares during the last quarter. Todd Asset Management LLC boosted its stake in ING Group by 1.0% during the 3rd quarter. Todd Asset Management LLC now owns 2,795,403 shares of the financial services provider’s stock valued at $72,904,000 after acquiring an additional 26,639 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in ING Group by 61.9% during the 4th quarter. Wells Fargo & Company MN now owns 2,700,573 shares of the financial services provider’s stock valued at $75,616,000 after acquiring an additional 1,032,177 shares during the last quarter. 4.49% of the stock is owned by institutional investors and hedge funds.

About ING Group

ING Group N.V. is a Dutch multinational financial services company headquartered in Amsterdam. Formed through the consolidation of Dutch financial businesses, ING operates as a banking and financial services group that serves retail, small and medium-sized enterprises, large corporates and institutional clients. The company is organized under a two-tier governance model common in the Netherlands, with an Executive Board responsible for day-to-day management and a Supervisory Board providing oversight.

ING’s principal activities include retail and direct banking, commercial and wholesale banking, corporate lending, transaction services and cash management, and a range of investment and savings products.