Zacks Investment Research Upgrades ING Groep (NYSE:ING) to Buy

ING Groep (NYSE:ING) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The brokerage presently has a $11.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 1.85% from the stock’s previous close.

According to Zacks, “ING GROEP-ADR is a global financial institution of Dutch origin offering banking, insurance and asset management to over 50 million private, corporate and institutional clients in 65 countries. ING can fully deliver what today’s clients expect: unlimited access, maximum convenience, immediate and accurate execution, personal advice, tailor-made solutions and competitive rates. “

Several other equities analysts have also weighed in on ING. Goldman Sachs Group restated a “buy” rating on shares of ING Groep in a research note on Tuesday, September 10th. ValuEngine upgraded ING Groep from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. BNP Paribas lowered ING Groep from an “outperform” rating to a “neutral” rating in a research note on Friday, August 2nd. Exane BNP Paribas lowered ING Groep from an “outperform” rating to a “neutral” rating in a research note on Friday, August 2nd. Finally, Barclays initiated coverage on ING Groep in a research note on Friday, June 14th. They issued an “underweight” rating and a $11.15 price target for the company. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $11.08.

NYSE ING opened at $10.80 on Thursday. The stock has a 50-day simple moving average of $10.12 and a two-hundred day simple moving average of $11.19. The firm has a market capitalization of $39.00 billion, a P/E ratio of 7.41, a PEG ratio of 3.53 and a beta of 1.34. ING Groep has a fifty-two week low of $9.22 and a fifty-two week high of $13.72. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.13 and a current ratio of 0.96.

ING Groep (NYSE:ING) last released its quarterly earnings data on Thursday, August 1st. The financial services provider reported $0.42 earnings per share for the quarter. The business had revenue of $5.24 billion during the quarter. ING Groep had a return on equity of 8.83% and a net margin of 24.99%. As a group, analysts forecast that ING Groep will post 1.45 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in ING. Bessemer Group Inc. purchased a new position in shares of ING Groep in the 2nd quarter valued at about $34,000. Carroll Financial Associates Inc. increased its stake in shares of ING Groep by 40.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 3,780 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,088 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new position in shares of ING Groep in the 2nd quarter valued at about $43,000. Northwestern Mutual Wealth Management Co. boosted its holdings in ING Groep by 21.1% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 5,204 shares of the financial services provider’s stock worth $63,000 after buying an additional 907 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its holdings in ING Groep by 35.5% in the 2nd quarter. Lindbrook Capital LLC now owns 5,536 shares of the financial services provider’s stock worth $64,000 after buying an additional 1,450 shares during the last quarter. Hedge funds and other institutional investors own 3.22% of the company’s stock.

ING Groep Company Profile

ING Groep N.V., a financial institution, provides various banking products and services to individuals, small and medium-sized enterprises, and mid-corporates. It operates in Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Wholesale Banking segments. The company accepts various deposits, such as current and savings accounts; and offers business lending products, as well as consumer lending products, such as residential mortgage loans, term loans, and revolver and personal loans.

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