ING Groep (NYSE:ING) Upgraded to “Strong-Buy” by Citigroup

Citigroup upgraded shares of ING Groep (NYSE:ING) to a strong-buy rating in a research report report published on Thursday, Zacks.com reports.

Separately, Deutsche Bank Aktiengesellschaft lowered shares of ING Groep from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th.

ING Groep Stock Up 0.7 %

Shares of NYSE ING opened at $17.39 on Thursday. The stock has a market cap of $60.82 billion, a P/E ratio of 7.69 and a beta of 1.52. The business’s fifty day simple moving average is $17.77 and its 200-day simple moving average is $17.44. ING Groep has a 12-month low of $12.44 and a 12-month high of $18.72. The company has a current ratio of 0.95, a quick ratio of 1.12 and a debt-to-equity ratio of 2.54.

ING Groep (NYSE:ING) last posted its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.58 earnings per share (EPS) for the quarter. ING Groep had a return on equity of 12.65% and a net margin of 30.60%. The company had revenue of $6.15 billion for the quarter. During the same period in the prior year, the business earned $0.65 EPS. As a group, equities analysts predict that ING Groep will post 2.04 EPS for the current fiscal year.

ING Groep Increases Dividend

The firm also recently announced a semi-annual dividend, which was paid on Monday, August 19th. Stockholders of record on Thursday, August 8th were given a dividend of $0.8143 per share. This represents a dividend yield of 5.9%. The ex-dividend date of this dividend was Thursday, August 8th. This is a positive change from ING Groep’s previous semi-annual dividend of $0.70. ING Groep’s dividend payout ratio (DPR) is 28.32%.

Hedge Funds Weigh In On ING Groep

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its holdings in shares of ING Groep by 19.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 25,378 shares of the financial services provider’s stock valued at $461,000 after buying an additional 4,165 shares in the last quarter. Werba Rubin Papier Wealth Management acquired a new position in ING Groep in the third quarter valued at $185,000. Raymond James & Associates grew its holdings in shares of ING Groep by 49.7% during the third quarter. Raymond James & Associates now owns 794,658 shares of the financial services provider’s stock worth $14,431,000 after purchasing an additional 263,904 shares during the last quarter. Blue Trust Inc. increased its position in shares of ING Groep by 345.6% during the third quarter. Blue Trust Inc. now owns 21,336 shares of the financial services provider’s stock worth $366,000 after purchasing an additional 16,548 shares in the last quarter. Finally, Net Worth Advisory Group purchased a new stake in shares of ING Groep in the 3rd quarter valued at about $335,000. 4.49% of the stock is currently owned by hedge funds and other institutional investors.

About ING Groep

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.