Zacks Investment Research Downgrades ING Groep (ING) to Sell

ING Groep (NYSE:ING) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

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 research analysts also recently issued reports on the stock. JPMorgan Chase & Co. downgraded shares of ING Groep from an “overweight” rating to a “neutral” rating in a research note on Monday, September 3rd. ValuEngine downgraded shares of ING Groep from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 4th. Royal Bank of Canada reiterated a “neutral” rating on shares of ING Groep in a research note on Thursday, November 1st. Finally, Morgan Stanley upgraded shares of ING Groep from an “underweight” rating to an “equal weight” rating in a research note on Friday, November 2nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $21.00.

NYSE:ING opened at $11.93 on Wednesday. ING Groep has a one year low of $11.47 and a one year high of $20.58. The company has a debt-to-equity ratio of 2.29, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $46.94 billion, a P/E ratio of 8.28 and a beta of 1.22.

ING Groep (NYSE:ING) last posted its quarterly earnings data on Thursday, November 1st. The financial services provider reported $0.23 EPS for the quarter. ING Groep had a net margin of 24.83% and a return on equity of 9.05%. The business had revenue of $5.40 billion for the quarter. Research analysts anticipate that ING Groep will post 1.5 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC bought a new position in ING Groep during the first quarter valued at approximately $543,000. Cornerstone Wealth Management LLC bought a new position in ING Groep during the second quarter valued at approximately $627,000. Raymond James Financial Services Advisors Inc. lifted its position in ING Groep by 26.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 67,153 shares of the financial services provider’s stock valued at $962,000 after purchasing an additional 14,212 shares during the period. First Trust Advisors LP lifted its position in ING Groep by 97.1% during the second quarter. First Trust Advisors LP now owns 49,892 shares of the financial services provider’s stock valued at $714,000 after purchasing an additional 24,576 shares during the period. Finally, Wasatch Advisors Inc. lifted its position in ING Groep by 4.5% during the second quarter. Wasatch Advisors Inc. now owns 455,309 shares of the financial services provider’s stock valued at $6,520,000 after purchasing an additional 19,470 shares during the period. Hedge funds and other institutional investors own 3.47% 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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