ING Groep (NYSE:ING) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of ING Groep (NYSE:ING) from a hold rating to a sell rating in a report released on Tuesday morning, Zacks.com reports.

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 brokerages have also issued reports on ING. Barclays started coverage on ING Groep in a report on Friday, June 14th. They set an underweight rating and a $11.15 price target for the company. ValuEngine lowered ING Groep from a sell rating to a strong sell rating in a report on Wednesday, September 4th. Goldman Sachs Group reiterated a buy rating on shares of ING Groep in a report on Tuesday, September 10th. Exane BNP Paribas lowered ING Groep from an outperform rating to a neutral rating in a report on Friday, August 2nd. Finally, BNP Paribas lowered ING Groep from an outperform rating to a neutral rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $12.58.

Shares of NYSE ING opened at $10.58 on Tuesday. ING Groep has a one year low of $9.22 and a one year high of $13.77. The firm has a market capitalization of $41.22 billion, a PE ratio of 6.45, a PEG ratio of 3.73 and a beta of 1.31. The company has a current ratio of 0.96, a quick ratio of 1.13 and a debt-to-equity ratio of 2.34. The business has a 50-day moving average price of $9.91 and a two-hundred day moving average price of $11.41.

ING Groep (NYSE:ING) last announced its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share (EPS) 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%. Research analysts anticipate that ING Groep will post 1.45 EPS for the current year.

Several institutional investors have recently made changes to their positions in ING. Morgan Stanley lifted its holdings in ING Groep by 59.4% in the 2nd quarter. Morgan Stanley now owns 15,796,137 shares of the financial services provider’s stock worth $182,762,000 after purchasing an additional 5,886,924 shares during the last quarter. Invesco Ltd. lifted its holdings in ING Groep by 27.3% in the 2nd quarter. Invesco Ltd. now owns 3,606,395 shares of the financial services provider’s stock worth $41,726,000 after purchasing an additional 773,585 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in ING Groep by 4.7% in the 1st quarter. Wells Fargo & Company MN now owns 3,231,082 shares of the financial services provider’s stock worth $39,225,000 after purchasing an additional 145,097 shares during the last quarter. Parametric Portfolio Associates LLC lifted its holdings in ING Groep by 13.5% in the 1st quarter. Parametric Portfolio Associates LLC now owns 3,218,184 shares of the financial services provider’s stock worth $39,069,000 after purchasing an additional 382,189 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in ING Groep by 360.4% in the 1st quarter. JPMorgan Chase & Co. now owns 2,388,171 shares of the financial services provider’s stock worth $28,993,000 after purchasing an additional 1,869,498 shares during the last quarter. Institutional investors and hedge funds own 3.22% of the company’s stock.

About ING Groep

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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