ING Groep (NYSE:ING) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of ING Groep (NYSE:ING) from a hold rating to a buy rating in a research note published on Thursday, Zacks.com reports. The brokerage currently has $11.00 target price on the financial services provider’s stock.

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. “

Other equities research analysts have also issued research reports about the stock. Exane BNP Paribas lowered shares of ING Groep from an outperform rating to a neutral rating in a report on Friday, August 2nd. Goldman Sachs Group reissued a buy rating on shares of ING Groep in a report on Tuesday, September 10th. UBS Group reissued a buy rating on shares of ING Groep in a report on Thursday, October 3rd. ValuEngine raised shares of ING Groep from a strong sell rating to a sell rating in a report on Wednesday, October 2nd. Finally, Barclays started coverage on shares of ING Groep in a research note on Friday, June 14th. They set an underweight rating and a $11.15 target price for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. ING Groep currently has an average rating of Hold and an average target price of $11.08.

Shares of ING traded up $0.09 during mid-day trading on Thursday, reaching $10.89. The stock had a trading volume of 7,378,270 shares, compared to its average volume of 3,355,567. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.96 and a quick ratio of 1.13. ING Groep has a 52-week low of $9.22 and a 52-week high of $13.72. The business’s fifty day moving average is $10.21 and its 200 day moving average is $11.17. The firm has a market cap of $40.67 billion, a price-to-earnings ratio of 6.64, a P/E/G ratio of 3.68 and a beta of 1.34.

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

Hedge funds have recently made changes to their positions in the business. Bessemer Group Inc. purchased a new position in ING Groep during the second quarter worth about $34,000. Carroll Financial Associates Inc. lifted its position in shares of ING Groep by 40.4% during the second quarter. Carroll Financial Associates Inc. now owns 3,780 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,088 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in shares of ING Groep during the second quarter worth about $43,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of ING Groep by 21.1% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 5,204 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 907 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its position in shares of ING Groep by 35.5% during the second quarter. Lindbrook Capital LLC now owns 5,536 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 1,450 shares in the last quarter. 3.24% of the stock is owned by institutional investors.

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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