ING Groep (NYSE:ING) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of ING Groep (NYSE:ING) from a hold rating to a buy rating in a report released on Wednesday morning, Zacks.com reports. They currently have $11.00 price objective 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. “

A number of other brokerages also recently issued reports on ING. Jefferies Financial Group reissued a buy rating on shares of ING Groep in a research report on Wednesday, December 16th. Morgan Stanley restated an equal weight rating on shares of ING Groep in a report on Monday, November 16th. ValuEngine upgraded shares of ING Groep from a sell rating to a hold rating in a report on Wednesday, November 18th. Finally, UBS Group restated a buy rating on shares of ING Groep in a report on Tuesday, January 5th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $9.00.

Shares of ING Groep stock opened at $9.59 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.74. The company’s fifty day simple moving average is $9.73 and its two-hundred day simple moving average is $8.21. The company has a market cap of $37.37 billion, a P/E ratio of 12.45, a PEG ratio of 2.48 and a beta of 1.92. ING Groep has a 12-month low of $4.52 and a 12-month high of $12.03.

ING Groep (NYSE:ING) last issued its quarterly earnings data on Thursday, November 5th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter. The business had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $5.20 billion. ING Groep had a net margin of 14.79% and a return on equity of 4.92%. Analysts predict that ING Groep will post 0.82 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. AdvisorNet Financial Inc boosted its stake in ING Groep by 96.3% in the 2nd quarter. AdvisorNet Financial Inc now owns 5,743 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 2,817 shares in the last quarter. Boston Partners bought a new position in ING Groep in the 3rd quarter worth about $73,000. Private Advisor Group LLC bought a new position in ING Groep in the 2nd quarter worth about $74,000. Campbell & CO Investment Adviser LLC bought a new position in ING Groep in the 3rd quarter worth about $80,000. Finally, Park National Corp OH boosted its stake in ING Groep by 21.5% in the 3rd quarter. Park National Corp OH now owns 13,822 shares of the financial services provider’s stock worth $98,000 after purchasing an additional 2,444 shares in the last quarter. Institutional investors own 2.78% 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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Analyst Recommendations for ING Groep (NYSE:ING)

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