ING Groep (NYSE:ING) Shares Gap Up – What’s Next?

ING Groep (NYSE:ING) gapped up before the market opened on Tuesday . The stock had previously closed at $19.77, but opened at $20.26. ING Groep shares last traded at $20.21, with a volume of 273,455 shares traded.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley downgraded shares of ING Groep from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, November 26th.

ING Groep Stock Up 2.7 %

The firm has a market cap of $71.03 billion, a price-to-earnings ratio of 9.49, a P/E/G ratio of 6.42 and a beta of 1.44. The company has a debt-to-equity ratio of 2.89, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a 50-day moving average of $17.79 and a 200-day moving average of $16.98.

ING Groep (NYSE:ING) last issued its quarterly earnings results on Thursday, February 6th. The financial services provider reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). ING Groep had a return on equity of 11.81% and a net margin of 28.30%. Sell-side analysts predict that ING Groep will post 2.14 EPS for the current fiscal year.

ING Groep Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Thursday, January 23rd. Investors of record on Monday, January 13th were paid a $0.1667 dividend. This represents a yield of 6.4%. The ex-dividend date was Monday, January 13th. ING Groep’s payout ratio is 29.91%.

Hedge Funds Weigh In On ING Groep

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. bought a new position in ING Groep during the 4th quarter worth $14,375,000. State Street Corp increased its position in ING Groep by 1.3% during the 3rd quarter. State Street Corp now owns 358,479 shares of the financial services provider’s stock valued at $6,510,000 after purchasing an additional 4,542 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of ING Groep by 18.7% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 92,045 shares of the financial services provider’s stock worth $1,442,000 after purchasing an additional 14,476 shares during the period. ABC Arbitrage SA acquired a new stake in ING Groep during the 4th quarter worth about $10,129,000. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of ING Groep in the 3rd quarter worth about $2,428,000. 4.49% of the stock is currently owned by institutional investors and hedge funds.

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.