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

ING Groep (NYSE:ING) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The firm currently has a $15.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 7.68% from the stock’s current price.

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. “

ING has been the topic of a number of other research reports. UBS Group reiterated a “buy” rating on shares of ING Groep in a research note on Monday, August 9th. Barclays lowered shares of ING Groep from an “equal weight” rating to an “underweight” rating in a research note on Friday, June 4th. JPMorgan Chase & Co. restated an “overweight” rating on shares of ING Groep in a research note on Monday, August 9th. Berenberg Bank reaffirmed a “buy” rating on shares of ING Groep in a report on Monday, August 9th. Finally, HSBC reaffirmed a “hold” rating on shares of ING Groep in a report on Friday, May 28th. Two analysts have rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ING Groep has a consensus rating of “Buy” and an average price target of $14.01.

Shares of ING traded up $0.40 during trading hours on Thursday, reaching $13.93. The company had a trading volume of 2,151,123 shares, compared to its average volume of 4,804,178. The company has a market capitalization of $54.34 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 0.38 and a beta of 1.96. ING Groep has a 12-month low of $6.63 and a 12-month high of $14.28. The firm has a 50 day simple moving average of $13.36 and a 200-day simple moving average of $13.06. The company has a current ratio of 0.93, a quick ratio of 1.08 and a debt-to-equity ratio of 1.67.

ING Groep (NYSE:ING) last posted its quarterly earnings results on Friday, August 6th. The financial services provider reported $0.45 EPS for the quarter. ING Groep had a net margin of 22.56% and a return on equity of 7.37%. The firm had revenue of $5.44 billion for the quarter, compared to analyst estimates of $5.13 billion. Sell-side analysts forecast that ING Groep will post 1.47 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in ING. Deutsche Bank AG acquired a new position in shares of ING Groep during the second quarter valued at $30,000. Atlas Capital Advisors LLC boosted its holdings in shares of ING Groep by 539.8% during the second quarter. Atlas Capital Advisors LLC now owns 3,871 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 3,266 shares during the period. Liberty Wealth Management LLC acquired a new position in shares of ING Groep during the second quarter valued at $64,000. Concord Wealth Partners raised its stake in shares of ING Groep by 2,528.9% during the first quarter. Concord Wealth Partners now owns 5,994 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 5,766 shares in the last quarter. Finally, Evoke Wealth LLC bought a new stake in shares of ING Groep during the first quarter valued at about $89,000. 3.51% of the stock is owned by institutional investors.

About ING Groep

ING Groep NV engages in the provision of banking, investments, life and non-life insurance, and retirement and asset management services. It operates through the following segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other and Wholesale Banking. The Retail Netherlands segment offers current and savings accounts, business lending, mortgages, and consumer lending.

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